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Property Management
With reports popping up of commercial real estate foreclosure on the rise in Chicagoland and all across the US, we’ve been hearing the same question from a lot of our investors. Is now a safe time to be investing in commercial real estate assets?
The answer is complicated and different for every situation. Check out Pearson Realty Group’s blog post exploring the state of the current market, the factors that have led us to this point, and explore what the future holds for the industry.
Technological advancements have revolutionized the way property managers operate—improving efficiency, productivity, and overall effectiveness. From streamlined operations and enhanced communication to data-driven decision-making and improved tenant experiences, technology in property management has become an invaluable asset in maximizing success. Join us as we unravel a few of the advantages offered by the technology that PRG Management employs, empowering property managers and tenants alike to navigate the ever-evolving landscape with confidence and ease.
At PRG Management, we utilize two distinct portals to assist in property management: the HOA Board Member Portal, and the PRG Management's Rental Owner Portal. These portals constitute integral features within the modern property management sphere.
The HOA Board Member Portal is a valuable tool for homeowner associations. It simplifies operations and improves communication among board members. With the portal, accessing essential documents like meeting minutes and financial reports is quick and easy. It also enables seamless collaboration and secure communication, reducing the need for lengthy email threads or physical meetings. The centralized calendar feature keeps everyone updated on important events and maintenance schedules. Additionally, the portal promotes transparency by allowing board members to track projects, monitor budgets, and communicate with homeowners. Its user-friendly interface and robust functionality make it an indispensable asset for efficient community management.
The Management's Rental Owner Portal offers an array of features that bring convenience and transparency to property management. With the ability to send funds directly through the portal, property owners can enjoy hassle-free and timely transactions, eliminating the need for more time-consuming methods. The Reports tab provides detailed insights, allowing owners to access comprehensive financial reports, including the Rental Owner Statement. This statement offers a comprehensive overview of income, expenses, and other financial details related to their rental property. By centralizing these features within the Rental Owner Portal, property management becomes streamlined, efficient, and easily accessible. Property owners can stay informed, track their financials, and make informed decisions, all in one convenient and user-friendly platform.
Being able to directly and efficiently communicate with management clients is essential in property management. Technology in property management has revolutionized communication and brought forth improved security measures. Streamlined communication channels, such as online portals and mobile applications, enable property managers to connect with tenants, owners, and other stakeholders quickly and efficiently. Through these digital platforms, information sharing, documentation, and updates become seamless and easily accessible.
Technology plays a vital role in property management by enhancing security for tenants and owners. Advanced surveillance systems, access control technologies, and smart locks provide heightened protection for properties and residents. Real-time monitoring and remote management capabilities enable property managers to promptly address security concerns and mitigate potential risks. By harnessing the power of technology, real estate property managers can ensure efficient communication and bolster security measures, fostering a safe and trusted environment for all parties involved.
Online management portals offer streamlined organization and efficient ways of accessing important documents and sensitive information. Digital platforms and software solutions simplify storage, retrieval, and management of crucial data and documents. This centralized approach reduces paperwork, minimizes the risk of loss, and optimizes administrative tasks. Easy access to lease agreements, financial records, and maintenance logs improves decision-making. Automated workflows enhance collaboration, productivity, and accuracy. Implementing Data & Document Management empowers property managers to maintain records, improve efficiency, and deliver exceptional service.
The ability to remotely manage properties significantly reduces the time expenditure associated with traditional property management methods. With remote access to property information and tools, managers can efficiently oversee operations from anywhere, eliminating the need for constant on-site presence. This newfound flexibility allows for timely responses to tenant inquiries, maintenance requests, and emergencies, all without the need for time-consuming travel. Real-time monitoring systems provide updates on property conditions, security, and energy usage, enabling proactive management without the need for physical inspections.
Additionally, digital communication platforms facilitate seamless correspondence with tenants, owners, and staff members, saving valuable time that would have been spent on in-person meetings or phone calls. Embracing remote technology in property management empowers property managers to maximize efficiency, freeing up their time to focus on strategic decision-making and delivering exceptional service to tenants and owners.
Here at PRG Management, we make it a priority to stay up to date with the latest in property management technologies. As real estate-based technology continues to evolve, property managers and tenants alike can find themselves benefiting from the vast array of services technology seeks to provide and improve. If you are in need of any property management services in the Chicagoland area we’re happy to provide a free proposal of services - click here to get started!
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.
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.
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.
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.
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.
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.
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,
The Chicago Housing Authority program for Section 8 housing can be a dividing point for many city landlords. While some landlords live by the program, others will avoid it entirely. Why is that? What are the benefits and potential downfalls of a landlord working with CHA? In this post, we will dive into what CHA does, the pros & cons of working with the program, and some frequently asked questions from many owners PRG Management works with. We will be talking to one of our rental property managers, Payton Dalessandro, about some of the ins and outs of the CHA program as well.
Q) What is CHA and what is Section 8 housing?
A) CHA stands for the Chicago Housing Authority, a municipal non-profit organization that provides and finds housing for more than 63,000 households. Created in 1937 to help maintain and operate housing built under the Roosevelt administration’s public works acts - they’ve continued to grow to this day. They create partnerships, deals, and opportunities for no/low-income Chicago residents giving them a safe roof over their heads.
Section 8 of the United States Housing Act of 1987 (referred to as simply, “Section 8”) authorizes the payment of rental housing assistance to private landlords on behalf of low-income households. Essentially Section 8 is what gives the CHA the ability and power to provide the assistance they do. CHA deals with properties, landlords, and violations while Section 8 focuses on the payment and tenant side.
Q) What are the benefits of having a CHA tenant?
A) One thing landlords love about having a CHA tenant is the guaranteed portion of the rent. Paid automatically via ACH - Section 8 will pay typically around 90% or more based on the Fair Market Rent for your metropolitan area. The Department of Housing and Urban Development (HUD) publishes an updated list of rates each year that helps set expectations across the board.
Q) What are the disadvantages of having a CHA tenant?
A) The biggest annoyance many landlords find with the CHA program is not from the tenants themselves but the system and long process. Depending on the situation it can be tedious and drawn out process with all the inspections and approvals that need to take place. This can take several weeks and if the tenants have a child under 6 in the family, this process will take even longer due to more extensive inspections.
Another pain landlords may experience when dealing CHA tenants is rent determination. This process can be a bit complicated so we recommend reading through CHA’s official document for how rent determination and its disputes are decided.
Q) I’ve heard many issues can arise from CHA tenants. Is this true?
A) While this trope about bad CHA tenants still lives today, we have found no data or trends to suggest landlords have more issues renting to CHA/Section 8 tenants than not. It is recommended that you screen CHA applicants the same way you would any other potential tenant.
Q) Can I deny a CHA applicant? What are my options?
A) A CHA applicant’s source of income is a protected class under the Illinois Fair Housing laws. So while you can’t deny a CHA applicant for their income you can deny them if they don’t meet your minimum requirements in other categories (rental history, credit score, etc.) you may deny them like any other applicant.
Q) My house didn’t pass CHA inspection. What do I do?
A) If CHA doesn’t pass your property for an inspection you have two choices: fix the repairs or not. If you still wish to rent out to a CHA/Section 8 tenant you must address the repairs up to the CHA standards. After which you would schedule a new inspection.
Or you could simply not address the repairs. You will no longer be able to continue down the CHA process but you can now rent the property to any non-CHA applicant.
Q) How do landlords get paid through CHA?
A) The CHA/Section 8 payment process is quite simple and one of the biggest advantages for landlords. Prior to your tenant’s first month of occupancy, you will submit a form to CHA with your banking information that allows you to receive automatic deposits on the first of every month.
Q) I’m unable to handle the CHA inspections and paperwork on my own. What can I do?
A) Let PRG Management take care of it! The biggest reason landlords and property owners hire property management companies is the sheer amount of time and effort that is put into managing even just one CHA property/unit. We can ensure owners are getting the best return on their investment with no stress involved. Call us at (312) 600-8896 today to get a FREE management proposal!
Recently PRG Management took over the management of this classic red brick, 120-unit lakefront building on N Marine Drive. Built in 1950, this building has stayed up to date with upgrades and amenities to keep this a well-sought-after building in the neighborhood. It features multiple unit layouts, in-unit washers & dryers, and assigned garage parking spots, so any family can find their home here. See more details on units and amenities.
Located in Chicago’s Margate Park neighborhood, residents are just steps away from a gorgeous lakeside stroll or experiencing all the excitement the North Side has to offer. Close to public transportation, boutique shopping, artisan dining, the famous Aragon Ballroom, and Chicago’s gorgeous lakefront parks are all within walking distance.
We are ecstatic about the opportunity to manage and provide the best possible Chicago property management services to 4880 N Marine Dr and its residents. PRG’s Chicago property managers are well-versed in the unique intricacies involved in both the day-to-day needs of clients and the long-term profitability of the building itself.
Are you frustrated with your current building's management? Had enough of your building not turning a profit? Tired of property managers who don’t respond for days? Well then, there’s no better time for change than the new year! Give us a call today and you’ll get your own FREE personalized Management Proposal.
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!
