Have you been wondering how to manage your Chicago rental properties while you’re also trying to manage the rest of your life, like a career, a family, a set of passions and pursuits, not to mention a growing interest in real estate investments?
If you want to be a landlord, the hands-on approach is for you. Collecting rent, responding to maintenance, and placing tenants are all landlord tasks.
But if you want to be a successful real estate investor, you need to be hands-off. Leave the headaches to a professional property manager in Chicago and focus on what you need and love to do.
One of the things that takes up most of your time when you’re renting out a property is maintenance.
You have to keep nurturing the relationships you have with vendors, contractors, and service professionals because you don’t want to lose their loyalty.
You have to respond to emergencies, which often happen at the most inconvenient times.
And, you have to focus on routine repairs and preventative services, which are cost-effective and necessary, but also time consuming.
How can you spend less time managing maintenance?
By working with a Chicago property management professional.
At Paragon Property Management Group, we have been working with investors just like you for years. We’re hands-on so that you can be hands-off.
Here’s how we’re taking maintenance off your plate.
The Importance of Vendor Relationship Management
Effective vendor relationship management is one way that we maintain your property value and ensure smooth operations when it comes to repairs. This involves selecting reliable vendors and negotiating competitive rates to ensure timely services. When managed well, vendor relationships contribute to the overall success of our property management by improving tenant satisfaction and reducing operational costs. You don’t have to find your own vendors or worry about whether the people working on your property are reliable; we’ve done all the vendor screening, and we’re working hard to send the best people over to your property, whether it’s for plumbing or pest control. Here’s how this helps you to be more hands-off:
Leveraging Expertise in Vendor Selection
As a Chicago-based property management expert, we have years of experience curating a network of trusted vendors. We know that our maintenance partners meet our quality standards. They’re licensed, insured, and reputable. You get the peace of mind that your properties are in good hands without having to research vendors yourself.
Negotiating Competitive Rates
Due to our extensive networks and ongoing partnerships, we get better rates than individual landlords when it comes to repairs and preventative services. It’s simple unit economics. By leveraging our purchasing power and long-standing relationships, we can negotiate discounts and favorable terms, ultimately saving you money.
Ensuring Consistent Quality
Worrying about quality of maintenance can cause headaches. We’re taking that burden away from you because our vendors prioritize quality and consistency. They maintain rigorous standards, and so do we. Our team regularly evaluates vendor performance to ensure that services meet expectations. They always do, because we know who we’re working with.
Streamlining Communication
One of the most significant advantages of a property management company handling vendor relationships is streamlined communication. Instead of you juggling multiple contacts, we can act as the single point of contact for vendors and tenants, coordinating all necessary services. We deliver faster response times and more efficient problem resolution.
Successful vendor relationship management is about building and maintaining strong partnerships. As Chicago property managers, we can invest time in nurturing relationships with vendors, resulting in preferential treatment, priority service, and a more personalized approach to property needs. Fewer headaches for you, and lower costs, too.
Responding to Emergency Maintenance in Chicago Rental Properties
Emergency repairs are stressful and often expensive. No one likes to get a call in the middle of the night from a tenant about a leak that’s coming from the neighbors upstairs or a fire in the unit or a problem in the building.
We have a system in place that leads to responsive, immediate repairs when there’s an emergency.
Emergencies require immediate attention to prevent further damage and to ensure tenant safety. These issues can arise from natural events such as storms or everyday occurrences like plumbing leaks. You can expect us to make quick decisions and keep you in the loop. There’s no reason to stress.
A swift response to emergency maintenance requests is crucial for several reasons:
Tenant Satisfaction. Promptly addressing emergencies demonstrates your commitment to tenant well-being, enhancing satisfaction and retention.
Preventing Further Damage. Quick action can mitigate additional damage to your property, saving you money and preserving property conditions.
Legal Obligations. Chicago has some pretty strict building codes and habitability standards. You want to make sure you’re compliant.
Our emergency response process is supported by some great property management technology, which also reduces headaches, expenses, and tenant frustration. Our process is streamlined thanks to our tech-driven software and our communication tools. We offer online portals that allow tenants to submit maintenance requests online, ensuring we receive them promptly and can track their status. While we are most frequently called for emergencies, we still make sure to log them in our system so that we can track what was done, what was spent, and our plan for preventative maintenance going forward.
Our technology tools also include messaging platforms, which allow us to keep in touch with you and your tenants and vendors. We can immediately respond to questions about invoices, timing, and the work that’s being approved.
Expertly Managing Routine and Preventative Repairs
There’s no need for you to be managing pest control, landscaping, window washing, HVAC service calls, and other routine and preventative care that your property needs. This is what we do for you, allowing you to spend time on other things. We are carefully preventing deferred and unreported maintenance by working closely with tenants to protect the condition and value of your investment.
We eliminate your maintenance burdens by taking care of the following for you:
HVAC Systems
Heating, ventilation, and air conditioning (HVAC) systems need regular servicing to operate efficiently, especially in a climate like Chicago, where winters are very cold and summers can get pretty humid. Your building and your tenants will use the heating and cooling all year long. Your property manager will schedule filter replacements and cleaning. We’ll have an HVAC tech inspect and service components to prevent breakdowns. We’ll also ensure optimal performance, improving indoor air quality and tenant comfort as well as reducing energy costs.
Plumbing Inspections
Regular plumbing checks can prevent leaks and water damage. Our tasks at your property include inspecting pipes, faucets, and toilets for leaks or blockages. We have plumbers clean drains to prevent clogs, and we’re also assessing the water heater to ensure efficient functioning. Plumbing problems are never a good thing in a rental property; we’re proactive and preventative to keep your costs down and reduce the risk of an emergency water disaster.
Electrical System Checks
Electrical safety is an important part of renting out a home in Chicago. We keep your building compliant with all fire safety requirements and codes. We also routinely test smoke detectors and replace batteries. Our electrical maintenance plans include inspecting wiring and outlets for potential hazards.
Roof and Gutter Maintenance
Proper roof and gutter maintenance protect your property from water damage and intrusion. In Chicago, we get plenty of rain, snow, ice, and wind, which can contribute to problems if we’re not actively preventing them. Our maintenance process includes inspecting the roof for damaged shingles or leaks. We are scheduling roof repairs when necessary and hiring people to clean out gutters and downspouts, which will prevent water accumulation.
Landscaping, Common Areas, and Exterior Care
The maintenance that’s needed outside of your property depends on its location and the property type, but we can tell you that cCurb appeal plays a significant role in attracting tenants. With that in mind, we make sure to arrange for regular lawn mowing and garden maintenance if there are green spaces outdoors. We trim trees and shrubs to prevent overgrowth and we maintain driveways, parking lots, walkways, and exterior lighting.
Preventative Maintenance Strategies
In addition to routine tasks, your property manager at Paragon Property Management Group will implement preventative maintenance strategies to catch potential issues early and save you the headaches of expensive repairs. We conduct regular inspections, which allow us to document the condition of your property before a tenant moves in and after a tenant moves out. We also use inspections during the tenancy to identify any issues before they become significant problems.
We have schedules in place for quarterly or bi-annual property inspections. We provide you with detailed reports on any maintenance issues that come up.
Staying proactive with upgrades and repairs ensures your property remains competitive. We’re able to turn properties over quickly when there’s a vacancy, and that minimizes vacancy.
Count on us to replace outdated appliances with energy-efficient models. We’ll recommend renovating common areas or updating fixtures as needed. We will also address structural issues promptly.
Finally, there's record keeping which can deliver peace of mind and better documentation. Maintaining detailed records of all maintenance activities ensures accountability and helps track the property's condition over time.
There’s no need to feel stressed about your hands-on maintenance tasks. Instead, leave the repairs and the preventative maintenance to your Chicago property management team. We are here to help. Please contact us at Paragon Property Management Group.
