Maximize Your ROI with a Chicago Investment Property Manager

How To Maximize Your Return on Investment with a PRG Investment Property Manager

In the heart of the Midwest, Chicago's real estate landscape is ripe with opportunities for investment properties. Navigating this landscape requires more than just ownership—it demands thoughtful management. This is where the expertise of a Chicago investment property manager becomes invaluable. By entrusting your property to seasoned Chicago property managers, you not only protect your investment but also significantly enhance your ROI.

An investment property manager serves as the guardian of your real estate assets. They handle everything from tenant relations to maintenance with the main goal of maximizing your property's profitability. These professionals are equipped with the essential local knowledge for navigating the city's diverse neighborhoods and complex (and ever-changing) regulations.

Benefits of Hiring a Chicago Investment Property Manager

Maximized Rental Income

Determining the right rental price in Chicago can be tricky, requiring an intimate understanding of the local market. Effective Chicago investment property managers regularly analyze local market reports to set rental rates that attract tenants while maximizing your income. Maximizing your investment property’s ROI also requires a proactive approach to minimizing vacancy periods between tenants. An experienced property manager minimizes the turnover period, ensuring no gap in your income stream.

Cost-Efficient Property Maintenance

Proactive preventative maintenance is pivotal in preserving the value of your investment for any property. Investment property managers work to establish relationships with a network of reliable contractors and vendors, ensuring maintenance issues are addressed promptly and affordably. Not only does this save money in the long run but it also keeps tenants satisfied, thus reducing turnover.

Rigorous Tenant Screening Process

The cornerstone of a successful investment property is a reliable tenant. Through a meticulous screening process, property managers vet potential tenants for financial stability and reliability, significantly reducing the risks of late payments and evictions. This thoroughness ensures your property is occupied by tenants who respect your property and fulfill their lease obligations. Effective Chicago property companies will work closely with reputable Chicago real estate firms like Pearson Realty Group to minimize vacancy rates.

Streamlined Rent Collection and Financial Management

The biggest threat to your ROI on an investment property is tenants not paying rent. Through a meticulous screening process, Chicago property managers vet potential tenants for financial stability and reliability, significantly reducing the risks of late payments and evictions. This vigorous process ensures your property is occupied only by tenants who respect your property and fulfill their lease obligations.

Knowledge of Local Laws and Regulations

Many landlords and investors don’t have the time to keep up with the ever-changing local laws and regulations surrounding property and tenants’ rights. Chicago's investment property managers are well-versed in local, state, and federal regulations, from fair housing laws to building codes. Their expertise safeguards property owners against legal issues, avoiding pitfalls that could cost you big time, offering peace of mind and protection from potential litigation.

Choosing the Right Investment Property Manager in Chicago

Selecting the right investment property manager is paramount for Chicago property owners looking to maximize their ROI. By leveraging the expertise of a seasoned investment property manager you can reduce stress, and ensure your property is a source of pride and profit. If you're ready to take your investment to the next level, PRG Management is here for you.

Request a FREE proposal of management services here or simply fill out the form below! With over a decade of experience maximizing the return of thousands of units across Chicagoland, our investment property management team is here to give you peace of mind.

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!

New East Side Chicago Developments │ New Lakeshore East Condos

New East Side Developments In Chicago’s Lakeshore East Neighborhood

To a surprising number of Chicago residents, it’s a shock to find out that the city technically has an East Side. New East Side Chicago developments have been popping up all over the Lakeshore East neighborhood, located just north of Grant Park in Chicago’s Loop and just south of River North.

The past decade has seen an abundance of new construction projects that have continued success even through the Covid-19 pandemic. Easily accessible public transportation, shopping & food, and plenty of amenities make the Lakeshore East area one of the superior neighborhoods in the city.

New East Side Chicago buildings such as the Cirrus, Aqua, Shoreham & Tides, and The Parkshore are prime examples of the type of luxury condos you can find in this part of the city. Not only do you have the wonderful amenities in and around the building, but the welcoming community these buildings tend to attract as well. Just check out this video from the 47-story tall Cirrus Condos building showcasing their beautifully constructed skyline architecture and the surrounding area packed with life:

Cirrus Condominiums in Chicago from Cirrus Condominiums Chicago on Vimeo.

As you can tell from the promotional video, the courtyard-style park in the middle of all these highrise condos, appropriately named Lakeshore East Park, is a giant draw for these condo buildings. With the New East Side in such a densely populated area coupled with it being a high traffic area for tourists as well means privacy or a simple quiet walk are more highly sought after. Perfect for these residents this courtyard is surrounded on all sides by the condo buildings that have walkways and sidewalks directly from your building to the park. While many buildings will have a garden roof deck, for many a real quasi “private” park on the ground cannot be beaten.

One of the biggest challenges with these buildings is an obvious one, managing them. From regular & emergency maintenance, to negotiating with vendors, to simply collecting payments and much more in between; a lot of logistics and work go into managing just one of these amazing condo buildings. PRG Management specializes in working with Homeowner Associations at these types of buildings and has built up a reputation of one of the most trusted Property Management companies in Chicago, a rare feat. From the NEw East Side to the South Side and even the surrounding suburbs, we have an extensive track record of successfully managing buildings and helping them stay profitable.

Take a look at what services our property management contacts offer on the PRG Management Services page and contact us today to request your free management proposal today!