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!

New 2024 Chicago Lease

Every year the city of Chicago along with the Chicago Association of Realtors (CAR) releases a new lease, and the 2024 Chicago Lease is now available! As always in these cases, we recommend an additional addendum to further protect clients.

If you’re interested in additional assistance with leasing, vetting tenants, and/or managing your leases or building we are here to help. Please visit our Rental Management Services page for more information.

To receive a digital copy of the 2024 Chicago Lease, please fill out the form below!

How To Find The Best Property Management Company in Chicago: 10 Essential Tips

Navigating the bustling property market of Chicago requires a competent property management company that understands the unique dynamics of the Windy City. Whether you're a first-time property owner or a seasoned investor, the right management can significantly impact your property's value and tenant satisfaction. This guide offers ten essential tips to help you find a property management company in Chicago that meets your needs and exceeds your expectations.

1. Understand Chicago's Property Market

To make an informed decision when selecting the best property management company in Chicago, it's essential to have a grasp of the local property market and what your building needs. Chicago's real estate landscape is diverse and dynamic, with distinct characteristics varying from one neighborhood to another, and one building to another.  From the bustling streets of Wicker Park to the great parks of Edgewater, and busy Wells Street in Old Town, each neighborhood presents its own challenges. 

Building Diversity: Chicago's property market is characterized by its diverse neighborhoods and buildings, each with its own unique appeal and challenges. For instance, the luxury high-rises in River North demand a different management approach compared to the historic brownstones in Lincoln Park or the up-and-coming areas like Logan Square.  A Chicago residential property management company should be adept at navigating these differences and have experience in managing whatever your property is.  For example, just because a property management company has experience managing properties, doesn’t mean they have experience managing a condo association or a high-rise building. 

Rental Market Trends: The rental market in Chicago fluctuates based on several factors, including economic conditions and seasonal changes. Understanding these trends is crucial for setting competitive rent prices and marketing strategies. Rental demand and pricing may peak during the summer months, aligning with the city's busiest moving period.  Your property management company should have strategies like these in place to get the best renters and value for your available units.  The rental market can vary greatly by neighborhood, with rents in Humboldt Park vastly different than those in Lake View, for an identical unit. 

Technology and Innovation: With the rise of technology in real estate, Chicago's property management market is increasingly influenced by innovative approaches to property management, like the use of AI for market analysis and digital platforms for tenant communication. Your chosen company should be leveraging these technologies to stay competitive and efficient.  At PRG Management, we use one of the top property management software out there, Buildium. 

2. Seek Local Referrals

Referrals can be a goldmine of information, especially when sourced locally. In a city as diverse as Chicago, from West Town to Rodgers Park,  local insights can guide you toward a property management company that's well-suited to your specific needs. Here are three key points to consider

Leverage Local Real Estate Networks: Connect with Chicago-based real estate agents and brokers. These professionals are often in the loop about reputable property management companies in the area. They can provide insights into which companies have a strong presence in Chicago's neighborhoods, such as the Loop, Lincoln Park, or Hyde Park, and are adept at handling the unique challenges and opportunities of these areas.  At PRG we also have a team of over 100 brokers that all specialize in various neighborhoods. 

Engage with Local Property Owner Associations: Participating in forums and meetings of local property owner associations, like the Chicago Association of Realtors or neighborhood-specific groups, can be incredibly informative. Members of these associations often share their experiences and can provide recommendations for the best property management services in Chicago neighborhoods. 

Seek Feedback from Current Tenants or Friends: If possible, speak directly to the tenants who are currently in your building, or friends that are renters.   They can offer firsthand experiences about the responsiveness, reliability, and overall property management quality of any apartments they stayed at in the past.. Pay special attention to feedback regarding how these companies handle maintenance issues, tenant relations, and adherence to Chicago-specific regulations and practices.

3. Prioritize Experience in the Chicago Area

Choose a property management company with a proven track record in Chicago. Local experience is crucial as it means the company is familiar with city-specific regulations, and market conditions, and has established relationships with local vendors and contractors.

Understanding of Local Market Dynamics: A company with experience in the Chicago area will have a deep understanding of the local real estate market. They are more likely to be knowledgeable about neighborhood-specific trends, pricing, and demand fluctuations. This insight is invaluable for maximizing your property's profitability and occupancy rates, whether it's in bustling downtown areas or quieter suburbs.

Familiarity with Chicago Regulations: Chicago has its own set of real estate laws and regulations, which can differ significantly from other regions. An experienced local property manager will be well-versed in these local regulations, including tenant rights, building codes, and compliance requirements. This expertise helps in navigating complex legal landscapes, ensuring your property adheres to all local laws and ordinances.

Established Local Networks and Relationships: A property management company that has been operating in Chicago for some time will have established relationships with local vendors, contractors, and service providers. These connections can lead to more efficient and cost-effective maintenance and repair services for your property. Additionally, their established presence in the local community can be beneficial for networking and community engagement, further enhancing the value they bring to your property.

4. Review Their Online Presence

In today's digital age, a property management company's online presence can provide critical insights into its professionalism and approach to business. For a company operating in Chicago, here are three key aspects to evaluate:

Website and Local Relevance: A well-maintained website is a reflection of a company's professionalism. When reviewing a property management company's website, look for evidence of their involvement and expertise in the Chicago market. 

Active Social Media Engagement: Social media platforms can be a great way to gauge a company’s level of engagement with its clients and the community. Look for regular updates, Chicago-specific content, and interactions with users. This could include posts about local events, market updates, or tips specific to Chicago tenants and property owners. Active and localized social media engagement suggests a company that is in tune with the Chicago community and responsive to its audience.

Online Reviews and Reputation: Online reviews on platforms like Google or industry-specific sites can be very telling. Pay special attention to reviews from clients in Chicago, as they will give you an idea of the company’s performance in your specific market. Look for patterns in the feedback – consistent issues or praises – as they can be indicative of the company’s overall service quality and reliability in the Chicago context.

5. Conduct Property Visits

In the city of Chicago, it is a legal requirement for multi-family buildings to have a sign of the property manager or property management company posted on a visible area.  Next time you’re taking a walk or driving around Hyde Park, or Bucktown, pay attention to what buildings look well maintained, with good exterior maintenance and a well maintained sign.  This is a good indicator of the quality of work the property management company is doing and can give you some good ideas of companies in your local area. 

6. Evaluate Their Tenant Relations

The quality of a property management company's relationships with tenants is a critical component of effective property management, especially in a tenant-diverse city like Chicago. You want a tenant satisfaction-focused property management company here in Chicago to retain tenants, and avoid issues.  Here are three key aspects to consider:

Responsiveness to Tenant Issues: A property management company's ability to promptly and effectively respond to tenant issues is paramount. This includes how quickly they address maintenance requests, resolve disputes, and provide general assistance. In Chicago, where tenant needs can vary widely across neighborhoods, a responsive management style is essential for tenant satisfaction and retention.

Communication Style and Frequency: Assess the company's communication practices with its tenants. Are they proactive in informing tenants about important updates, such as maintenance schedules, building improvements, or policy changes? Effective communication is particularly crucial in a dynamic urban environment like Chicago, where conditions and regulations can change rapidly.

Tenant Satisfaction and Feedback: Tenant feedback can provide invaluable insights into a property management company's performance. Consider looking at reviews online or asking for feedback from your current tenants if they have any experience with a company.   Questions could focus on their overall satisfaction, the handling of maintenance and repair issues, and their sense of community within the property.  A Chicago property management company with strong tenant relations thrive and often correlates with a company's ability to maintain a positive living environment and efficiently manage property operations.

7. Assess Their Communication Skills

For peace of mind, you want to find a Chicago property management company with excellent communication skills. Here are three key aspects to consider when evaluating a property management company's communication skills:

Clarity and Timeliness of Communication: Assess how clearly and quickly the property management company communicates. This includes their responsiveness to inquiries, the clarity of their responses, and their ability to provide concise, informative updates. In a bustling city like Chicago, where timeliness can be crucial, a management company that communicates efficiently can make a significant difference in addressing issues swiftly and effectively.

Methods of Communication: Consider the variety and appropriateness of communication methods the company uses. Do they use email, phone calls, text messages, or online portals? In a tech-savvy city like Chicago, modern and diverse communication channels can enhance the ease and effectiveness of interactions between property owners, managers, and tenants.

Proactive Communication Approach: Evaluate whether the company takes a proactive approach to communication. This includes regularly scheduled updates, advance notices about maintenance or policy changes, and prompt alerts in case of emergencies or unexpected issues. In Chicago, where real estate and tenant needs can be complex and varied, a proactive communication style is essential to keep all stakeholders informed and engaged.

8. Understand Their Fee Structure

The fee structure of a property management company is a crucial factor to consider, especially in a market as varied as Chicago's. At PRG, we are a full-service property management company in Chicago, some companies may have different packages, and may only offer limited services. Here are three key aspects to focus on:

Transparency and Detailing of Fees: Ensure that the property management company provides a clear and detailed breakdown of their fees.  You don’t want any surprises when you receive your bill.  This should include regular management fees as well as any additional charges, such as maintenance or leasing fees. In Chicago, where property management needs can range from single-family homes to large apartment complexes, understanding how fees are structured for different services is vital. Also, some companies will try and lock you into a longer-term contract, which in our opinion does not give a good incentive to maintain a high level of customer service. We recommend seeking out a management partner that offers flexible, shorter-term contracts.

Comparison with Market Rates: Research and compare the fee structure of different property management companies in Chicago. This helps in understanding whether the fees are competitive and reasonable for the services offered. Keep in mind that the lowest fee may not always equate to the best value, especially if it comes at the cost of service quality or expertise.

Value for Money: Evaluate the value you are getting for the fees paid. This includes considering the range of services provided, the company's expertise in managing Chicago properties, and their track record of success. A comprehensive service offering that includes things like regular property inspections, tenant screening, and 24/7 maintenance support can be worth the investment for the peace of mind and efficiency it brings to your property management.

9. Check Their Licenses and Certifications

Ensuring that a property management company is properly licensed and certified is crucial for legal compliance and professional service quality, especially in a city with specific regulations like Chicago. Here are three key points to consider:

Verify State and City Licenses: In Illinois, property management companies are required to hold a valid real estate broker's license. Verify that the company you're considering is licensed in the state and adheres to Chicago's specific regulations. This not only ensures legal compliance but also indicates a level of professionalism and commitment to following industry standards.  At PRG, we not only hold a broker’s license but also have over 100 agents on our team to help you rent your property out quickly and efficiently. 

Check for Professional Certifications: Look for property management companies that have certifications from recognized industry organizations such as the Institute of Real Estate Management (IREM), the National Association of Residential Property Managers (NARPM), or the Community Associations Institute (CAI). These certifications demonstrate a commitment to ongoing education and adherence to high professional standards.

Review Compliance with Chicago-Specific Regulations: Chicago has its own property management rules and regulations, including those related to tenant rights, building codes, and safety regulations. Ensure that the property management company is well-versed and compliant with these local requirements. This local expertise is essential for effective and lawful property management in the city and can help you avoid issues down the road. 

10. Compare and Contrast Options

After gathering all the necessary information, it's crucial to compare your options to make the best choice for your property in Chicago. Here are three key aspects to guide your comparison

Service Range and Specialization: Compare the range of services offered by each property management company. Some might specialize in residential properties, while others might have a strong portfolio in commercial real estate. Consider which company's services align best with your property type and specific needs in Chicago. Also, assess their expertise in areas like tenant screening, maintenance, legal compliance, and emergency response.

Client Feedback and Reputation in Chicago: Look at the company’s reputation within the Chicago market. This can be gathered from client testimonials, online reviews, and feedback from local real estate networks or friends. A company with a solid reputation for managing properties in Chicago is likely to have a proven track record of success and reliability.

Cost vs. Value Analysis: Finally, conduct a cost versus value analysis. While it's tempting to choose the option with the lowest fees, it's crucial to consider what you're getting for your money. A company that charges a bit more but provides comprehensive services, excellent tenant relations, and robust local market knowledge might offer greater value in the long run.

Do what’s best for you and your tenants

Finding the right property management company in Chicago involves a careful blend of research, local insights, and a keen understanding of your own property needs. By prioritizing experience in the Chicago market, valuing strong tenant relations, assessing effective communication skills, understanding fee structures, and verifying licenses and certifications, you can navigate the city's dynamic real estate landscape with confidence. 

Remember to compare and contrast your options, considering not just cost but the overall value they bring to your investment. With these ten comprehensive tips, you're well-equipped to select a property management partner in Chicago that aligns with your goals, ensuring your property's success and your peace of mind.  Ready to find your ideal property management solution in Chicago, from River North to Lake View? Contact PRG Management for a tailored approach that meets your unique needs. 

Facility Management: New Luxury Wellness Client

PRG Management’s New Luxury Wellness Facility Management in Chicago

At PRG Management, we are excited to announce that we have expanded our portfolio of managed properties to include a premier wellness center in the heart of Chicagos Southport Corridor. This latest partnership is a testament to our adaptable management capabilities and our commitment to fostering the growth and success of a diverse set of new businesses.  

Learn more about our expertise chicago facilities management service here

A Sanctuary in the City 

Located in the beautiful Southport Corridor of Chicago, this high-end wellness center is a haven for those seeking tranquility and top-tier beauty treatments. A bastion of relaxation and rejuvenation amidst the busy city, offering a local getaway and mini vacation for residents. 

Our team at PRG Management has integrated our services to enhance the operational efficiency of this well-known establishment. We're ensuring that each visitor's experience is as flawless as the treatments offered. We understand that the essence of a great wellness center lies not only in the services provided but also in the smooth functionality of the space and building itself. 

Expertise in Facilities Management

The inclusion of this wellness center into our management portfolio highlights our proficiency in overseeing facilities that require a delicate balance between luxury and performance. Our approach is rooted in the understanding that such centers are more than places for beauty and health; they're sanctuaries that demand an atmosphere of peace, exclusivity, and high-end upkeep. 

PRG Management excels in sustaining this atmosphere by managing all aspects. From the precision of climate control, which ensures the perfect environment for both clients and the delicate products used, to the meticulous maintenance of the infrastructure, exterior, and interior, allowing therapists to focus solely on their art and their clients.  

Beyond Just Ordinary Property Management

This collaboration demonstrates our flexibility in going beyond traditional property management. We're adept at not only maintaining multifamily and condo associations but also luxury facilities such as this in-demand wellness center. Our goal is to create and maintain spaces that not only meet but exceed the expectations of both clients and staff. We're proud to be involved in a sector emphasizing well-being and customer satisfaction, diversifying our expertise.

Committed to Excellence For Our Clients and Their Customers 

PRG Management is dedicated to the enhancement of all properties under our supervision,  ensuring they operate at their highest possible potential. With our property and facility management expertise, we are able to make cost-effective and industry-specific recommendations that increase profitability and the longevity of investments. We are honored to be trusted with such a responsibility and excited to see how our management can help grow its reputation as a leading establishment in the industry, all while maintaining a top-tier facility that continues to make its customers proud. 

a bright future ahead

As we continue to grow and adapt, PRG Management remains committed to expanding our horizons and excelling in diverse markets. From managing luxury wellness facilities to boutique high-end shops, PRG Management has you covered. Our success with this latest client reflects our ongoing mission to be a versatile and dynamic leader in property management services, especially in the facility management space.

Contact us today for a free quote and more information on our facilities management services. 

Are We Heading Toward A Commercial Real Estate Foreclosure Crisis?

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.

Embracing the Power of Technology In Property Management

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.

Online portal & app

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.

Communication

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.

Security

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.

Data & Document Management

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.

Remote Property Management

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!

HOA Board Member Portal - Video Demo for PRG Management

Video Transcript:

Hello and welcome to the PRG Management demo of the board member portal. First, to log in, go to our main website at prg-management.com and click on the login link on the top right. Here you're going to be directed to the resident portal and the investment rental owner portal—you will want to choose the resident portal. Your login is in the same area if you are on the board or not. On the board is every other homeowner in the association. Once logged in, it should look very similar to your homeowner portal. If you were not on the board however, there are a few features that you can see on the bottom left hand corner: the reports tab and the financials tab. We recommend that all board members look at:

The Report Section

The Balance Sheet

The Income Statement

The Delinquent Association Owners.

These are all very common and highly used reports that most of our board members use on a regular basis. To get more details on the individual expenses from within the income statement, or invoices, or hard copies of bills if you choose the financials tab and search for the expenses from this tab you should be able to see most bills, where the backup and the invoices are available. Please note when bills are paid together with other bills from different vendors, or when bills are not available you will not see an attachment on the expense. Feel free to reach out to your property manager or assistant property manager for more information. If you have any questions, or if you're having trouble logging in, please make sure to try “forgot your password” and that you are using the same email address that the other notices are coming to. If you have any other questions, feel free to give us a call at 312-600-8896.

Investment Rental Owner Portal - Video Demo

Video Transcript:

Hello! Welcome to PRG Management's Rental Owner Portal Demo. Today, we'll walk you through the login process and provide an overview of the features available to you.

To access the owner portal, visit our home page at prg-management.com. Look for the "Login" option located on the top right corner of the page. Click on it to proceed.

Once you're on the login page, select the "Investment Rental Owner Portal" option. This will direct you to the login interface. If you encounter any issues logging in, choose the "Forgot your password" option. If the link provided in the welcome email is no longer working, please note that you should have received a previous password reset link to the same email address. In case your email address doesn't match our records, please contact our office at 312-600-8896.

Once successfully logged in, you'll be directed to your home screen. This screen serves as your central hub for managing your rental property. If you need to deposit funds for the initial setup fee, capital improvement projects, or repairs, you'll find a "Send Funds" button on the home screen of the Accounting or General Rental Owner page.

For a comprehensive overview of your rental property's financials, we recommend accessing the main report located under the "Reports" tab. The report is called the "Rental Owner Statement." Feel free to mark this report as a favorite or any other reports you frequently review.

Within the Rental Owner Statement, ensure that you have selected the correct date range and property if you own multiple properties. You can customize the dates to fit your needs. Additionally, you can choose to include or exclude an income statement, transaction details, and inactive properties.

In this demonstration, we will examine a February rental owner statement, including an income statement with all transactions. Please note that the rental owner statements are generated after management fees are processed around the 10th of each month. Owner statements are then sent from the 10th to the 15th, and owner funds are dispursed from the 15th to the 20th of the month.

Now, let's take a closer look at the rental owner statement. It provides a breakdown of the beginning cash balance, income, expenses, ending cash balance, deposits, and liabilities. For commercial properties, you may find common area expenses, pre-collected taxes, or reserve funds. The ending available payment represents the funds we should have dispersed to you.

In addition to the owner statement, we've included an income statement for your convenience. If you prefer not to view it, you can choose to remove this section. The income statement provides a detailed overview of all transactions during the selected period.

Please note that attachments cannot be viewed within the statement itself. To access attachments, navigate back to the main menu, select "Accounting," then "Financials." This section will resemble your home screen, and here you can find more details and attachments as they become available.

If you have any further questions or need assistance, please don't hesitate to email your property manager or call our office at 312-600-8896.

Thank you for joining us for this owner portal demo. We hope you find our rental management tools beneficial and efficient for your property management needs.

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,

Section 8 Housing in Chicago: Frequently Asked Questions

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!