What Chicago HOA Boards Should Expect From a Property Management Company

Is Your HOA Management Company Actually Doing Its Job?

If you're on a Chicago HOA or condo association board, you know the weight of that volunteer role. You're responsible for an entire community, the finances, the maintenance, the vendors, the residents, and the legal compliance. 

A professional property management company should make that burden lighter, not more frustrating. The problem is that not every management company delivers on that promise. And when they don't, boards end up more stressed than before they hired anyone.

This guide is for Chicago HOA and condo boards who want to know exactly what professional property management should look like, what HOA management services to expect, what to demand, and what signals that something is off.

The Role of an HOA Management Company: What It Actually Is

Before setting expectations, it helps to be clear on what a management company is and isn't.

Your Chicago property management company is the operational arm of your association. The board sets policy, vision, and major decisions. The management company executes on behalf of the board, handling the day-to-day responsibilities that keep your community running. Think of them as your association's professional staff.

Their job is not to replace the board, but to extend the board's capacity so that volunteer members aren't buried in operational frustrations, so the community gets the professional attention it deserves. Done correctly, this relationship means your board can focus on big-picture decisions while your management company handles the rest.

7 Things Chicago HOA Boards Should Expect From Their Management Company

1. Financial Transparency and Accurate Reporting

Boards should expect monthly financial reports that are clear, accurate, and timely. You should be able to see exactly what came in (dues, assessments), what went out (vendor payments, maintenance costs, administrative fees), and what's in reserve.

In Chicago, HOAs and condo associations are governed by the Illinois Condominium Property Act and, where applicable, the Common Interest Community Association Act. These laws require financial transparency and proper record-keeping. A competent management company makes it easy for the board to stay informed and compliant.

What good looks like: Monthly income and expense reports delivered on schedule, online portal access to financial records at any time, clear reserve fund accounting, and proactive flagging of budget variances before they become problems.

Red flags: Delayed or unclear financial reporting, resistance to providing records, or fee structures that make it hard to understand where money is going.

2. Proactive Maintenance Coordination

Deferred maintenance is one of the most expensive problems an HOA, or any building in Chicago, can face. A small roof issue ignored through a Chicago winter becomes a major capital expense in spring. 

Your property management company should have a preventive maintenance calendar in place with routine inspection protocols and a vetted network of reliable local vendors. For Chicago communities especially, seasonal maintenance planning is non-negotiable: winterization, snow removal contracts, and spring inspections should all be calendared and managed proactively.

What good looks like: A documented, preset preventive maintenance schedule, fast response to maintenance requests through a resident-facing portal, vendor relationships that result in competitive pricing, and transparent communication about the scope and cost of repairs before work begins.

Red flags: Reactive-only maintenance, vendor relationships you didn't approve or trust, surprise invoices or non-approved charges, or routine maintenance that only happens when residents complain.

3. Clear, Timely Communication With Both the Board and Residents

Boards should not be chasing their property manager for updates, and residents should not be left wondering what's happening with a maintenance request. 

You should expect defined response time standards. For situations that can’t wait, such as routine inquiries addressed within 24 to 48 business hours, and a clearly defined emergency protocol. Boards and residents should have access to an online portal to submit requests, view updates, and access community documents at any time. PRG Management is proud to offer an owner and tenant portal that provides a modern platform to submit requests, pay bills, view documents, and see financial reporting.

What good looks like: Dedicated point of contact for the board, defined SLAs for response times, a resident and owner portal for communication and requests, and proactive updates on open issues

Red flags: Unreturned calls, generic email responses, no defined emergency contact, or a management company that expects the board to field resident complaints.

4. Legal and Regulatory Compliance in Illinois

A professional HOA property manager stays current with Illinois law, local city ordinances, and your governing documents, ensuring the association operates within those frameworks.

This includes proper notice requirements for board meetings, elections, and special assessments; enforcement of governing documents in a consistent and legally defensible way; compliance with Chicago's specific requirements around building permits, inspections, and energy benchmarking for larger properties; and support for legal matters when they arise, including coordination with the association's attorney.

What good looks like: A management company that proactively flags regulatory changes, prepares properly noticed meeting documentation, and has clear protocols for rule enforcement and violation notices, without the board needing to ask.

Red flags: Management companies that are unclear about Illinois compliance requirements, inconsistent rule enforcement that exposes the association to legal risk, or a lack of coordination with legal counsel when needed.

5. Vendor Oversight and Cost Control

An effective management company will manage dozens of vendor relationships, including landscapers, plumbers, electricians, elevator contractors, cleaning services, and HVAC specialists. This is one of the highest-impact areas of management, and unfortunately, one where boards are most likely to be kept in the dark.

Boards should expect competitive bidding for contracts, transparent vendor selection processes, and clear documentation of all vendor agreements. You should know who your vendors are, when they’re onsite, what they're being paid, and how performance is being evaluated.

What good looks like: Competitive bids for major contracts, vendor performance tracking, transparent pricing, and a willingness to switch vendors when service quality drops.

Red flags: Sole-sourced vendor relationships with no competitive process, vague invoicing, or reluctance to share vendor contract details.

6. Consistent Rule Enforcement

Inconsistent enforcement is one of the fastest ways to create conflict in an HOA community. When some residents see rules applied to residents differently, it breeds distrust and eventually, potential legal exposure for the board.

Your management company should enforce the association's rules uniformly, document violations properly, and follow the notice-and-cure processes required by your governing documents and Illinois law. They should also make it easy for residents to understand the rules and submit concerns through proper, defined channels.

What good looks like: Clear violation notice procedures, documented enforcement actions, consistent application of rules across all units, and a process for residents to appeal or dispute violations.

Red flags: Selective enforcement, informal "we'll let it slide" communication with residents, or a pattern of violations that never resolve.

7. A Real Partnership

The best management relationships in Chicago are approached as partnerships. That means your management company takes genuine ownership of the community's well-being, not just the line items on the contract. It means they bring ideas to the board proactively: a vendor they found who can save the association money, a maintenance trend they noticed before it became a problem, a regulatory change the board needs to know about.

It also means they not only understand hyperlocal Chicago ordinances but also your community's specific history, culture, neighborhood, and personalities because no two buildings or associations are the same. A forward-thinking property manager is an invaluable resource for associations that want to protect their property values and keep residents proud of where they live.

What good looks like: Proactive communication with board and residents, institutional knowledge of your community, board meetings prepared with data and recommendations, and a management team that acts as if they care, because they actually do.

Red flags: A management company that treats every interaction as a transaction, can't recall your building's history without looking it up, rotates your point of contact frequently, or only shows up with solutions after you've already identified the problem.

Questions to Ask Before Hiring a Chicago HOA Management Company

Before signing a contract, put these questions to any management company you're evaluating:

• How many properties does each of your managers currently manage?

• What is your defined response time for routine vs. emergency requests?

• How do you handle vendor selection and bidding for large contracts?

• What does your financial reporting package include, and when is it delivered?

• Can we speak with two or three current HOA boards you manage?

• What happens if we need to terminate the contract? What are the notice terms?

• How do you stay current with Illinois HOA law and Chicago-specific regulations?

The answers, and how comfortably and specifically they're given, will tell you a great deal about what day-to-day management will actually look like.

When It's Time to Switch Management Companies

The most common reasons Chicago HOA boards switch property management companies are poor communication, unresponsive maintenance handling, unclear or delayed financial reporting, and a general sense that the management company is managing the contract, not the community.

Switching is a process, but it doesn't have to be disruptive for your community. The right Chicago property management company will manage the transition professionally, request records from the prior manager, and get up to speed on your community quickly.

If your current management company isn't delivering on the basics: financial clarity, responsive communication, proactive maintenance, competent vendor management, it's worth having the conversation about a change to your Chicago HOA management.

Why Chicago HOA Boards Choose PRG Management

At PRG Management, we specialize in Chicago HOA management services and Chicago condo association management, delivering a full-service, hands-on approach that keeps boards informed and communities running smoothly.

That means responsive communication with defined service standards, transparent financial reporting delivered on schedule, proactive HOA maintenance coordination and vendor oversight, and a Chicago property management team that understands Illinois regulatory requirements inside and out.

PRG Management doesn't believe in managing the minimum. Chicago HOA boards and condo association boards deserve more than a management company that checks boxes; they deserve a true full-service HOA management partner, one that takes the operational burden off your plate so you can focus on your community.

Reach out to the PRG Management team anytime for a no-pressure conversation about your association's needs. Our team is happy to provide a proposal of services to see how we can elevate your community's value. Contact our team to request a proposal or fill out the form below to be connected to a Chicago property manager.

Now Managing: VB 1224 Lofts | 1224 W Van Buren St

PRG Management Now Manages VB 1224 Lofts in the West Loop

PRG Management proudly expands its rental management presence in the West Loop with a new assignment at VB 1224 Lofts. Located at 1224 W Van Buren St in Chicago, this property joins our growing Chicagoland management portfolio as we continue to expand our footprint in the West Loop.

VB 1224 Lofts: 1224 W Van Buren St

Located along the dynamic Van Buren corridor in the West Loop, 1224 W Van Buren St sits at the intersection of historic character and modern city living. With immediate access to downtown, the West Loop, and major transit routes, it is well-positioned for those seeking connectivity and convenience. The building is a fusion of traditional Chicago architecture with timeless exterior detailing and a layout designed for functional, efficient living. Residents at 1224 W Van Buren St enjoy secure building access, thoughtfully maintained common areas, and proximity to some of the city’s most active employment centers, dining destinations, and cultural hubs.

Full-Service Chicago Property Management

At PRG Management, we take a proactive, hands-on approach to managing our new assignment at 1224 W Van Buren St. We are thrilled to offer our comprehensive range of Chicago rental management services, including leasing coordination, tenant management, maintenance oversight, vendor coordination, and detailed financial reporting. We look forward to supporting the continued success of VB 1224 Lofts through our forward-thinking approach and proven local expertise.

About PRG Management

PRG Property Management is a full-service Chicago property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. PRG Management offers a broad range of Chicago property management services for landlords, investors, and rental property owners that prioritize maximizing your income and minimizing your headaches.

If you’re interested in stress-free Chicago property management, contact us today for a free proposal and more information on our HOA & condo or rental management services. Curious what your property is worth? Use Pearson Realty Group’s free online home valuation tool today.

Now Managing: The Mansion on Pine Grove | 3939 N Pine Grove Avenue

PRG Management Now Manages The Mansion on Pine Grove in Lakeview

PRG Management is pleased to announce our newest management assignment: 3939 N Pine Grove Avenue, commonly known as The Mansion on Pine Grove. Located in the heart of Lakeview, one of Chicago’s most beloved neighborhoods, this four-unit building represents a stunning example of historic Chicago residential architecture and continues our growing presence along the Pine Grove corridor.

The Mansion on Pine Grove: 3939 N Pine Grove

Originally built in 1901, this classic masonry stone-front building blends historic elegance with modern functionality. Each of the four high-end luxury residences spans approximately 1,000 square feet, featuring spacious layouts, rich historical architectural details, and a timeless curb appeal.

Set on a quiet, tree-lined street just steps from Belmont Harbor, the lakefront, and Wrigley Field, The Mansion offers residents a rare combination of historic charm and urban convenience. Its unique character, location, and intimate scale make it one of the more distinguished addresses in Lakeview.

Full-Service Chicago HOA Management

At PRG Management, we specialize in delivering comprehensive personalized HOA management services across Chicago. The Mansion on Pine Grove being no different, for this new assignment, our team is implementing a full spectrum of Chicago property management services from routine maintenance and vendor coordination to detailed financial oversight and management of building common areas.

We also leverage state-of-the-art technology to enhance the experience for residents. Our secure online portals provide instant access to billing, maintenance requests & tracking, and communication with property managers at any time. Our goal is to both preserve the integrity of a historic building while also ensuring efficient day-to-day management. We’re committed to providing service that’s both responsive and forward-thinking.

Our Chicago property management team is very excited to be working with another piece of real Chicago history. As this historic property transitions into a new chapter, PRG Management is proud to ensure long-term profitability and preservation for one of Lakeview’s architectural gems with our top-rated Chicago property management services.

About PRG Management

PRG Property Management is a full-service Chicago property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. PRG Management offers a broad range of Chicago property management services for landlords and investment properties that prioritize maximizing your income and minimizing your headaches.

If you’re interested in stress-free Chicago property management, contact us today for a free proposal and more information on our HOA & condo management services.

Now Managing: Shore Crest Apartments | 420 Wrightwood Avenue

PRG Management Now Manages Shore Crest Apartments: 116 units in Lincoln Park

PRG Management is pleased to announce our newest management assignment: Shore Crest Apartments, located at 420 W Wrightwood Avenue in Chicago’s highly sought-after Lincoln Park neighborhood. This 116-unit vintage building, situated along a picturesque, tree-lined street, represents part of a broader management initiative we are proud to undertake along N. Pine Grove Avenue in nearby Lakeview.

Shore Crest Apartments

Constructed in 1921, Shore Crest Apartments holds the aesthetics of classic Chicago architecture. Each of 116 units in the building features updated interiors, including refinished hardwood flooring, granite countertops, stainless steel appliances, and modernized bathrooms, delivering timeless elegance paired with everyday comfort.

Shore Crest boasts a vintage façade, luxurious common areas, and thoughtfully designed upgrades that blend the building’s original character with the modern age. Its architectural integrity and unbeatable location continue to make it one of the most desirable addresses in Lincoln Park, and our Chicago property management team is thrilled to have the opportunity to work with this beautiful building.

Full-Service Chicago Rental Management

At PRG Management, we take a proactive and hands-on approach to Chicago property management. With Shore Crest Apartments, we are delivering a comprehensive suite of rental management services, including leasing management, maintenance coordination, vendor management, and financial reporting for owners. PRG Management focuses on delivering a balance of proven professional services to the building and exceptional support to its residents. For example, our state-of-the-art online portals allow tenants to submit maintenance requests, ask questions, or access important information 24/7.

Currently, the building is undergoing some routine exterior work to preserve its architectural character of the building. Our hands-on management strategy ensures that buildings like Shore Crest Apartments not only maintain their historic beauty and charm but also operate at peak efficiency, providing both owners and tenants with a superior service and a sense of pride in the building & community they live in.

About PRG Management

PRG Property Management is a full-service Chicago property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. PRG Management offers a broad range of Chicago property management services for landlords and investment properties that prioritize maximizing your income and minimizing your headaches.

If you’re interested in stress-free Chicago property management, contact us today for a free proposal and more information on our HOA & condo management services.

Now Managing: The Seng Chicago | 869 W Blackhawk St

PRG Management is proud to announce our newest management assignment at The Seng, one of Northside’s new construction housing projects. Situated at the intersection of some of Chicago’s most popular neighborhoods, this 5-story, 34-unit building is one of the city’s new efforts to provide more affordable housing options for residents. This new service agreement between PRG Management and The Seng gives both parties the tools to provide our top-rated Chicago HOA management services such as preventative maintenance, janitorial services, financial services, and board meeting management. 

The Seng (34 units) + PRG Management

The Seng, along with the Chicago Housing Trust, have aimed their sights on making housing more accessible and providing a lower barrier to entry into homeownership. They offer units at below-market prices to those who qualify - applicants need to be certified by the Chicago Housing Trust team and cleared as ‘income-eligible’ and ‘mortgage-ready’ before placing an offer on a unit at The Seng. This provides a chance for families to attain stable homeownership in an area with expanding opportunities. By utilizing PRG Management’s HOA services the Seng can better focus on their mission of providing safe and affordable homeownership for Chicago residents.

CUSTOMIZED SOLUTIONS FOR AFFORDABLE HOUSING

PRG Management is responsible for managing The Seng Chicago by providing a wide range of HOA property management services, including but not limited to financial management, preventative maintenance, board meeting management, and administrative support. PRG Management will provide equitable and efficient management services in individual units, as well as the management of common elements such as the attached heated garage, bike storage, gym, and amenity roof deck. By meeting the unique needs of The Seng and its residents with custom management services, PRG Management’s Chicago HOA team will provide stability and confidence in the day-to-day operations of the building.

about prg management

PRG Property Management is a full-service property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. PRG Management offers a broad range of services for HOAs, rentals, investment buildings, and a wide range of commercial projects to effectively manage commercial and residential real estate in Chicago and surrounding suburbs. If you’re interested in stress-free property management contact us today for a free proposal and more information on our HOA & condo management services.

Streamlined HOA Management: PRG Management Introduces Cutting-Edge Features

In the world of Homeowners' Association (HOA) management, efficiency and transparency are crucial for fostering strong communities. That’s why PRG Management, your partner in Chicago HOA, condo, and townhome management, is thrilled to announce the rollout of several innovative features designed to streamline operations and enhance the overall experience for homeowners and residents alike.

1. Liabilities Report: Enhancing Financial Oversight

Managing financial obligations is a cornerstone of effective Chicago HOA management, and PRG Management's new Liabilities Report feature is set to revolutionize the process. This new tool provides comprehensive insights into the association's financial liabilities, ensuring transparency and accountability in financial management. With detailed reports and analytics at your fingertips, Chicago HOA boards can make informed decisions to safeguard the financial health of their community.

2. Violations Preview: Improving Compliance Monitoring

Maintaining community standards is essential for preserving property values and promoting harmony among residents. PRG Management's new Violations Preview feature simplifies the process of monitoring compliance with Chicago HOA rules and regulations. From resident parking violations to architectural infringements, this tool provides Chicago HOA boards with a preview of potential violations, allowing for proactive enforcement and timely resolution of tenant/owner violations.

3. Architectural Requests: Streamlining Approval Processes

Managing architectural requests efficiently is vital for maintaining the aesthetic integrity of the community while accommodating residents' needs. PRG Management's new Architectural Requests feature simplifies the submission and approval process for architectural modifications. Residents can submit requests online, track their progress, and communicate with their Chicago HOA board seamlessly, ensuring a streamlined and transparent approval process for all parties involved.

4. Resident Center Resources: Empowering Homeowners

At PRG Management, we understand the importance of fostering a sense of community and providing residents with convenient access to essential resources. That's why we're excited to introduce Resident Center Resources, a centralized “town board” hub where homeowners can access important documents, community announcements, and helpful resources anytime, anywhere. From meeting minutes to community guidelines, residents have everything they need to stay informed and engaged in community matters.

Experience the PRG Management Advantage Today

Ready to elevate your HOA management experience with PRG Management's innovative technological tools and dedicated support? View our suite of property management services to learn more about these exciting new features and how they can benefit your community. With PRG Management by your side, you can streamline operations, enhance transparency, and foster a thriving community that homeowners are proud to call home.

If you have any questions please feel free to call us at (312) 600-8896 or fill out the form below and a Chicago property manager will be in touch!

Now Managing: North Center 4000┃4000-4020 N Damen Ave

PRG Management is excited to announce our recent luxury management assignment at 4000-4020 N Damen for the North Center 4000 complex. This luxury residential building gets its name for finding itself right in the heart of Chicago’s North Center neighborhood. As seasoned veterans of this North Side community and its adjacent neighborhoods, this was an easy transition for our Chicago property managers.

Our management responsibilities cover both the boutique commercial retail spaces and the luxury apartments they are connected to. Our Chicago property managers find a balance between providing luxury rental & HOA management services to the residents while managing retail tenants such as Starbucks. From tenant to financial management our goal is to maximize profits for owners while maintaining a high standard of care for the tenants and the space itself. By utilizing the Chicago leasing services at Pearson Realty Group, the Chicago property managers at PRG Management drastically reduce the turnover time for apartments, thus protecting the building’s profit and owner ROI.

Located in the North Side of Chicago, the North Center neighborhood is a charming residential area approximately five miles away from downtown Chicago, extending westward from the North Branch of the Chicago River. This vibrant community offers a diverse range of living options, including trendy lofts, cozy apartments, spacious condos, and detached single-family homes, catering to various budgets and lifestyles. The commercial heart of North Center flows along Lincoln Avenue and Irving Park Road, where residents can explore a variety of shops, local brewpubs, pizzerias, and unique coffee shops.

North Central 4000 Details

• Address: 4000 N. Damen Ave. Chicago, IL

• Neighborhood: North Center

• Estimated value: $20M

• Residential Units: 32 Luxury Condos

• Commercial Space: 12,000 SqFt

• Year Built: 2002

Are you frustrated with the results of your current rental or HOA management? PRG Management is here to provide top-rated Chicago property management services for HOA and rental buildings alike. Contact us today for a free quote and more information on our facilities management services. 

A Guide To Choosing the Right Chicago Property Manager: 2024 Checklist

When searching for the best Chicago property manager for your investment, you want to look for management companies that have proven experience in the market and a wide array of services for you to utilize. It can be overwhelming knowing where to begin so we compiled a simple guide and checklist to cover the top items to look for when hiring a Chicago property management company.

Experience and Knowledge of the Local Market

The Chicagoland real estate market is diverse and dynamic. A Chicago property manager must have an in-depth understanding of local laws, regulations, and local market trends to navigate successfully. They should be adept at setting competitive rent prices and understanding neighborhood dynamics.

PRG Management's nuanced understanding of Chicago's neighborhoods positions them as a valuable partner in managing your property effectively. Our ability to provide unique insight into the market comes from years of working with thousands of clients in Chicago and allows us to position your property competitively in the market.

Comprehensive Services Offered

A Chicago property manager should not only collect rent and handle maintenance requests but also offer strategic services that enhance the value of your property. This includes local market analysis, comprehensive financial reporting, and strategic planning to ensure your property's profitability and sustainability in the competitive Chicago market.

PRG Management offers a full spectrum of management services, including commercial and residential management. We ensure properties are managed efficiently, reducing owner headaches and maximizing asset profitability. Our broad service range is designed to handle every aspect of managing your property, emphasizing the ability to increase the value and profitability of your assets.

Technology and Security Expertise

In today's digital age, property management goes beyond physical upkeep and tenant relations. It requires utilizing various technologies for efficient operations. From digital lease signage and online rent payments to providing security, the modern world of property management is constantly evolving. The right technology when managed correctly, can make not only a property owner’s life easier but tenants as well, ensuring quality tenants will stay longer.

PRG Management's commitment to cutting-edge technology ensures that properties are marketed effectively and managed efficiently. By approaching each property with a different dynamic technological approach, we can streamline operations, enhance tenant satisfaction, and ensure your property stays profitable in the long run.

Transparent Communication & Customer Service

Effective property management relies on open lines of communication as well as detailed, regular reporting on financial performance, maintenance issues, and tenant relations. This transparency is crucial for building trust with both clients and tenants and enables you to make informed decisions about your property.

Chicago property managers at PRG Management are dedicated to the highest levels of service, ensuring that clients are always in the loop and satisfied with the management of their properties. This commitment fosters a transparent and trustworthy relationship between property owners and the management team.

Legal & Compliance Expertise

In Chicago, where real estate laws and regulations can be at times complex and ever-changing, it's crucial that your property manager not only understands these laws but can also ensure that your property remains in compliance at all times. This includes adherence to local, state, and federal regulations, understanding tenant rights, and being prepared for any legal issues that may arise.

PRG Management's training puts a heavy emphasis on ensuring legal and regulatory compliance across all properties we manage. Our comprehensive approach and commitment to staying informed on management regulations and laws ensure that no property owners will face unexpected legal challenges when working with us.

Quality Tenant Screening

The right Chicago property manager employs a rigorous tenant screening process to ensure reliable, responsible tenants occupy your property. This includes credit checks, employment verification, and previous rental history reviews to minimize risks and ensure a stable rental income.

With a top-tier tenant screening process, PRG Management ensures that only the most qualified prospects are considered for your property. Our extensive screening process is designed to minimize vacancies and ensure a high caliber of tenancy, ensuring the long-term success and stability of your investment.

Emergency & Maintenance Network

Effective property management includes regular maintenance and prompt responses to repairs, ensuring the property remains in top condition and retains its value over time. This includes having a reliable network of contractors, a maintenance request system, and vetted service providers to address maintenance issues efficiently.

PRG Management's proactive approach to repairs and emergencies is a crucial part of the full-service offering you provide for all property owners. This ensures that all properties under our management are well-maintained, which is crucial for tenant satisfaction and property valuation.

PRG Management’s Guarantee

PRG Management’s 30-day cancellation guarantee emphasizes our commitment to the highest service levels, ensuring that clients are always in the loop and satisfied with the management of their properties. We are home to home to a team of reliable and accomplished brokers, distinguished Chicago property managers, and incredible support staff that allow us to provide an unmatched level of service to our property owners. If you are having difficulty finding quality tenants or simply don’t want the headache of managing a building, request a FREE proposal of service today!

5 Ways Property Management Has Evolved In A Post-Covid World

Over the past few years, you would be hard-pressed to find a company or industry that has not felt the direct effects of the COVID-19 pandemic and lockdowns. The property management world experienced many of the same changes that the real estate industry saw. Financial situations changed, plans were canceled, and major moves were put on hold creating a chaotic situation for many involved.

Here we will briefly explore the 5 ways Chicago property management has evolved in a post-covid world and how these changes will ripple through the industry for years to come. We will also look at how a dynamic and flexible property management company, like PRG Management, dealt with these massive, sudden changes.

1) Increased focus on Health and Safety

The biggest takeaway from the pandemic has been a collective increase in individuals prioritizing health for themselves and those around them. This has changed in form and intensity throughout the past few years but overall there is more awareness surrounding preventing sickness and mitigating some of the potential risks to others. Technology, new business practices, and simply taking a day off when you’re sick are among the simple behavioral changes many have adopted.

2) Remote Work and Flexible Leasing

The lockdowns and COVID restrictions had huge effects on the commercial, office, and business leasing spaces that are just now seeing a big recovery with return-to-office mandates or hybrid attendance plans for many larger businesses. These rapid changes meant that property management companies had to adapt quickly. Many did this by offering flexible leasing schedules or discounted rates for an unoccupied office or working space.

For businesses that could still operate remotely/virtually, this was a viable solution that while not ideal, still allowed both parties to continue operating. The real problems came from businesses that could not conduct business remotely such as restaurants, hair salons, and other businesses dealing with physical goods sales. The lack of funds coming in meant that rent payments fell behind and were short. During this trying time, PRG Management worked hard with all our tenants and clients to avoid any situation where they must vacate. Agreeing on temporarily reduced rates and/or payment plans ensured that even with all the chaos surrounding COVID-19 we had some order in place.

3) Technology and Automation

During the height of the pandemic, a large emphasis was put on various social distancing practices. The “6-foot” rule was universally adopted worldwide. The close corridors of a condo or apartment building presented our Chicago property managers with a new challenge of not being able to meet directly with most clients. The most common solution? Technology.

This unique situation forced property management companies to quickly adopt new technology and communication practices that prioritized everyone’s health. Video conference technology, social distancing, masking, and professional sanitation services were among the many tools used to prevent the spread of the virus. These guidelines have generally relaxed across the board a few years later, but some smart health-centered practices remain. The biggest change that is still prevalent today is virtual meetings and showings of properties. This streamlines things for both parties by saving everyone time and money and is typically done as more of a convenience reason than safety but the practice and its effects still remain.

4) Shift in Tenant Needs and Expectations

Due to the lockdowns and restrictions, we saw many residents spending most of their time at home. Subsequently, much more attention from residents was focused on all potential issues, both big and small. During this period we saw an increase in maintenance requests throughout all our buildings, which meant that property management teams needed to be on top of their game to keep things in working order.

We also ran into an equal increase in interpersonal issues at some buildings. Being a good property manager sometimes means being a mediator between disputing parties. Whether it be between board members or neighboring units, this was a problem that called for calm heads and clear minds.

One of the biggest requests we received from many was an upgrade to the building’s air filtration system. At the time this was an upgrade most businesses invested in for the health and ease of mind of both employees and clients. We also standardized our sanitization responsibilities in order to respond to the increased demand for common area cleaning.

5) Communication and Transparency

With the turmoil of job loss leading to falling behind on rent and inflation affecting all areas of commerce, it became vital that we work with boards and associations to be as transparent as possible about all financial issues. While this can lead to problems with bringing these things to the surface, it ultimately helps the building association survive in the long run by allowing us to directly address problem areas in their finances.

Some buildings will be particular about how involved property management companies are with managing their finances but with the chaos of COVID-19, we saw a massive shift in the other direction. During this time as mentioned before technology was the cornerstone of all communication and our strongest tool in working with our clients all over the city.

5 Ways Chicago Property Management Has Evolved In A Post-Covid World

As we sit a few years removed from the COVID-19 lockdowns, it can sometimes be hard to remember what business was like beforehand. But as we look back, the silver lining to remember is that the chaos forced us to prioritize our health, safety, and well-being over all else. These changes are still the norm and emanate through the business world to this day,

Chicago's First Condo Association: 1011 N Lasalle Street

The first condo project in the history of Chicago

Chicago’s Lasalle Street is among some of the most history-packed stretches in the city that is home to the YMCA building, The Federal Reserve Bank of Chicago, The U.S. Bank building, The Field Building, and even City Hall. But quietly tucked away just north of the river over the Lasalle Street Bridge, is a historic Chicago building PRG Management has managed since 2015 at 1011 North Lasalle Street. This classic 8-unit building was Chicago’s very first homeowner’s association, with some great history behind it.

Historical photo of the Newberry Library at 60 W Walton St, located just across the street diagonally from 1011 N La Salle Street.

The 1011 Lasalle Condominium association was created on December 17th, 1964 according to their recording date found in some historical documents. Unfortunately, for those living in Chicago before this, ownership of common building elements and multiple tenants agreeing to incurred expenses was a stressful tiring experience. Back in the 60s the norms and landscape of the city were very different so for many reasons, owners did not see the need to have someone manage their building. Nowadays it’s commonplace for condo associations, homeowner’s associations (HOAs), and even smaller landlords to use the services of property management companies to take care of a wide variety of regular tasks.

Not only does 1011 N Lasalle have a rich history behind it but so does the beautiful River North/Magnificent Mile area surrounding it. It is located just across the street from the Newberry Library in a neighborhood that in the 60s, was considered a rough part of the city.

After the Chicago Fire of 1871, many parts of the city were rebuilt and rezoned. Following the fire, River North was quickly turned into an industrial district named Smokey Hollow with factories, forges, and rails turning the area around. Sadly, just as fast as it appeared, Smokey Hollow was gone following large closings of factories and employees moving to the suburbs. But today River North has grown into one of the most popular neighborhoods in Chicago with unmatched dining options and a bustling nightlife. And even with all this growth and modernities, 1011 N Lasalle is among the surrounding historical homes that give this part of Chicago its true character.

Since 2015, PRG Management has worked hard to help owners at 1011 N Lasalle preserve the classic historical appearance of both the interior and exterior elements. All while maintaining and upgrading the structures wherever possible. Maintenance/repairs, rent collection, financial management, regulation enforcement, and vendor coordination are just a glimpse of what PRG Management is able to manage for any sized building. This can be particularly challenging on older buildings at times when dealing with old systems, discontinued parts, and outdated information. But this is where PRG Management’s team shines in going the extra mile to ensure all owner’s issues are handled as quickly and as efficiently as possible.

PRG Property Management is a full-service property management company, home to a team of reliable and accomplished brokers, distinguished property managers, and incredible support staff. We offer a broad range of services to effectively manage commercial and residential real estate in Chicago and surrounding suburbs. If you are interested in requesting a free proposal of services for your building simply fill out the form below!