Owning a series of rental properties is a great way to maintain a revenue stream. Things are even better when you have a property management company in Chicago, IL, that responsibly takes care of those properties. When do you know that it’s time to look for a new property manager? If any of the following happens, start looking today.
A clear sign that something is not right has to do with recurring complaints from multiple tenants. For example, if you hear frequent complaints that promised amenities like free pest control are not happening, it means the current manager is not on top of things. There may be other important tasks that are being left undone. It’s worth finding out and making a change if necessary.
If you begin to get calls about delinquent payments from landscapers, electricians, and others who have done work on your properties, that’s also a cause for concern. Late payments adversely affect your good name and your relationships with those other local business owners. Find out why the payments are not being sent according to terms and act accordingly.
Last, you may find that your current property management company in Chicago, IL, keeps poor records. That’s led to some tenants receiving notices of expiring leases when they just signed a new one a couple of months back. Given that the last thing you want to do is lose a good tenant, some investigation on your part may be in order.
If you do find that the current property manager is not getting things done, start looking for a new property management company in Chicago, IL, to take on the task. Doing so will help restore the faith of your tenants, ensure the property is properly maintained, and allow you to get back to generating revenue streams that are not associated with your rental properties.