Whether you’re renting out a single unit in Chicago or an entire building or maybe even a handful of units across several buildings, you’ll have to decide what kind of investment experience you want to have, and what kind of property owner you want to be.
Are you hoping to be very much hands-on? Do you want to be the sole decision-maker and the person responsible for late night maintenance calls and security deposit dispositions?
Or, would you prefer to hand it over to experts, and to get involved only when it’s time to talk about upgrades or give approval to an emergency repair?
Do you want to be fussing over your rental properties 24/7, or would you rather have them on autopilot, making you money and establishing wealth?
Some people buy rental properties because they want to be a landlord. They’re looking forward to the opportunity to choose tenants and collect rent. Hopefully, they’re well-versed in the local, state, and federal rental laws, and they know how to manage their own risks.
And then there are the investors who do not see themselves as landlords.
These real estate owners prefer to take a more hands-off approach to their investments, understanding that they can earn more and deal with a lot less frustration when they have a professional property management company in Chicago managing the details around leasing, management, and maintenance.
So, this is the decision every property owner has to make. Do you want to be a hands-on landlord, or a hands-off investor?
If you decide to go the hands-off direction, we are here to support you and make sure you have an exceptional (and profitable) real estate experience. We believe hands-off investing is the way to make the most of your investment experience.
It’s why Paragon Property Management Group is here: to expertly manage your property and help you succeed.
Making Good Choices: Deciding to Be a Hands-Off Landlord in Chicago
We work with a lot of investors, and they came to their rental properties in different ways. Some of them knew right away they’d hand it all over to a property manager. Others tried to manage on their own and then decided it took too much; too much money, too much time, and too much thought. As you’re deciding how to approach things, the successful investors you talk to will agree that the answer is pretty simple. The hands-off path is better for you and your property. It’s better for your tenant satisfaction, too.
Your success with any Chicago rental property - whether it’s a single unit or an entire building, depends on your ability to step back from the details and leave your property on autopilot. That’s what works for most of the successful investors we know.
It doesn’t mean you aren’t part of the process. You can have ongoing discussions about rental values, tenant communication, lease renewals, maintenance, and upgrades. But, if you want to earn as much as you can on your investment property, you need to trust your property managers and the other professionals you’re working with. We have the experience, the resources, the technology, and the systems to take the lead on what needs to be done.
A successful hands-off landlord in Chicago understands the importance of professional partnerships and treating the rental property like a business. This is not your home. This is your income-producing rental business.
Professional Property Management in Chicago Allows You to Pursue Your Investment Goals
There are many better ways to spend your time than collecting rent, inspecting units, and negotiating with maintenance companies. What are your investment goals, and how ardently are you pursuing them? It’s an important question. Every successful investor has a different set of goals they’re pursuing, but they do have that one thing in common: they’re setting goals. This will help you decide on a direction for your real estate investments, and those goals keep you on course. You won’t know how to measure your own success if you haven’t established your own investment goals.
The reasons you have for investing are unique to you. Whether you’re trying to earn as much cash flow as possible or focusing more on long-term appreciation, you have to have some idea of where you see your portfolio in the next year, five years, 10 years, etc. You need an exit strategy and some metrics for how you’ll measure success.
It’s hard to focus on your goals and investment strategy when you’re running to meet vendors at buildings or trying to show vacant units on the weekends.
Knowing the direction you’re taking so it’s easier to set your plan on autopilot. Becoming a hands-off rental property owner will make this much easier. You’ll have the time and the bandwidth to put together and pursue a plan, and you’ll soon understand that to reach your goals, you’ll need the support and the resources of professionals like property managers.
Chicago Property Managers Provide a Buffer
As a landlord of any kind, you’re operating a small business. And it’s never a good idea for you to get too emotionally or personally involved with your business. Decisions need to be results-oriented, not emotional.
It’s also important not to get too attached to your tenants or your property. Becoming too friendly with your residents will only invite them to take advantage of that relationship. But not establishing a relationship at all will leave tenants feeling unmoored and out of touch. How can you balance tenant support with tenant accountability?
You don’t have to when your property manager is doing that for you. We provide a buffer, which makes it easier to enforce the lease, collect rent, establish boundaries, and hold tenants accountable to their lease agreement while still providing an exceptional rental experience.
Real estate can easily become emotional, especially because we are talking about people and properties. We’re talking about homes. If your bid isn’t accepted on a new acquisition or your tenant isn’t paying rent on time. It’s easy to take these things personally. You might feel the need to exert more control when things don’t go the way you planned or wanted.
Instead, take a step back and put some distance between you and your investment. Look at the problem with fresh eyes. Or, use a pair of professional eyes instead. Ours.
Detach yourself from the property. It’s not your home that you’re living in. It’s an investment. It’s a business. Every decision you make needs to be based on data and facts, not emotions. Handing over most of the process to your Chicago property management partners will make everything more manageable.
Chicago Property Managers and Delegating Landlord Tasks
You do not need to be doing the things that we can do for you. In order to leave your investment on autopilot, our hands-on approach includes taking charge of all the details that come with leasing, managing, and maintaining your investment property. When we’re handling these things, it leads to better results for you and your property. These are the things that are immediately delegated to us:
Establishing a rental price that’s competitive, accurate, and profitable
Creating a listing and sharing it extensively
Showing vacant properties and following up with interested tenants
Tenant screening
Lease execution
Dealing with tenant complaints
Collecting rent
Enforcing the lease
Coordinating maintenance
Recommending improvements and upgrades
Staying up to date with rental laws
Managing rental property accounting
We are doing all of these for you. And, more. We’re protecting your property and nurturing relationships with vendors, brokers, attorneys, insurance agents, and other professional partners who can help you with your investment
All of this hands-on work takes time and knowledge. We’ve been leasing and managing investment properties for years, and that experience has given us a large toolbox of systems and processes that we’re constantly improving. You can count on our technology to keep things automated, efficient, and consistent. You can count on our local market experience to ensure your property is priced accurately, competitively, and profitably.
You can expect your tenants to be satisfied with our responsive communication and the sense of urgency we have when they have a problem or a maintenance request.
Rely On Your Chicago Property Management Professionals
When you partner with professional and experienced Chicago property managers, you move into a role that’s more hands-off. That doesn’t have to feel uncertain. Instead, you should feel empowered by it. This means you’re a real estate investor. Not a landlord.
You now have the opportunity to gain some investment experience that’s both positive and profitable. You know that your properties are getting the attention and the service that they need. A good property manager will take care of every part of the leasing process. We’ll keep up with ongoing management tasks and we’ll respond to maintenance. We can handle lease renewals and mediate disputes and conflicts.
To be a successful investor in Chicago, let your professional property managers do what you hired them to do. Put together a smart team of experienced professionals to give you advice, resources, and support.
We’d love to be the property management partner that helps you in Chicago. Please contact us at Paragon Property Management Group.
