Every investor struggles with balancing the day-to-day details of leasing, management, and maintenance with the long term plans and strategies that are required to succeed and grow. It’s easy to feel more than a little scattered from time to time. A lot of balls are in the air and a lot of details require your attention.
Unless you have a fantastic property management partner in Chicago.
Paragon Property Management Group is the best Chicago management expert for investors locally or out of state. We simplify your investment and we provide both peace of mind and profitability.
Let’s take a look at the full-service management we provide, and why it’s so valuable to investors like you.
Strategic Leasing and Tenant Placement for Chicago Investors
A successful and simple investment experience starts with a smart leasing process. It’s challenging to keep things simple, especially when you’re juggling multiple units. We provide the marketing, the screening, and the lease agreement, taking all of those headaches off your plate. We’re also taking care of move-in inspections and orienting new residents to their new homes.
Here’s how it looks.
Professional Marketing of Rental Homes
Effective marketing is the first step to securing reliable tenants and minimizing vacancy periods. It requires a compelling listing, which we create for you with attention-grabbing photos and descriptions that tell a story. We leverage multiple online platforms, thanks to our technology, and we also share your home for rent on our own website, which attracts a lot of traffic. We utilize social media, and we implement data-driven strategies that include an analysis of market trends and rental data.
These strategies help attract more inquiries and ensure your property remains competitively positioned.
Consistent, Compliant Tenant Screening
Finding the right tenants is critical for maintaining the safety and profitability of a rental property in Chicago. However, improperly executed tenant screening can lead to legal issues or missed red flags. Let’s avoid those complications. We conduct thorough background checks, looking at credit history, past rental behavior, income, debt, and criminal records. This ensures that only the most suitable candidates are considered. We’re looking for a tenant who can be counted on to pay rent on time, take care of your investment, and renew their lease when it’s time.
Chicago has strict tenant protections in place, and we know the laws around fair housing. This ensures that all tenant applications are treated objectively and consistently, protecting you and your applicants. We have established rental criteria that we use to decide who is approved and who is not a good or qualified fit.
Creating and Executing Lease Agreements
You need a solid lease agreement that’s compliant with Chicago’s rental laws and enforceable in Illinois courts. A good lease forms the backbone of a successful landlord-tenant relationship. Ensuring that lease terms are clear, comprehensive, and legally compliant is essential. We draft leases that cover all necessary details, from rent payment terms to pet policies and maintenance responsibilities. This clarity helps prevent potential disputes in the future.
We are also keeping up with evolving landlord-tenant laws so that we know what kind of language is required in your lease and what kind of terms might be prohibited. We stay informed, ensuring that lease agreements meet current legal standards to protect landlords.
With established systems for lease execution and tracking, property managers like our team at Paragon Property Management Group simplify the process. We are also in the business of handling lease renewals, providing tenants with timely reminders and negotiating terms if needed.
Efficient and Effective Property Management in Chicago
Collecting rent. Enforcing the lease. Communicating with tenants. Creating accounting reports and financial statements that reflect income and expenses. There’s a lot that goes into the day-to-day management of a rental unit. We keep things simple with established processes, automated technology, and ongoing improvement.
There are dozens of good reasons to work with property managers when you want to increase your earnings and decrease your risk and liability. Here’s how we simplify and protect your investment while managing your rental.
Rental Values and Profitability
Whether you’re going to grow your investment portfolio by acquiring additional properties, or you simply want to earn more on the rental units you have, it’s important to know how much you should be earning. We have excellent data. You don’t want to rely on numbers or information that you find online. Get good, reliable numbers and insight from professionals like us who work in this market every day and spend their professional careers pricing properties, raising rents, and studying the local market.
When you understand how much you’re likely to earn and spend on a particular property, you’ll make smarter investment decisions. The entire process of investing, renting, and diversifying will be that much simpler.
When it comes to investing and managing those investments, it’s not only about rental value, either. Your property management expert can also tell you how long it will likely be until your property is rented. You’ll know what kind of tenants you’re likely to attract, and how long they stay on average.
Tenant Relationships
We have the unique ability to hold tenants accountable during the tenancy while also providing a great rental experience. This is important because it leads to on-time rental payments, the immediate reporting of maintenance needs, better communication, and a higher chance of a lease renewal, thus limiting your vacancy loss and turnover costs. You don’t want to be the person who gets a maintenance call in the middle of the night. You don’t want to be the party chasing down late rent. Leave all of that to us. We have processes in place to address every potential situation.
Avoiding Risk and Liability
There’s always risk. Every investment has a bit of liability attached, and our goal as your management partner is to limit as much of that risk as possible. We’ll tell you if there’s a habitability issue in one of your properties. We’ll stay current with all of the latest laws, requirements, and regulations that come with rental properties. We know how easy it is to make a mistake - even for experienced investors. Those mistakes are often expensive and difficult to recover from. A property manager like us can help you avoid legal liability and financial risk.
Maintaining Chicago Investments
The simplest way to maintain your Chicago investment property?
Treat every maintenance request with a sense of urgency, even if it’s a loose drawer or a scratched window screen. Here’s how we keep maintenance simple, cost-effective, and preventative.
Communicating with Chicago Tenants
Responsive maintenance starts with good tenant communication. We are explicit in our lease agreements about how maintenance should be reported to us. We let tenants know that reporting repairs as soon as they’re needed is important. Deferred maintenance can often cause more expensive problems. Tenants who are unsure how a landlord or property manager will react to a maintenance request may hesitate before letting us know something is wrong. So, we’re clear about our expectations: we want to know right away.
Responding to Maintenance Needs
Once a problem has been reported, we do not hesitate to solve it. Whether it’s a minor problem or a major repair, we don’t put off what can be done right away. Our Chicago tenants are entitled to an immediate response from their property managers. We listen to what they say, provide an immediate plan, and then follow up with them throughout the repair process and especially after it’s complete.
Generally, we expect tenants to call us with an emergency and to provide a written request for routine repairs. This is because we can gather as much information as possible in writing to make a better plan for moving forward. It also sets up a system where we can track the progress of the repair. This will keep us organized, and the entire process more simplified. It also gives our tenants the information they need. We can track the maintenance history of each function and appliance in your rental property.
Working with Licensed and Insured Vendors
The vendors and contractors we send to your Chicago rental home reflect what we believe as property managers. We believe in expertise and qualifications. We screen the repair professionals we partner with. We make sure they’re licensed, insured, and capable of being responsive, thorough, and professional. Before we allow any professionals to approach plumbing, HVAC, electrical, or roofing work, we ask for proof of workers comp insurance and liability insurance. We are always looking for workers who can respond quickly and treat your tenants and your property with care and respect.
These are just some of the ways that we provide a simplified investment process for busy real estate investors who have rental homes in Chicago. We’re here to make sure your units remain occupied, profitable, and well-maintained. When you’re looking for ways to minimize your headaches and enjoy a better rental experience with higher earnings, remember what we can do for you.
Contact us at Paragon Property Management Group.
