Chicago Property Management Blog

In Chicago's hot rental market, more landlords are opting to self-manage their rental properties instead of hiring a professional property management company. Self-managing a rental home or apartment building in Chicago can save money but also requires a major time commitment. As a house self-manager, you need to handle all aspects of the rental process, from marketing and tenant screening to maintenance, repairs, and lease enforcem...

The Chicago real estate market offers many options for financing a home purchase. From low-down-payment mortgages to jumbo loans and private financing, Chicago homebuyers have a range of tools to choose from when buying a property. Understanding the pros and cons of each option can help you find a mortgage that suits your needs and financial situation.FHA loans: Federal Housing Administration (FHA) loans are popular with first-time home...

Chicago is a thriving market for rental real estate investors. Roughly 55% of households are renting, meaning there's usually a good demand for rental units.You've made a great decision to invest in Chicago, but that's only half the job. To be a successful investor, you must also know how to manage a rental property. If you're a first-time owner or don't have enough time to look after your properties, you might run i...

The Federal Housing Administration (FHA) recently announced higher FHA loan limits for Chicago and surrounding counties in Illinois for 2023. The new limits, which took effect on January 1, 2023, make it possible for more homebuyers in Chicago and the suburbs to qualify for an FHA-insured mortgage. FHA loans are popular with first-time homebuyers because they require a low down payment of just 3.5% and are more flexible in their cr...

Everybody dreams of sitting on a beach in retirement while passive income fills their bank account. Think about it; you're getting your tan while money automatically comes in from rent payments every month. This idea sounds amazing, but there's work required to get there.Accurately pricing your rental property can help you maximize your return on investment. In this step-by-step guide, you'll learn how to conduct a rental va...

As a landlord, there are many situations where working with an experienced housing attorney can benefit you significantly. Housing attorneys specialize in legal issues pertaining to real estate, property management, and the landlord-tenant relationship. Some of the key reasons landlords should consider partnering with a housing attorney include:• Lease drafting: Housing attorneys can draft customized leases that protect your intere...

As a landlord or property owner in Chicago, partnering with a qualified real estate broker can help you navigate the local housing market successfully. Real estate brokers provide services like property listings, marketing, sales, leasing, and more. When choosing a broker, here are some things to consider:• Licensing and certification: Ensure the broker is properly licensed by the state of Illinois and holds any relevant profession...

As a landlord operating in Chicago, there are several taxes you should be aware of:• Property Tax: The property tax is an annual tax levied on the assessed value of residential and commercial real estate in Chicago. Property tax rates vary each year based on the city's budget needs. Property taxes are used to fund essential services like schools, infrastructure, and public safety. As a landlord, property taxes constitute one of...

During the homebuying process, the first step over 40% of buyers complete is to check for properties online. Without a strong marketing strategy, buyers won't show any interest in your property. A few minor home improvements, however, can help you stand out when selling a house.Here are five home improvement marketing tips to use to attract potential buyers. With these home marketing ideas, you can help buyers fall in love with your...

Investing in rental real estate can be an excellent way for landlords to generate income and build wealth over time. The Chicago real estate market, in particular, offers many opportunities for investment due to its large population, diverse neighborhoods, and stable property values. However, real estate investment also comes with risks that landlords must go in prepared to mitigate. Here are some tips for successful real estate investm...