According to the Internal Revenue Service, about 10.6 million Americans earn income from rental properties. American landlords make an average of $97,000 annually. With the right Chicago rental property tips, you could exceed this average!
If you're a first-time real estate investor, it's normal to feel a little lost. Use these effective strategies for maximizing rental investments. Set yourself up for success as you navigate the real estate market in Chicago!
Property Market Insights for Chicago
Before listing your rental property online, gather property market insights for Chicago. Consider:
- Desirable rental property upgrades
- Average rent prices
- Landlord-tenant laws
Researching Illinois' landlord-tenant laws can help you avoid or navigate potential legal issues. These laws cover:
- Rental application and tenant screening
- Security deposits
- Required landlord disclosures
- Late fees
- Tenant rights to withhold rent or repair and deduct
- Landlord right to access a property
- Termination and eviction rules
Consult a property management company if you need help navigating these regulations. They'll ensure you remain compliant, allowing you to avoid costly legal issues.
A property manager can help you complete a detailed rental analysis before you list the property online. You can set a competitive, appealing rental rate to attract renters. Setting the right rate will ensure you maximize your profitability.
Prepare the Property for Tenants
Prepare the property for your future tenants by:
- Completing essential repairs
- Upgrading the property
- Meeting local standards and regulations
Upgrading the property can make it more attractive to renters, allowing you to generate more applications. Before allowing renters to submit applications, develop a tenant screening process.
Screening applicants can help you choose reliable renters who don't have a history of late payments or evictions. You can outsource this task to a property management company to save time. They'll help you choose and retain great renters, improving your occupancy rate and profitability.
Understand Your Finances
As you apply these investor strategies in Chicago, review your finances. Calculate your expenses, including:
- Mortgage payments
- Taxes
- Insurance
- Maintenance costs
You can work with a property management company to regularly review your finances. Their owner statements can help you make adjustments to ensure profitability.
Request Real Estate Management in Chicago
Instead of applying these Chicago rental property tips alone, consider partnering with a property management company. Apply their best strategies and leverage their years of local experience to gain a competitive advantage. Full-service real estate management in Chicago can include:
- Accounting
- Rent collection
- Property marketing
- Tenant screening
- Evictions
- Maintenance and repairs
Choose a company that uses state-of-the-art technology to remain organized and efficient. Their services can help you cut costs and maximize your investments.
Become a Successful Real Estate Investor
To recap, what's the trick to becoming a successful real estate investor? Ask for help! Partnering with a property management company like PMI Windy City can ensure your success.
We're committed to adding value to your Chicago rental property through accuracy, honesty, and communication. Rely on our state-of-the-art technology to receive regular updates about how your investments perform. Contact us now for a free rental analysis.
