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!