Ready to rent out a property in Chicago?
Before you start sharing a listing and offering showings, make sure that property is prepared.
If it’s not move-in ready and attractive to well-qualified renters, you might find yourself facing a longer vacancy or settling for a lower rent.
We want you to enjoy success with your rental property. We want you to have a pleasant and profitable rental experience, and we know that starts with an effective leasing process.
Let’s take a look at the pre-listing checklist that we use at Paragon Property Management Group. This is how you know you’re ready to rent out your property.
Quality, Standards, and Compliance: Why This Matters
We have to comply with all Chicago code requirements when we’re renting out homes, but for us, it’s about more than just meeting the minimum standards. We expect the investors we work with to care about the quality and the condition of their rental properties. Because our team puts a lot of effort into renting out your units, working with your tenants, and providing the best in customer service, we need to be proud of the homes we are renting out.
You want to rent out a property that’s going to attract well-qualified residents and high rents.
Our checklist will ensure the best tenants take an immediate interest in your rental property.
Establishing a High-Quality Rental Property Standard in Chicago
Here are some of the most important checklist items for your rental property.
Maintenance Issues are Resolved
You don’t want to list a rental property that needs work. If your property needs a plumbing overhaul or updated electrical systems, don’t invite tenants in to see the work-in-progress. Instead, wait until the work is complete and the property is move-in ready. Our pre-listing checklist requires that we look at the proper functioning of mechanical and structural components, such as the HVAC, appliances, and roof. We make sure the faucets all turn on and the outlets work.
The inspections we conduct after a tenant moves out and before a tenant moves in allow us to accurately document the condition of your property, which can be especially useful when we’re deciding how much of the security deposit a tenant is getting back. The inspection isn’t only to document property conditions, however. It’s also to give us an idea of what kind of work needs to be done before a new tenant moves in. We are careful in analyzing what might need to be fixed or updated. This prevents the immediate maintenance requests that could come in once a tenant arrives and unpacks. It also lets prospective tenants know that we care about the condition of the property, and we expect it to be kept maintained and clean.
Installation and Upkeep of Safety Features
We want to offer a safe and secure home for rent. Doors and windows must be able to open, close, and lock properly. Smoke and carbon monoxide detectors must be in place and working. We’ll check building security and exterior lighting. Handrails cannot be loose, and flooring cannot be coming up in the corners. We want to be sure there isn’t any risk of fire in the dryer vents. We’re looking at potential trip and fall hazards in the common areas.
Safety is always going to be a top priority for us, as it should be for any rental property owner. Not only does it reduce liability and minimize the risk of accidents, but it also increases tenant retention. A well-maintained property encourages tenants to renew their leases, saving you the time and expense of filling vacancies.
Cosmetic Upgrades
We’ll make sure the property is attractive and modern. Whether it’s fresh paint, new carpet, or upgraded hard surface flooring, we want tenants to feel excited about your property. There may be caulking that’s needed in the bathroom, or a tired-looking kitchen may benefit from some tile backsplash behind the sink or the stove. We can switch out fixtures Iike faucets and drawer pulls to add interest and a sense that tenants are looking at a new, modern rental home.
Investing in cosmetic upgrades is not just about aesthetics; it's about adding value to your rental property. Tenants are often willing to pay more for properties that offer modern conveniences and amenities.
Professional Cleaning
The home has to sparkle before we allow tenants to see it. This requires a professional cleaning, where the inside and outside of the property looks ready for new occupants. If any belongings or trash were left behind by former tenants, we’ll have it cleaned out and hauled away. Our cleaners will dust behind appliances and make sure the baseboards, sinks, counters, and ceiling fans are shining.
Considering Serious Upgrades
It might be time to talk about upgrades and renovations that go beyond the basic cosmetic improvements. Depending on the condition of your property, the building itself, and the neighborhood in which its located, you might find yourself with a tenant pool that’s looking for things Iike smart home technology, energy-efficient appliances, app-enabled lighting and thermostats, and digital locks. We are constantly watching the market and measuring the demands of tenants, and we’ll let you know when a more meaningful set of upgrades are necessary.
Preparing to Market your Rental Property
Next on our checklist is preparing the property for the strategic marketing that we’ll do in order to limit vacancy and attract the highest rents and the best tenants. We’ll want to highlight the property’s unique selling points, which might be an outdoor space, covered parking, a recently remodeled kitchen, or a walk-in closet. Those are the areas we’ll focus on when we come inside to take good marketing photos of your rental unit.
High-quality photos are necessary to showcase your property in the best light. High-quality images can significantly enhance your online listing, making it stand out in the crowded rental market. We always like to record a walk-through video too, just in case we have people who want to get an idea of where they are and what they’re looking at before they even schedule a showing.
In addition to the photos and the potential video, we will also write a description that emphasizes what your property has to offer and why tenants will want to schedule a showing. Maybe it’s located near public transportation – we’ll mention that. Perhaps there’s a lake view. That’s always going to be included in both the photos and the description. When we put together a listing, we’ll want to mention all of the best features, which ultimately attracts potential tenants looking for these specific benefits.
Pricing Chicago Rental Properties
Before we list and market your home, we’ll need to have a price attached to it that’s competitive, profitable, and accurate. The price will determine who even looks at your listing. Most tenants are searching according to budget, and you want to be in the right range.
We are always going to research comparable properties in your area to understand the going rental rates. Pricing your property competitively is key to attracting potential tenants quickly. While online rental sites can give you a general idea of what properties are going for in your area, we use more sophisticated technology to get an understanding of what people are paying for homes just like yours and in the exact neighborhood that your property is in. Property managers have access to data and insights that can result in a better price.
Creating a Solid First Impression
First impressions matter. This age-old adage holds true in the real estate world, especially when we’re talking about renting out properties in a competitive market. The moment potential tenants step into your property, they're forming an opinion. A fresh coat of paint, modern fixtures, and clean landscaping can significantly enhance your property's appeal.
The first impression can often take hold before those tenants even arrive for the showing.
They’ll form an opinion just by scrolling through your listing. That’s why it’s so important to make sure your property is attractive, clean, and updated.
When you open the doors of your rental property to prospective tenants and there’s debris in the corners, a funny smell coming out of the closets, or a missing appliance that’s been ordered but not yet installed, you’re giving the wrong impression. You’re telling tenants that you don’t care too much about the condition of the home. That sets a bad precedent, and it discourages good tenants fro applying for your property.
This is a general and brief look at some of the things that we include on our pre-listing checklist when we’re preparing to rent your property on the Chicago market. There’s a strategy to what we do, and we’d be happy to talk more about how that works. This is also a general checklist that we’ve shared today. Your property may have unique needs that require extra effort in some areas. We’re prepared to make that effort.
Let’s talk about how to ensure your property is attractive and quick to rent for top dollar to the best tenants. Contact us at Paragon Property Management Group.
