Whether you are thinking about purchasing a new investment or leasing your existing property, considering a property manager is paramount.
From navigating tenant problems to ensuring timely repairs, managing property is a lot of work that requires a great deal of attention and experience. Before beginning your hunt for a property management company, consider the property needs, key duties, and qualities necessary to recruit the ideal fit for you, your budget, and your future tenants. Below are just a few examples of how a property manager can add value to your investment.
Rental market analysis. Determining an ideal and competitive rental price point is imperative for avoiding long vacancies. Our property managers are licensed agents and well-versed in conducting market analyses to assess the property’s rental value.
Marketing your property. Aggressive marketing is crucial to maximizing the audience for your rental listing. Your property manager ensures this takes place and also serves as the point of contact for the listing.
Screen tenants. Reducing your turn-over rate and thus lowering the likelihood of lengthy vacancies begins with the right tenant. Finding that ideal partnership starts with your PM. They are the first line of vetting for responsible renters and ensuring your home is in good hands. They will analyze the tenant’s credit history, proof of income, conduct landlord and employment verifications and ensure a valid ID is provided.
Protect you from lawsuits. A PM stays up to date with the laws and regulations, thus ensuring you’re protected for lawsuits.
Handle emergency repairs. Our property managers are available 24/7 to swiftly assist with emergencies. We have a rolodex of preferred vendors to ensure the job is done properly. The ‘maintenance reserve fund’ allows you a buffer for any sudden emergencies like a leaky washer or broken fridge.
Create monthly income and expenditure reports. We send monthly owner statements to track all funds coming in and out of your property account.
Provide important tax docs. Your PM will provide you with a1099 at the end of the year, which alleviates additional time and resources as you prepare for tax filing.
Conducts move in and move-outs. Your PM will work with incoming tenants to coordinate the move in. If your HOA requires certain deposits, fees or documents, the PM will oversee the entire process until the move is scheduled. A move-in report is done and saved on file until the tenant moves out, where the report is completed. If there is noticeable damage it will be documented and the PM will oversee any needed repairs.
Benefits of a Property Mgmt Company: Now that you know the respective responsibilities of your Property Manager, searching and vetting for the right management company can be a challenge. Instead, opting for a management company offers your immediate and trusted relief in that search. Thus aligning your property to an expansive and experienced network of professionals.
Take a step back. Owners can focus on their day-to-day life knowing their investment is taken care of. Here at Fulton Grace, we have decades of landlord experience. Our PMs are readily available to assist with all requests in a timely manner.
Mitigate liability. Rental laws are constantly changing. We keep all owners informed of any changes and make sure these laws are being followed at all times.
Quality tenants. With years of experience under their belts, PM’s often know how to spot any red flags with applicants. PMs conduct in-depth screening and our owners always have the say in approval. The better the tenants, the better the experience.
Lower maintenance costs. Our monthly management fee includes two free hours of handyman labor. Working with a trusted source in the real estate industry lends your property to the network of long-standing relationships with maintenance vendors. This ensures the job will be done quickly and will be cost-effective.
WHO IS FULTON GRACE?
We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors, seasoned property managers, and customer-service oriented staff. Whether you’re looking to find a new home, sell your home, or have your property managed, let us be your trusted real estate advisors.