Chicago has long been one of the fastest-growing cities in the country. It's filled with business opportunities and jobs for people from all walks of life.
This makes the windy city an excellent choice for astute property investors wanting to earn passive rental income from their properties. These investments bring with them a host of tasks and responsibilities that beg the question, "Should I be a DIY landlord, or should I hire a pro?"
Keep reading to explore the pros and cons of turnkey property management vs. DIY endeavors.
What Is In-House Property Management?
Managing rental properties in-house can have a giant learning curve for novice property investors. You'll need to familiarize yourself with all the local landlord-tenant laws and also stay abreast of market trends.
Some of the other tasks you'll need to master include:
- Rental analyses
- Marketing your property
- Coordinating maintenance
- Rent collection
- Screening tenants
- Handling evictions
- Record-keeping and accounting
Investing in property management software can be most helpful in these situations, but chances are you'll need to hire a team of experts to help you cope with all the work involved.
The average salary for a property manager is at least $29 per hour, so you can imagine how that adds up when you're assembling an in-house team.
Time and cost factors aside, the main advantage of in-house property management is having complete control over how your property is managed. You get to interact with your tenants, and you always have your finger on the pulse of everyday operations.
Dealing with your tenants face-to-face can help build positive relationships with them and promote lease renewals.
Exploring Turnkey Property Management
Third-party property management companies have all the resources to cope with every aspect of rental property management. They can hire experienced professionals in each field so that you get expert skills across their range of services.
Through their industry relations, they also have a wide network of trusted partners to assist them with things like:
- Legal advice
- Property maintenance and repairs
- Tenant screening
When you work with a property management firm, you're assured of expert-level landlord advice when needed, and you can rest assured that your property and tenants are in good hands.
With all these skills at your disposal, you're guaranteed to make a success of your rental business and preserve the value of your property investment.
Property management fees can eat into your profits, although they are tax-deductible. Most property investors find that the costs associated with turnkey property management services pale in comparison to the expense and risk associated with in-house efforts.
Make the Best Decision for Your Chicago Property
Even single property owners find the time and cost commitments of DIY property management too much to bear. PMI Windy City will show you a better way to maximize your Chicago real estate investments.
Our turnkey property management services include everything you need to thrive as a landlord at a fraction of what it would cost you to do it yourself. We will manage it all, from marketing your property to preventing costly vacancies.
Discover the ease and convenience offered by our expert property management services.
