Property Management Pest Control Tips

Property management companies, landlords and tenants are all looking to avoid the same thing from happening to their property-- an insect invasion.  As a Chicago property management company, we know how important it is to keep insects out of all of our properties.  Whether you're a condo management company, retail management company, or an industrial property management company, it is important to take precautions to keep bugs out.  Here are a few tips on keeping insects out of your properties:

1- Clean out the gutters:  When was the last time you cleaned out your property's gutters?  If you know it has been awhile, consider doing a thorough cleaning of your property's gutters.  Mosquitos look for standing, stagnant water as that is where they breed, so keeping the gutters clean leaves no where for them to lay their eggs keeping them away from your property.

2- Utilize screens: If you are a tenant with a property that currently does not utilize screens for your doors and windows, we recommend speaking with your property management company or landlord to see if they would install some screens for the doors and windows.  Screens let air in, but help to keep bugs out.

3- Sealing cracks:  Sealing any cracks around windows and doors is another great way to prevent bugs from invading your property.  Do a thorough inspection of your property's windows and doors and see if there are any cracks that need to be filled in.  Roaches and other bugs are good at squeezing through cracks and small openings, so make sure all of the points of entrance are filled in.

4- Be careful where you put mulch:  Try to keep mulch at least 12-15 inches away from the foundation of your property.  Mulch can harbor mosquitos, ants and other bugs, which gives easy access to the inside of your property.  Keeping mulch away from the foundation will make it harder for insects to enter your property.

5- Take out trash frequently: It may seem like a no-brainer, but trash is a big contributor to insect issues for any home or property, so take out the trash frequently.  Make sure bags are tied tightly and any containers used should be cleaned out throughly and often.

If you are a property manager, property management company or tenant looking for more tips on keeping insects out of your properties?  Feel free to leave a comment below or contact us.

Benefits of Moving Your Payments Online

Property management companies, whether you own or work for a retail property management company, industrial property management company, or condo property management company, typically have to take in many, many checks.  With so many of us going paperless these days the idea of moving your payments online probably seems like a great idea, and truly there are a lot of benefits to accepting online payments.  Here are a couple of the benefits to moving your payments online as a property management company:

1- Better security: The number one reason why you should move payments online is for the added security.  Each time a check is handled, whether it is being handled by your property management company staff or the post office, the odds of a loss or security issue are greatly increased.  Today online payments have become the most secure way to receive payments and withdraw money from your accounts. 

2- Added convenience for tenants: Your tenants are busy, aren’t we all?  Why not make receiving payments more convenient for them?  As we all know, paper checks are on the decline these days with less and less people paying using checks. Tenants are looking for more convenient, innovative ways to make payments these days, so offering them an easier way to pay is sure to please them. 

3- Fewer trips to the bank: Online payments will save both you and your tenants from frequenting the bank.  Payments that you receive online are obviously automatically received by the bank, which saves you trips to the bank and improves deposit security.  It definitely is the paperless, greener way to go. 

4- More efficient: Going paperless and moving payments online is a more efficient way to accept payments from your tenants.  Independent studies have been conducted on online payments and have suggested that accepting payments from tenants online will eliminate the number of phycical paper checks you receive which can save your property management company $2 in handling costs.  May seem like a small benefit now, but that $2 can surely add up in the end.  

5- More accuracy: Moving payments online can reduce the number of payment errors that occur.  Electronic payments can save your staff a significant amount of handling time and help reduce any errors.

Have your own experience handling online payments as a property management company?  Feel free to tell us all about in a comment below. If you have questions about moving your payments online feel free to contact us.  

Preparing Your Property for Winter Storms

If your rental properties are in cold-weather states, you could be in for a rough winter.Preparing a rental for winter storm season is an important part of maintaining your investment. Here’s how to limit the damage a storm can do:

• Trim dead tree branches and limbs: Snow, wind and ice can bring down branches, damaging property or causing injuries. They can also take power lines with them, which is even more dangerous.
• Clean gutters: If gutters are filled with leaves and debris, snow and ice can build up, causing damages to the roof an eaves, and eventually harming walls and ceilings.
• Check chimney flues: In units with working fireplaces, it’s important to have an annual inspection by a qualified professional. Creosote buildup can cause fires.

Rental Property: The Advantages of owning a Residential Rental Property

Chicago Property Management Company :: Residential Property Management Chicago

Investing in real estate can sometimes look like an awesome idea on paper. You, in essence, buy a place in a nice area, find tenants, and let your bankroll grow. However, it's not always that easy. There are definite advantages to owning a rental property, but take into consideration some things before putting a 'for rent' ad in the paper.

Advantages of Rental Real Estate

The advantages of rental real estate properties are many. One that is not listed below is the fact that when you own rental real estate, you own a tangible thing. You can hug it when you're happy with it and throw stones at it when you're not. Shares of Apple, by contrast, are much harder to hit with a rock.

Many people who feel uncomfortable investing in financial assets have no problem with investing in real estate by contrast. This is a psychological difference, as a bad stock and a bad rental property are equally capable of losing money, forcing you to sell for a loss. That said, below are the advantages that show up on paper.

Current Income 

This refers to the rent money that is left over after the mortgage and related expenses have been paid. Current income is basically monthly cash that you did not have to work for - your property makes it for you.

Appreciation

This is the increase in value that properties generally gain as time passes. Appreciation is not guaranteed though. However, if you own a property in a stable area (cities), the property will likely increase in value over the years if it is kept in good condition. Even properties in sparsely populated and less desirable areas may appreciate due to inflation.

Leverage

Rental properties can be purchased with borrowed funds! Yay! This means that you can purchase a rental property by putting down only a percentage of the total value of the property. Essentially, you can control the whole property and the equity it holds while only paying a fraction of its total cost. Also, the property you purchase secures the debt rather than your other assets. You may lose the rental property, but you shouldn't lose your own home.

Tax Advantages

Your rental income MAY be tax free if you do not receive net cash flow after expenses are deducted. This means that your mortgage is being paid down and you own more of the total value of the property (rather than just controlling it), but you do not pay taxes on the money that is doing this for you. In addition to this, you can also pull out tax-free money by refinancing your loan if the property appreciates and the interest rates have fallen. Lastly, you may be able to avoid paying taxes on the sale of a rental property if you sell it and reinvest the money in another property. Neat huh?

For every upside there is a down - stay tuned for our next blog when we discuss the downside of owning a rental real estate property and tips on how to keep the pros outweighing the cons.