Getting New Tenants

Finding and securing new tenants is a part of a property management company's lifeblood.  If you are new to property management or just aren't sure what the best methods are for securing new tenants, then consider the following tips:

1- Doing some research: Before embarking on a quest to find new tenants, we suggest that you do some research to help identify who your niche audience is for your rental property. What is about your rental property that makes it unique?  Perhaps your rental property is all about going green and you have made modifications to the property to make it extremely eco-friendly, then this gives you an advantage to attract the kind of renter who insists on having a home that takes the environment into consideration.  The point is, to be successful getting new tenants you must figure out what it is about your property that will attract tenants and what kind of tenants your property is attracting.

2- Make new social connections: Finding new tenants for a rental property is often about who you know that can help you fill your vacancies, so making new social connections will certainly help any property management company find new tenants.  Business networking events are a great way to meet new people and can help you meet professionals who work in a similar industry that may be able to help you find new tenants.  Joining apartment or housing associations in your property management company's area is another way to build some new connections.

3- Your internet presence: Creating relationships with people via the internet is a great way to build rapport between your property management company and current tenants.  It also provides you with a relatively easy way to attract new tenants.  So maybe your not social media-savvy, then enlist a property management company staff member of yours to do some social media work. What should you be posting about and doing on the internet as a property management company looking for new tenants?  We suggest updating your website if it is outdated and setting up social media pages such as Facebook, Twitter, LinkedIn and perhaps even Google+  if you have not done so yet.  Use your social media pages to post updates about your properties, property management company, and your community.  Social media profiles give you the power to attract new tenants rather easily.

4- Referrals:  People today may not trust ads, but they certainly see value in referrals and testimonials, which is something you should take to heart when looking for new tenants..  Seek referrals as often as you can from current and even previous tenants with whom you feel have had a good experience renting from you.  Referrals or testimonials are wonderful additions to social media pages, websites and online review sites.

5- Make yourself the expert: Show what you know and make yourself into the expert in regards to property management and renting properties.  Making yourself the expert will show prospective tenants that you know what you are doing and that they would most likely have a good experience renting with you since you know what you're doing.  Establishing trust with prospective tenants is one of the best ways to get them to rent from you.  Write articles and submit them to relevant blogs or industry publications.  Speak at local colleges.  Do whatever you can to show what you know to help attract new tenants.

Have your own tips on attracting new tenants?  Feel free to leave us a comment below or contact us.

Keeping Tenants From Becoming Dissatisfied

As a Chicago property management company we strive to make our tenant's renting experience with us a pleasant one.  Renting should be a positive experience and a lot of times the way a landlord or property management company deals with situations will dictate how a tenant feels about their renting experience. Difficult or disgruntled tenants are typically not difficult immediately upon moving in, but a lot of times they can become difficult if their living experience is less than desirable.  How does a landlord or property management company handle dealing with difficult tenants and most importantly, how does a landlord or property management company keep tenants from becoming difficult tenants? Here are a few of our tips on keeping tenants from becoming dissatisfied:

1- Always stay professional: When a tenant comes to you, their landlord or property management company, with an issue they are looking to you for advice and for help.  Every issue a tenant brings your way is another chance you have as a property management company to truly shine and show your professionalism.  Conduct yourself and your business in a professional manner at all costs necessary giving tenants wonderful customer care and service.

2- Empathize with tenants: Tenants want to feel like their landlord and property management company understand their issues and concerns.  Empathizing with tenants gives you as the landlord or property management company a better perspective and understanding of what the tenant is feeling in regards to an issue they are facing.  Tenants want to know that their landlord or property management company understands their issues and concerns and is willing to help.

3- Do what you say you are going to do: When a tenant goes to their landlord or property management company with an issue, they expect a resolution for the issue.  They don't expect you to fix the issue in a week, two months or a year from now, they are usually looking for an immediate fix.  Maybe you can't jump on the issue right away and fix it, but you can give your tenant an estimate as to when you will be able to fix the issue. What you say you are going to do and what you actually do need to follow one another closely.  Promising a tenant something and never doing it is a surefire way to make a tenant angry.

4- Resolve issues: When a tenant presents you with an issue, figure out what kind of outcome the tenant is looking for and do your best to get as close as you can to their picture perfect resolution. When you think you have come up with a good solution for the tenant's issue, ask them what they think about your resolution plan and do your best to resolve the issue.

5- Getting past the issue: Once an issue with a tenant has been dealt with and resolved, do your best to move forward from the issue.  There's no sense dwelling on an issue or an unpleasant experience with a tenant, in fact dwelling may make the relationship between you and the tenant worse in the long run.  You best bet is to move forward from the issue and let go of any negative thoughts or feelings to ensure that you can work with the tenant in the future.

Looking for tips on keeping tenants from becoming dissatisfied or have a few tips of your own?  Feel free to leave us comments below or contact us.

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Gauging Tenant Satisfaction

As a property management company, one of your main goals is keeping your tenants happy.  Tenant satisfaction is a big part of what helps a property management company build a great reputation for themselves.  Ensuring that your tenants are satisfied is extremely important if you want your property management company to grow and truly prosper.  If tenants are unhappy, they may be inclined to leave, putting you right between a rock and a hard place.  Here are a few tips on how to gauge tenant satisfaction:

1- Tenant satisfaction surveys: Some property management companies will hand out a short, one page tenant satisfaction survey, similar to the one in the picture to the left.  Surveys could provide great inside information as to what your tenants are really thinking.

2-  Face-to-face chats: Speaking with tenants face-to-face is a good way to build a relationship with them and gauge their satisfaction.  A maintenance visit is a good opportunity to build a relationship with your tenants and engage in a face-to-face chat.  Ask tenants how everything is going and ask for some feedback.  You'd be surprised by what tenants will tell you and you never know, feedback may just give you some great ideas on how to keep your tenants satisfied.

3- Utilize print materials:  Sharing information with your tenants through print materials is another great way to gauge their satisfaction.  Consider leaving newsletters for them to read outside their door or even hand deliver the material.

4- Phone calls:  Encourage your property management staff to share their phone numbers with tenants so that tenants know who they can turn to if an issue arises.  Satisfaction will come from giving your tenants comfort knowing that if an issue comes up they know who they can turn to.

5- Create a tenant retention program: A tenant retention program is a great way to put forth effort to keep current tenants from moving out of your building.  All tenant retention programs are different, but typically they include things like identifying the tenants, services and amenities provided, and methods to measure success.  The plan needs to be a formal written document that has defined objectives and measurable goals for each tenant involved.

Looking for more tips on gauging tenant satisfaction?  Feel free to comment below or contact us.

Rent Collecting FAQs

In a previous blog we discussed how a property management company goes about setting the rental rate.  Whether you're a condo property management company, retail management company, or an industrial property management company, setting rent and collecting rent are the sustenance of your business.  This blog is going to switch the focus from the previous blog and instead of discussing setting the rental rate, we will answer some of the frequently asked questions tenants ask about the rent collecting process.

Q- How does a property management company typically collect rent?
A- While some property management companies may accept checks, most offer direct debit for tenants.  Direct debit tends to be a much smoother process and the old excuse "the check was lost in the mail" won't crop up.  The direct debit process lets you know if you have the necessary funds ahead of time, which is a nice bonus feature.

Q- What is the typical late fee?
A- The answer to this question will vary based on how the property management company decides to handle late fees.  Typically a property management company will have a late fee that falls anywhere from five to ten percent of rent.  Some companies will do a small daily fee as an incentive for the tenant to pay rent.  Whether you are working with a condo property management company, retail management company, industrial property management company, the primary function of a late fee always remains the same. The function is to get tenants back on track to begin making their payments as soon as possible.  The fees are meant to reflect the fee that a homeowner would receive in the event that he or she is late on a mortgage payment.

Q- How does a property management company handle delinquent payments?
A- Make sure you find a property management company that runs a tight ship and has a firm, but still fair, process on how they handle delinquent payments.  It is important that a property management company enforces all aspects of a lease, otherwise tenants will take advantage of the leniency.  Once a property management company figures out that a tenant has trend of delinquencies, they need to keep a close eye on the tenant to make sure they get back on the right track.

Q- How does a property management company deal with evictions?
A- A good property management company will have a well-documented process and will determine the very best course of action based on the circumstances.  They should have a checklist that they go through with you that explains the process they go through each time before deciding to evict a tenant.  As a tenant, you always want to make sure you are dealing with a company that acts fast and documents all of their actions.

Q- Do property management companies provide eviction insurance?
A- Eviction insurance is basically just a small monthly fee that insures the management company will pay for attorney and court costs that are associated with evicting a tenant.  This is not a service that is offered by all property management companies, but it sure says a lot about the confidence a property management company has in their tenant screening process.

Have a rent collection question that we didn't cover?  Feel free to leave us a comment or contact us.

Tenant Appreciation This Holiday Season

The holidays are rapidly approaching and whether you are a condo property management company, industrial property management company, retail property management company, or really any type of property management company, you are probably wondering what you can get your tenants as a holiday gift.  Showing appreciation for your tenants is always a good gesture to keep tenants happy, so the small gift is well worth it.  Here are a few ideas:

1- Decorate:  Why not bring a little holiday cheer to your rental properties and surprise your tenants with holiday decorations.  No need to go overboard, but a simple strand of beautiful outdoor lights could make for a very simple way to show your tenants that you appreciate them and want to help them celebrate the holidays.

2- Holiday Cards: A simple holiday greeting card is a great way to show your tenants you appreciate them this holiday season.  If your property management company has a logo and branding a holiday card would be a great way to incorporate that in.  Why not get a little marketing involved!

3- Gift Cards: A gift card is another great gift for tenants during the holidays.  Who wouldn't enjoy a gift card to a restaurant or store?  Whether it's a gift card for Jewel, Target, or the local pizza place, almost everyone can find a use for a gift card. For a property management company, gift cards are an easy gift to give to tenants.

4- Rent Discount: Consider giving your tenants a slight rent discount during the holiday season.  A rent discount is another easy gift idea for any property management company.  This is something all tenants are sure to appreciate during the holiday season.

5- Upgrades: Perhaps you are a property management company with only a few rental properties under your belt, then perhaps giving your tenants an upgrade is a good option.  It doesn't have to be an extravagant upgrade, it can be something as simple as new window treatments or a new ceiling fan.  Something more expensive such as a dishwasher, stove or refrigerator could be a good gift if you have found yourself having to repair those appliances for multiple tenants.

Are you a property management company looking for more gift ideas for tenants?  Feel free to leave us a comment or contact us.

Using Property Management Software

Property management isn’t always the easiest career, but it can be incredibly rewarding and made easier with the right tools.  There is software available to help property managers stay organized.  Have you found yourself buried in a mountain of scribbled notes and paperwork?  Consider property management software.  Property management software is designed to keep you organized and help your property management company grow.   Software costs can range anywhere from $100-$10,000.  Yes, that's a pretty big range!  With such a wide range available any property management company can utilize software at a cost that is most comfortable.  Here are some things to think about before you decide to purchase property management software:

(1) What’s out there: Before you purchase property management software look into all the different alternatives and what each product can offer your property management company.  Choosing the cheapest alternative might not be the best route.  Look into what pricey products will give you and what the less costly products will give you. 

(2)Assess your needs long before you purchase: Long before you purchase you should fully evaluate your property management company’s needs.  What are the most important qualities your property management software must have?  Why buy software that is complete overkill?  There is no reason and you will end up paying a lot more for features you will not even use.  The software you choose should do the following as far as the basics go:

            -Post rent, management fees and late fees

            -Deal with bank checks and deposits

            -Can easily update your information

            -Has a good interface

            -Maintain a separate ledger for tenants and owners

(3) Watch out for hidden costs: Hidden costs are out there so buyer beware.  If you purchase software that is not user friendly you may find yourself paying for support you never planned on needing in the first place.  Hidden costs can potentially break your budget, so make sure you know exactly what you're paying for and how much you're paying before you purchase.

(4) Features: Don’t be fooled into thinking that you need the latest and greatest software on the market today.  There may be cheaper alternatives that get the job done perfectly, but it all depends on the features.  Do some research on what each product provides and compare that with the needs we mentioned assessing in tip #1.  See where the products stack up. 

(5) Be wary of technical support: While most property management software companies do not offer support some do.  However, you must be wary of any property management software companies that do offer technical support as there might be big conditions attached.  Some companies offer free support for a short period of time then charge begin charging a certain dollar amount per minute and that’s where support can really get expensive.  If you know you would like technical support for your product, look for a company that will provide support you can utilize and afford.  

Looking for more tips related to using or buying property management software?  Comment below or contact us.  

Handling a Tenant Eviction

Let's face it, handling a tenant eviction is never easy.  Property management firms all have to face tenant eviction from time to time.  Whether your company is a real estate property management company, an industrial property management company, a retail property management company or a condo property management company, most likely you will have to handle tenant eviction at some point in your career.  It's not easy, but there are effective ways to handle a tenant eviction.  Here are some tips on handling tenant eviction:

Always follow state and local laws: A property manager looking to evict a tenant must first make sure they are following state and local laws.  This sounds simple, but in reality there can be plenty of sticking points, which makes it difficult.  If a mistake is made in serving an eviction notice, the eviction case may be thrown out and then legally, the real nightmares will begin.

Serving an eviction notice: Whether your property management firm hires someone to serve an eviction notice to the tenant or you do it yourself, it may be difficult, but it must be done.  There are several kinds of notices to issue, some types include the following:

1- Non-Payment of Rent- If your tenant does not pay rent when it is due, then the landlord can serve a notice stating that rent is due and provide the tenant with a time frame in which the rent must be paid.  If the tenant is able to pay the rent (in full) within the time frame than there cannot be an eviction.  This is based off of the tenants actions.

2- Unconditional Notice- Some states allow an unconditional notice to be given to a tenant.  If the resident has broken or violated the rental agreement or is breaking the law, then the notice can be given.

3- Fixing a Violation- In many states, a property manager or landlord can give a notice stating that a violation of the rental agreement must be resolved.  This notice must specify a time frame in which that violation be resolved.

When is Eviction Possible?

There are typically three scenarios that make eviction of a tenant possible for a property management company and this includes:

A Tenant Fails to Pay Rent- If a tenant fails to pay rent, then this could be terms for eviction.  This depends on how many months the tenant has failed to pay rent.  If it has been a period 1-2 months then many property management companies will be more lenient and simply mandate the tenant make up for the missed payment by a decided date in the near future.

A Tenant Poses a Health or Safety Risk to Others- If a tenant poses a health or safety risk to other tenants in the same building, they too may be eligible for eviction.  Any tenant conducting dangerous  or illegal activity that is a threat to other tenants could be evicted.  Many rental contracts include language that states no illegal or dangerous activity is to be conducted by a renter on a property.  That gives merit to a property management company seeking eviction of a tenant.

A Tenant Breaks Rental Agreement- If a tenant breaks the rental agreement this can of course be punishable by eviction as well.

The Eviction Process

One of the first things a property management company facing tenant eviction must do is terminate the tenant's lease.  An eviction lawsuit can't begin until the lease is terminated and the property management company or landlord has issue a written notice to the renter being evicted.  Each state has different laws that pertain to eviction, so again as we stated above, make sure you are following local and state laws.  This notice gives written proof that the tenant has been notified of the eviction and the reason why.

Looking for more tips on how to handle a tenant eviction?  Feel free to leave us a comment below or contact us.

The Benefits of a Property Management Company

Never underestimate the value of a good property management company-- and no we're not just saying that because that's who we are!  We know how important finding a good property management company can truly be.  Have you had a bad experience with a property management company in the past?  While there are some property management companies out there that might not be the greatest, there are some that are excellent and maintain buildings beautifully all while make a tenant's life run alot more smoothly. Here are a few of the benefits of having a good property management company:

(1) Quality tenants: A good property management company will do a great job screening tenants and will usher in waves of quality tenants.  Having good tenants is extremely crucial in the property management business.  A good property management company can rely on their experience and will be able to thumb through tenant applications and be able to weed out any tenant they feel is no good.  As a result, a good property management company will bring in good tenants who typically cause less problems, pay rent on time, rent longer, and will care for the unit.

(2) Good tenant retention: A good property management company will efficiently be able to keep tenants happy and have a low turnover rate.  Typically, a good property management company will have a solid, time-tested retention policy.

(3) Less legal problems: One of the most beneficial parts of having a good property management company is less legal problems.  A good property management company will be up on the latest landlord and tenant laws that will ensure that you are not vulnerable to legal problems.  This is probably one of the most important parts of working with a good property management company.

(4) Shorter vacancy cycle: A good property management company will be able to fill vacancies quickly by suggesting property improvements, determining the best rent rate and proper marketing of the vacancies.

(5) Personal:  Having a great property management company on your side can provide a ton of personal perks including less stress, more time on your hands, and increased freedom and flexibility.

Want to know more about the benefits of a property management company?  Feel free to comment below or contact us directly.

Screening Tenants

Let's face it, having good tenants is vital for a property management company.  No matter what kind of property you manage, whether you're in real estate property management, industrial property management, retail property management, or condo property management, you always have the difficult task of finding the right tenants.  So how do you go about finding quality tenants for your property rental?  The best way to find quality tenants is to make sure you do a proper tenant screening.  Here are some easy steps to take when screening prospective tenants:

(1) Phone call (initial contact): As a landlord, real estate agency, or property management company, you should begin your screening process with the first initial contact you have with your prospective tenant.  Typically, the first contact made with a prospective tenant is done with a phone call.  By phone, you should get a pretty good read on what your prospective tenant is like.  Before speaking with prospective tenants, be prepared to ask a list of solid, qualifying questions to better understand who the prospective tenant is.  Be up front with prospective tenants about the rental you have and you may want to immediately let them know what rent is up front as well as the security deposit.  Give them the important facts they would want to know to narrow down your tenant choices to candidates that will be able to afford your rental.

(2) Show the rental property: Showing your rental property gives you, the landlord or property management company, the ability to not only show your rental property, but it also gives you the ability to check out your prospective tenant further. Take notice of the following things about your prospective tenant: Appearance, attitude and decision making abilities.  Does your prospective tenant appear messy or neat?  While judging a book by its cover doesn't guarantee any real truth about your potential tenant, it can give you some indication as to how your rental property will be maintained.  Notice your potential tenants attitude.  Does he or she seem difficult to please?  Does he or she respect the rental property while viewing it?  Take note of the tenants initial attitude.  Did he or she come prepared with a deposit ready to fill out an application or do they seem on the fence about your rental property?  Decision making abilities also say alot about a potential tenant.  Look out for any other red flags regarding your prospective tenant.

(3) Submitting an application: Once the applicant has applied, let him or her know that you will keep them in consideration and that you have multiple prospective tenants who have also submitted applications for your rental. Once a tenant has submitted an application to you, assure them that you will notify them once you have made a decision.  Once they have applied, check the application for any inconsistencies or red flags.  If anything seems strange, make sure you look into it thoroughly.  Remember, the goal is to rent your space to good tenants and to avoid renting to a tenant who will not care for your rental space.

(4) Being approved: Once you have chosen an applicant let him or her know the rental space is all theirs and also let them know if you decided to overlook something in their background, typically something that is minor.  During this part of the process a property manager may set a date and time for the approved applicant to come and sign the lease.  Does the potential tenant come prepared?  Take note, as that says alot about what could be in store having that applicant as a tenant.

(5) Signing the lease: Once it is determined that your approved applicant will be your new tenant, having him or her sign the lease is next.  Read over the lease and make sure your new tenant understands what they are signing.  Many people will just sign without reading.  Again, notice your new tenants behavior.  Is he or she arguing every step of the way on the terms of the agreement?  This could indicate problematic behavior, so take his or her behavior during this part of the process very seriously.

Throughout each step of the screening process take note of any indication that your potential tenant may or may not be a good fit.  If you're looking for more tips on picking out a good tenant, comment below or contact us.

The Benefits and Disadvantages of Allowing Pets for Chicago Property Management Companies

As a Chicago property management company, it is sometimes your decision on whether or not to allow your tenants to have pets. While some property management companies already do allow this, others are have much tighter restrictions. Some Chicago propertymanagement companies are on the fence, asking the question if they need to say yes or no to allowing pets to join the tenants in their homes.

When the market is slow and landlords are in need of tenants, a lot of times the guidelines become looser and pets are allowed.  When the market is booming again usually restrictions crop up.  One reason many landlords open up the homes to pets is because the rental market is slow. You will tend to see more and more companies that allow pets with a deposit when tenants are hard to find.

From a positive perspective, allowing pets could keep tenants happy, encourage more new tenants, and can help separate a property management company apart from the competition.  Depending on your goals as a propertymanagement company, those pros of allowing pets could outweigh the cons.  From a negative perspective, allowing pets to join your tenants could lead to the rental property being damaged or destroyed, increased noise, and it can potentially be unsanitary if the tenants do not care for animals properly.  Not allowing tenants to have pets could also potentially narrow down your choices for new tenants.  It can really be a tough call. 

What Chicago Property Managers Can Do

When Chicago property management companies start booming with more and more tenants, they can tighten up their guidelines and be more choosey.  This could mean bad news for renters who have their family pets. It reduces the homes they can find through Chicago property management firms.

One way a Chicago property management company can help renters is by accepting pets with precautions. By allowing pets in under your lease agreement, a Chicago property management company can give their tenants peace of mind that their family will be able to stick together, especially since many families consider pets to be family members.   

Propertymanagers can help to protect their owners and properties by putting some stipulations in the agreement about the pets. With guidelines in place, property managers can allow tenants to keep their pets by following a few simple guides to handling pets in the rental home. Be sure to talk with the tenant of the home to make sure they understand the restrictions.

For comments or questions on anything property management related, feel free to comment below or contact us.  

Property Management Tips: Staying Ahead of Maintenence

Whole volumes could be written about the difference between “damage” and “wear and tear;” but every landlord knows that tenants can be hard on a rental property. Most landlords have walked into a rental unit for a move-out inspection and been shocked at the damage they discover.

Don’t fall into the habit of performing all damage repairs and maintenance when you’re between tenants. Granted, that’s the best time to clean carpets, repair floors, and replace appliances. But it’s too easy to feel pressured if your tenant is anxious to move in. That’s when small problems and repairs will be neglected.

Conducting periodic inspections and continually maintaining your rental property is the only way to stay ahead of the game—and protect its value. The old adage, “a stitch in time saves nine,” has never been so true. Repair expenses just keep rising; between labor costs and materials, you’re definitely going to be better off fixing a problem while it’s small.

Keep these repair supplies in your vehicle to take care of issues while they’re manageable:

• Hinges and latches (standard sizes and colors for all your rental unit will make this easier) 
• Paint and brushes or shoe-polish-like applicators 
• Floor scratch cover 
• Rhino Glue 
• Duct Tap 
• Spackle 
• Extra linoleum tiles 
• Basic tools 
• Garbage Bags 

During periodic inspections, do a quick check on window locks and frames, door knobs, locks, hinges and frames, woodwork and trim, and cabinet doors. Tighten any that need it. Look up at the ceiling and inside kitchen and bathroom cabinets for signs of water damage. Listen to the toilet to see if it’s running. Drips and leaking toilets are easily repaired, and if caught early, can prevent serious damage later. See to scuffs and chips on walls and cover with a bit of paint.

If you have a great handyman you can call on for jobs that are above your skill level, great! If not, you should develop a relationship with one. Ask around your network for recommendations. Electricians and plumbers specializing in quick response or small jobs are also valuable to have in your contact list. You never know when you’ll need any of these pros.

By keeping on top of rental property maintenance, you’re doing yourself a big favor when you’re pressed for time between tenants—and you could be preventing the headaches and repair bills that come from neglecting rental property.

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Renters and Landlords Beware: Scams are abound!

A few weeks ago, there was a televised warning for renters and property owners to beware of rental scams so naturally, we're letting you know! Too often, we only hear one side of the story though: tenants. However, the story went on to benefit the property management community in that it didn't completely slam us. It actually praised the benefits of using a credible and licensed property management agency instead of doing it on your own. 

Here's the run-down on the Tenant version.

Typically, there are internet scams where businesses or con artists lease out properties that don't actually exist. Wow! The other side of the coin is that the property does actually exist, but it isn't available for lease of purchase due to the fact that it isn't owned by the advertiser. The con artist(s) then ask the applicant to supply all of their most personal details: social security number, current address, name, birth date, bank accounts, employers, the whole nine yards. They are also asked to pay upfront upon approval of their application. The scammer then supplies fake identification, in some attempt to look legitimate. This should be the first red flag. The next step: the applicant is sent tenancy agreements from the property owners 'lawyer' requesting money sent to an overseas account. The applicant signs the agreement, sends the money and typically...never hears from anyone again.

Rental scams are entirely too easy to set up and are typically fronts for other more devious criminal activity. The obvious is identity theft. So make sure you do your homework and deal directly with the verified property owner or property management firm. 

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MK Asset Management: Our Handbook

In order to get to know us a little better, we thought we'd share with you some of what our Chicago Property Management Firm uses to make our company and your properties run as smooth as possible. You can download this or look at it on your computer.

>> MK Asset Management Handbook

Feel free to look through this handbook, or call us with questions! Look forward to the second part of our Curbing Troublesome Tenants piece coming soon!

Curbing Troublesome Tenants: Part one

Residential Property Management Firm in Chicago

Troublesome tenants is something that keeps most property owners up at night. Some states that are tenant-friendly such as California and Arizona make it much more difficult for rental real estate owners to deal with tenants who are being unreasonable or causing problems. There is a way to protect yourself though: clearly and properly defined lease terms to protect from issues such as unpaid rental fees, property damage and more. Landlords or real estate professionals are usually the people putting together lease forms, but these forms can be added to in order to protect by using additional statements and stipulations.

Lease Form Tips:

1. For tenants who are always late with rent, and this is the top complaint from property owners, a stipulation such as: Eviction processes will begin on the first day after the grace period that rent has not been received. That simple line is an incredible motivator to keep inconsistent tenants paying on time.

2. Another great motivator are late fees such as: Tenant shall pay (a percentage) of the total monthly rent in late fees after the grace period has ended. The thought of having to pay more if late will, more often than not, keep people paying on time.

As a residential or commercial rental property owner, it is absolutely essential to protect yourself from troublesome tenants. Rentals today range from homes that cannot sell to standard residential apartment buildings. Home owners are even renting out their homes while renting an apartment themselves. Having a binding contract is essential when others are utilizing the buildings you own. To make sure you're not being taken advantage of, make sure there are proper stipulations to be agreed upon. Doing so will save you money, heartache and stress down the line.

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Introducing MK Asset Management’s Utility Savings Program (USP)

Chicago Property Management Firm

MK Asset Management, a Property Management Firm headquartered in Lincolnshire, Illinois, announces the implementation of its Utility Savings Program or USP.  The program aggregates the buying power of MK Asset’s many residential communities under management and allows them to purchase energy in the form of kilowatt hours on the private market.  This year, net savings directly to the residential associations, including condominium, town-home and homeowner associations, are over 23% compared to the costs from public utilities. 

               

“The program was a natural extension of what we are doing for our commercial clients.  Over 75% of commercial users in Illinois purchase their electricity on the private market yet it’s very rare for residential communities,” said Jared Margolis, president and founder of MK Asset Management.  “It’s one of the many synergies that come from managing both commercial and residential properties that results in real benefits to our clients.”

               

The program was offered to all of its residential communities and had a tremendous acceptance rate of over 95%.  The power is still delivered over the same ComEd grid and the communities remain customers of ComEd but purchase the kilowatt hours from a private provider.  The savings are seamless to the Associations as the only difference is that MK Asset Management now pays two bills for electricity, one to ComEd for the delivery of services and one to the private provider for the electricity supply charges.  “The decision was a no brainer for so many of our clients since they were able to save real money with virtually no changes to their operations,” reported Polina Stein, Senior Property Manager at MK Asset.

               

The program will be evaluated and bid on an annual basis and the only requirements were an electric meter and to be a client of MK Asset Management.  With natural gas prices historically low right now the savings don’t present a compelling reason to sign contracts for any length of term but the USP will continue to monitor all potential savings in utility charges for MK Asset’s clients.  “In this environment, it just makes good sense to constantly be evaluating how we can deliver our clients the same services for less money.  We don’t profit from it directly but we hope and are confident that our clients see the real value MK Asset Management provides,” said Margolis.

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MK Asset Management is a full-service residential and commercial property management and asset management real estate company in Chicago committed to maximizing your property’s potential.

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