Property Management
Services
If you are thinking about renting out a home or condo you own or investing in a multi-tenant building, you have a few options about how you can manage your property and tenants. You, as a homeowner, can manage your property yourself and be in constant communication with your tenant, however, you will find that there are times when the property needs a lot of your time and attention.
You can work with a property management company, which usually is best suited for large buildings with hundreds of units. However, you may find that they are more focused on turning a profit for themselves than putting your interests first.
SERVICES OFFERED
A “Lease Only” service is when you work with a Real Estate Broker/Agent to list and advertise your property, but not to manage it. This service costs one month’s rent with a Listing Fee of $50 - $95.
For full service Property Management, the fees are up to 10% of the monthly rent.
I have been managing properties for over 9 years, and I have established my own process when it comes to managing rental properties. I have a proven track record at finding qualified tenants through robust screening and a bit of luck.
I focus on single-family and small multi-unit properties. I maintain a limited portfolio of clients because it is important to me to be able to provide high quality service. I specialize in out-of-state clients. I take pride in successfully running a profitable investment for you, and I take my fiduciary responsibility to my clients very seriously.
I am currently accepting applications for new clients looking for a property manager. Please contact me to discuss your property management needs.
IVAN MARKOV
Realtor/Broker
Service |
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Appraising the property for rent value, given market conditions. |
Advertising, including Internet Marketing and listing into the Multiple Listing Service (MLS) of Northern Illinois.* |
Showing the property to prospective tenants. |
Run credit reports/background checks on applicants. |
Identify the best qualified tenants based on credit history, background checks, reference calls, and my interview of the applicant. |
Complete the rental agreement with the tenant, collecting the deposit and first month’s rent. |
Help the tenant “move-in” by coordinating the transfer of utilities and fixing any minor repairs.** |
Complete a Move-In Report with the tenant, including pictures of the condition of the property. |
Collect rent monthly, according to the owner’s preferences. |
Handle tennant problems that arise, such as complaints, late rent, evictions, etc.** |
Source qualified repair and maintenance technicians to complete needed work on the property through screening and references. I will request estimates from multiple providers to ensure the work is done at the best price.** |
Coordinate repair and maintenance work during the tenancy.** |
Re-renting the property upon termination of the lease (if not renewed), including new advertising, listing, and showing the property to prospective tenants.* |
Inspection of the condition of the property at the end of the lease when tenants vacate (i.e. Move-Out Inspection). |
Through inspection of the property. |
Lease Only | Property Management |
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*Advertising and listing fees apply.
**All repairs and legal expenses required are the owner's expenses.
SERVICE AREA
I manage properties in the Chicagoland area of DuPage, Kane, Kendall, and Will Counties in Illinois. My territory includes Aurora, Naperville, Montgomery, Downers Grove, Glen Ellyn, Glendale Heights, Schaumburg, Bloomingdale, Carol Stream, Addison, Elmhurst, and Roselle.
Property Manager FAQ
PROPERTY MANAGEMENT SERVICES & COSTS
How do I find a good property manager?
A simple internet search for residential property management will list various choices, but finding a qualified, honest and trustworthy property manager may take some time. Depending on the location that a person is looking to obtain a quality property manager, it can come up with many or fewer results. Real Estate Brokerages can provide property management. Certain locations in Chicagoland, such as Aurora, require a property manager to be within 30 miles from the property and to go through 1-day of management training which I have completed.
Can I get a property manager without using a property management company?
Yes, you can. There are private individuals and small businesses that specialize in property management. Real Estate Brokerages or licensed real estate agents can provide those services as well.
What services does a property manager provide?
This all depends on the property manager or property management company, so you will need to make sure that they are meeting your basic expectations when it comes to residential rental services. The services they provide should be clearly stated in your agreement.
What do property managers usually charge?
The average percentage that a property manager would charge up to 10% of the monthly rent, in addition to the fees for advertising and listing the property.
OUT OF STATE OWNERS WITH RENTAL PROPERTIES
Can I rent out my house if I move out of state?
Yes you can, but since you will not be in close proximity to the property, you will need someone nearby to take care of collecting rents, scheduling and managing repairs, and addressing the day to day issues that may come up. It is advisable to obtain a property manager that can be your representation in renting and maintaining the home/condo/building.
Can I invest in a rental property if I live out of state?
You can definitely invest in a rental property that will keep building equity in the home and pay for itself through rents. Hiring a property manager that is local, honest, and trustworthy with a proven record in this service area is important to keep you focused on your own goals and projects and to outsource the worries to someone else to keep up with the home maintenance.
Should I hire a property manager if I have a rental property and live out of state?
This question comes with few options. Certain areas in the Chicagoland area, such as Aurora, require a property manager to be within 30 miles proximity of the home.
If you have a property in a state that you do not reside in, it may be difficult for you to keep up with the day to day issues that may arise within the property. This is where a Property manager comes in handy. It takes away from the worries and hassle that can come up with owning a rental home in a state other than your own. If there is no ordinance or regulation by the city or county where your property is located in Illinois, then you can manage it outside the state. But, there are certain requirements in responsiveness when it comes to issues such as heating and cooling to which you need to respond within twenty-four hours and make sure that the issue has been resolved.
In summary, it all depends on how much time you would like to spend on your rental property on a day to day basis. If you believe that you have the time to spare to maintain and manage your own property rental in Illinois, then you can do it as long as there are no regulations disallowing you to do so. A property manager takes away the risk and time that it may take to resolve an issue that can arise within the home or with the tenant.
What should I expect from a property manager when I live out of state?
Here are a few things to be expected from a property manager when you live out of state:
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Ongoing communication.
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Timely collection of rents.
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Property maintenance and repair coordination.
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Tenants will be contacting the property manager instead of you.
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Property inspections.
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Handling the process of renting the property, which includes showings, listing the property on the market, and tenant screening.
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Handling complaints, late payment, and evictions.
Your agreement with the property manager should clearly lay out all of his or her specific responsibilities.