Tenant Relations

As a Chicago Property Manager, undoubtedly, one of the most important parts of the job is customer service.  All property managers should strive for smooth relationships with tenants.  It’s important that as a property manager you are always sharpening your customer service skills to attract new tenants, satisfy the needs of current tenants, and create positive buzz around yourself.  Tenants will talk, so give them something good to say about you and your property management service.

Being a property management company can be trying at times as occasionally property managers face delinquent payments, evictions, or other troubling circumstances.  Here are our tips on creating smooth, positive tenant relations:

(1) Documentation: Always create a paper trail because you will never know when you need it.  Even simple issues can end up badly without documentation to rely on.  Documenting is extra support for you and really for the tenant too.  Documentation should be done for rent checks and other payments (scan and file copies), maintenance checklists, copies of complaints filed by tenants, notices served/actions taken against tenants, and any police reports or legal documents.

(2) Address complaints quickly: In our opinion, the best way to show your tenants than you value them is to address any complaint they file promptly.  Encourage your tenants to come to you with any issue no matter how big or small.  Show them that you care and make them feel comfortable. With every complaint do some digging to understand the origin of the complaint and really investigate each story.  Be compassionate towards tenants and let them know what you are doing to fix the problem and let them know when the problem has been resolved.

(3) Hone customer service skills: Put on your customer service hat!  Great customer service is the best way to keep tenants happy.  Good customer service is a sure fire way to keep more and more tenants coming in the door as well.  Train your staff on good customer service and make sure to go over phone manners, in-person conversation and overall manners and courtesy.  Good customer service can be the defining point for keeping current tenants and getting new tenants. 

(4) Give tenants something to talk about:  Keeping tenants happy is a huge goal for property managers, so give tenants something to talk about.  Consider offering some kind of incentive program to keep current tenants happy and bring new tenants in.  Move-in specials, lower deposits, gift cards, a lease renewal special can all be viewed favorably in the eyes of tenants. 

(5) Be willing to take suggestions: As a property management company, one of your biggest jobs is keeping tenants happy, so be willing to take suggestions from tenants on ways to improve.  Suggestions from tenants are great because tenants know what a unit is missing that could make it more desirable to other tenants.  This becomes important when you are looking to take in new tenants.

If you’re looking for more tips on creating positive relationships with tenants, feel free to comment below or contact us.  

Increase the Value of Your Rental Property

If you have been feeling like your rental property is not as aesthetically appealing as you would like for it to be, you have options.  Simple fixes and tweaks to your rental property can certainly enhance your property.  Whether you're a property management company, landlord, or tenant, simple fixes can greatly up your rental property's appeal no matter what your budget is.  Here are a couple changes you can make to increase the value of your rental property:

Paint:

A fresh coat of paint can drastically change the look and feel of your rental property.  Painting can be a relatively inexpensive way to update a room.  Check close-out stores which typically have a decent selection of basic interior and exterior colors at lower than average prices.  To cut costs on painting, purchase flat or semi-glosses finishes over high-gloss.  High-gloss paints typically require more coats, which is not necessary for sprucing up your rental property.

New Windows:

If you have windows on your rental property that are in need of an update, consider installing storm windows over the pre-existing ones instead.  If you're a pretty handy renter, property management company, tenant or landlord you may be able to install the storm windows by screwing the tracks into the frame.  Aside from the windows themselves, you should also consider putting in some sort of blinds or window covers.  While some renters may not want window covers, they are easy to remove if unwanted.  When it comes to window covers there are quite a few options such as venetian blinds (which can be difficult to clean and tend to break easily) or stained-glass appliques (which provide privacy and go on and come off very easily).  You could always put up shades or curtains, which may be the best route.

Kitchen & Bathroom Remodel:

It is said that the kitchen and bathroom are the two most important rooms in a homeowners house.  Putting a little time and some money into a rental property's kitchen and bathroom can greatly increase the value of your rental property.  Again, close-out stores are excellent resources for discounted flooring and other material needed for a remodel.   If you are in need of some relatively new appliances and obviously don't want to break the bank, you could consider checking the scratch and dent departments. Scratch and dent departments feature brand new appliances sold at a hefty discount due to minimal damage, hence scratch and dent.  It's not a bad idea since you're getting a fully functioning appliance at a fraction of the cost.  Second-hand appliance stores may also be worth checking out.

Clean-up:

Sometimes the best and cheapest way to beautiful a rental property is by giving it a good, top to bottom, cleaning.  Maybe the walls don't need fresh paint after all.  Perhaps they just need a good wipe down.  Over the years, dirt and debris can collect on your walls, so dingy paint may just be dingy from dust.  Your rental property will probably require deep cleaning and some parts of the property may require much deeper cleaning than other parts.  You may want to do a little research on great cleaning products that will really get the job done.

Landscaping:

Beautify your rental property's outdoor space by doing some basic planting.  Doing a little landscaping will give your rental property great curb appeal and is worth some seasonal maintenance.  Don't let your rental property's yard be bare.  Flowers, such as Pansies, are great to plant as they can survive a frost.  Tulips and Day Lilies are cost effective and come back every year, which is great in terms on maintenance in the long run.  Put in plants that will enhance your rental property's outdoor beauty, but will require little effort in terms of maintenance.

Whether your the renter, or a property management company, tenant or landlord, lots of little improvements can be made to make a house look more like a home.  For more tips on improving your rental property, comment below or contact us.

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Lincolnshire investor buys failed condo project

A venture of Lincolnshire-based MK Asset Management LLC bought 38 lender-owned units last month in a failed 40-unit condominium development in Rogers Park. The MK venture acquired the units at 1700 W. Greenleaf Ave. for about $4.3 million from an affiliate of Oak Brook-based Republic Bank of Chicago, says MK President Jared Margolis. Developer George Samutin began converting the apartment building into condominiums, borrowing $7.3 million in 2006 to finance the project, county records show. But the property was hit with a foreclosure suit in 2009, and Mr. Samutin gave up the project last year to Republic, which took over Bank of Lincolnwood after it failed in 2009, according to county records. MK is renting its units in the building, with two-bedrooms costing up to $1,300 a month and three-bedrooms leasing for up to $1,600. “We've been able to attract quality tenants who rent on the high end of the range,” Mr. Margolis says. Republic President and CEO William Sperling says the sale to MK is part of the bank's strategy to remove problem loans off of its books. Mr. Samutin did not return an email, and several of his previous phone numbers were disconnected.

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Green Properties 101: What Does Energy Star Mean?

For those relatively new to the “Green” movement and interested in learning more about what can be done to conserve energy and to slow down the detrimental effects of global warming, the EPA (Environmental Protection Agency) is a great place to begin. Even for seasoned “Greenies”, the EPA provides a tremendous amount of tools and resources to help you make wise decisions as a consumer. In an effort to conserve energy, the government created the“Energy Star” program which is operated by the U.S. Dept of Energy and the EPA. The EPA bestows the “Energy Star” label to products that meet their strict energy saving specifications (click here for the full breakdown of how a product earns the Energy Star logo). This logo was created in an effort to make it easier for consumers to identify energy efficient products. It may cost more initially to buy items with the coveted Blue Star, but in the long run you will be saving money as well as energy. It really is worth it. If you see this label on any appliance or product that you’ve purchased, know that you are helping to saving the planet, one step at a time.

Per the EPA, by making better choices, “Americans, with the help of Energy Star, saved enough energy in 2010 alone to avoid greenhouse gas emissions equivalent to those from 33 million cars — all while saving nearly $18 billion on their utility bills.”

Has your property management company considered using Energy Star products its apartment units and laundry rooms?

Summer Maintenence Tips for Landlords and Property Management Pros

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Summer is the season to tackle big exterior projects, as well as interior jobs that require good ventilation. It is also a time to remedy the effects of the proverbial “April showers” which may have damaged your roof, etc. during storms.

HVAC Maintenance:
Your air conditioning works overtime during the hot summer season. Be sure to have filters changed once a month, and lubricate the motor so it doesn’t overheat from overuse.

Storm Damage:
The effects of April showers extend far beyond beautiful May flowers. Be sure to have exterior decks, porches, stairs & railing checked for deterioration and damage. We recommend routine roof inspection and maintenance to locate loose and damaged shingles, or open seams and bald areas on flat roofs, as well as to clean out gutters, downspouts, and louvers of unwanted accumulations.