So you own your own condo buy you’re looking for someone to manage it. To manage a Chicago condo, management companies typically will charge a fee of five percent of the collected income. Managing Chicago condos is something that is a specialty needed to be done by companies with experience.ÂÂ
The management company will start the process of with the owner by going over the goals of the condominium investment. The two parties will determine the length of time of the agreement and an exit strategy for the investment. Once the agreement to manage the condominium is in place, the process for finding a tenant starts. This is where a great experienced management professional is vital. They will sift through dozens of applicants to find the very best condominium tenant. They will do the showing of the unit and conduct the application process.  After they’ve showed the condo to several possible candidates, they start the application process to go over credit and background checks. Once they’ve determined the best of the best, they have a lease signed.
Managing the Chicago condo is now about to begin. The tenant moves into the property and will have to understand the by-laws and rules of the property. This will be provided by the condominium management company. Once the tenant has moved in and paid their first month’s rent along with a security deposit, the management company is there for any questions that arise. They’re also there for any maintenance calls or disturbances that arise at the property. If a leaky pipe ends up bursting, the management company is called.
Now the condo management company has a tenant and all is well for a few months. The owner is happy, the company managing the condo has an income flowing monthly and all is well. As the month ends, the tenant’s check does not come in the mail on time. Now what? This is where the management company can really be useful.  They will immediately start a five day notice proceeding and begin the eviction process if they do not get the monthly rent check. If they have to go all the way through an eviction process, this is what they’ll do. Once the tenant is out, the process starts all over again to finding the next tenant.
Managing condos in Chicago can be a hassle if you do not find the right company to represent you. Pick an experienced an specialized one and you’ll have the best chance of making the most from your condominium investment.
Tags: Chicago Condos, condo management, condos in Chicago, manage a condo in chicago, Managing Chicago Condos