Managing condos in Chicago
You own a condo, now you want to have it managed. Where is the best place to manage condos in Chicago? OwnACondo.com has an affiliate company called RE Management that specializes in the managing of residential property, especially managing condominiums in Chicago. They have over 4,000 condo units under their belt and have been in the business of managing for well over twelve years.
Managing condos in Chicago properly can be the biggest thing between a profitable investment and one that goes south. The management company plays such a pivotal role in the success of the condo investment. They will first start the search for a tenant for the property. If the tenant fits all the criteria, the condo management company will have a lease signed. Normally the lease runs twelve months.
The typical fees for a company to manage your condo are as follows; there is a fee for collecting monthly rent for the unit. This is roughly 5% to 6% of collected rental income. For instance, let's say the rent is $1,000 a month and $12,000 a year is collected. 5% is $600 for the management company. If the tenant vacates and the unit has to be re-rented, the fee is normally one month's rent. In this example the management company renting the condo would receive the full $1,000. If the condominium needs to be renovated, the management company will oversee the construction and charge typically ten percent of the construction cost. So if the cost for rehabbing the condominium is ten thousand dollars, the management company would make $ 1,000.
One might initially think that these figures may be high, but when you think about having to do all the work yourself, the $2,600 a year may be well worth your time and effort. Secondly, the management company has so many contacts in the industry, that ultimately they can get things done faster and for less money almost making their fees justified because it might cost the same if you have to do it your self.
Managing condos in Chicago is an easy task for a professional but you have to hire the right one. Leaving an investment like real estate in the hands of a bad property manager is the worst decision you could make. Do some background checks on the company you're going to hire and get some references. If a company cannot provide these, move on to the next one.
Managing Chicago Condos
So you own your own condo buy you're looking for someone to manage it. To manage a Chicago condo, management companies typically will charge a fee of five percent of the collected income. Managing Chicago condos is something that is a specialty needed to be done by companies with experience.Â
The management company will start the process of with the owner by going over the goals of the condominium investment. The two parties will determine the length of time of the agreement and an exit strategy for the investment. Once the agreement to manage the condominium is in place, the process for finding a tenant starts. This is where a great experienced management professional is vital. They will sift through dozens of applicants to find the very best condominium tenant. They will do the showing of the unit and conduct the application process.  After they've showed the condo to several possible candidates, they start the application process to go over credit and background checks. Once they've determined the best of the best, they have a lease signed.
Managing the Chicago condo is now about to begin. The tenant moves into the property and will have to understand the by-laws and rules of the property. This will be provided by the condominium management company. Once the tenant has moved in and paid their first month's rent along with a security deposit, the management company is there for any questions that arise. They're also there for any maintenance calls or disturbances that arise at the property. If a leaky pipe ends up bursting, the management company is called.
Now the condo management company has a tenant and all is well for a few months. The owner is happy, the company managing the condo has an income flowing monthly and all is well. As the month ends, the tenant's check does not come in the mail on time. Now what? This is where the management company can really be useful.  They will immediately start a five day notice proceeding and begin the eviction process if they do not get the monthly rent check. If they have to go all the way through an eviction process, this is what they'll do. Once the tenant is out, the process starts all over again to finding the next tenant.
Managing condos in Chicago can be a hassle if you do not find the right company to represent you. Pick an experienced an specialized one and you'll have the best chance of making the most from your condominium investment.
