Chicago Property Management Blog

The Chicago Mansion Tax, officially known as the Real Property Transfer Tax, is a tax that applies to the transfer of high-value real estate properties within the city of Chicago. This tax is specifically targeted at properties with a sale price or fair market value above a certain threshold, often referred to as "mansion properties."The tax is calculated based on the sale price or fair market value of the property at the time...

It's astonishing to know that Chicago has one of the lowest housing inventories out of America's biggest cities.This means that buyers in Chicago are more motivated to close than ever. While the conditions are great for sellers, there are still plenty of hurdles that can slow them down.Are you worried about how long it'll take to sell your Chicago property? Read on to gather the greatest tips to sell in under a month.1. Unde...

Chicago has faced a rise in foreclosures this year, and many face the looming shadow of the threat of foreclosure on their homes. In this guide, we aim to shine a light on another option open to those who need to sell fast.A short sale is where you sell your house for less than what you owe on the mortgage. In this article, we'll share five advantages of short selling your home.1. It Helps You Resolve Debt Worries With Your Mortgage...

Chicago's real estate market is dynamic, and maintaining your property is key to success. In this blog post, we'll explore essential property maintenance tips tailored to the unique needs of Chicago landlords and property managers. 1. Understanding Chicago's Climate Challenges:Chicago experiences a range of weather conditions throughout the year, from freezing winters to humid summers. To address these challenges:Winter: Ins...

In the dynamic realm of Chicago real estate, staying compliant with regulations is paramount for landlords and tenants alike. Recent concerns raised by Chicago Association of Realtors (CAR) members highlight the importance of understanding and adhering to the Chicago Residential Landlord Tenant Ordinance (CRLTO) guidelines, particularly in the context of timely rental unit showings.Unlocking CRLTO Compliance: Decoding the 48-Hour Notice...

As a landlord in Chicago, it is essential to conduct routine inspections of your rental properties to ensure that they are being maintained by your tenants according to the terms of the lease agreement. These inspections can help you identify any issues with the property, assess any damage, and ensure that your tenants are complying with the terms of the lease.But what exactly can a Chicago landlord look at during an inspection? Here ar...

The Chicago Just Housing Amendment is a piece of legislation designed to address housing discrimination based on criminal records. Enacted on October 1, 2019, this amendment significantly impacts the tenant screening process for landlords and property managers in Chicago.Key provisions of the amendment include:Limitations on Criminal Background Checks:Landlords are restricted from considering arrests that did not result in a conviction ...

In a significant move towards fair housing practices, Illinois has passed a groundbreaking bill, HB 2775, which prohibits discrimination in housing based on an individual’s participation in the HUD Section 8 Housing Choice Voucher (HCV) Program. This legislation marks a crucial step in protecting individuals' "source of income" under the Illinois Human Rights Act, akin to protections based on race and religion.1. Sco...

As a self property manager, it's essential to stay informed about upcoming legislation that may impact tenants and property owners. One such legislation that is set to come into effect in January 2024 is the Tenant Radon Protection Act. This act aims to enhance the safety and well-being of tenants by addressing radon exposure in rental properties.Radon is a naturally occurring radioactive gas that can seep into buildings, posing pot...

As a landlord in Chicago, navigating the Chicago Human Rights Ordinance (CHRO) is pivotal for fostering an inclusive and compliant rental environment. This comprehensive guide is tailored specifically for landlords, offering insights and practical steps to ensure CHRO compliance while upholding housing equality.Understanding CHRO for Landlords:Insightful Overview:The CHRO serves as a vital framework to prevent housing discrimination. Ga...