A Guide to Protecting Your Out of State Investments in Chicago - Article Banner

The best way to protect your Chicago investment home from out of state is by working with a professional Chicago property manager. If you’re not living in the local area, you need someone who can get to the property quickly in case of an emergency. You need someone who knows the local laws and understands the local market.

If you’re out of town, out of state, or even out of the country – a management company is critical. Today, we’re explaining why it’s the only way to protect your real estate investments.

Chicago Property Management is Local

Almost everything can be done online these days, and our investment in technology has helped us modernize and automate a lot of what we do when we’re managing your rental home. But, we’re talking about a physical asset, not an intangible investment product.

We’re also talking about tenants, who are people. With a real estate investment, you really need professionals who are on the ground and in the area taking care of that asset. You won’t be able to manage maintenance emergencies from out of state, and you won’t be able to show a vacant property. You need someone who can collect rent and enforce the lease. You need to make sure your tenants aren’t damaging the home or creating a dangerous environment.

To really protect your investment, you need a local property manager who is close to the home and able to respond immediately when there’s a problem.

Vendor Relationships and Rental Property Maintenance

When you cannot take care of maintenance and repair needs on your own, it’s important to have great relationships with vendors. You need a team of plumbers, contractors, cleaners, landscapers, roofers, electricians, and painters who can handle routine repairs and maintenance emergencies for you.

Preventative maintenance is part of protecting your investment property. Chicago winters are cold, and if your heating goes out in the middle of a cold winter, how will you handle that from afar? With a local property management company taking care of these things, you won’t even have to think about it. Your property manager will dispatch the appropriate heating vendor and you won’t have to do anything except wait for updates.

Good property managers will partner with professional and cost effective vendors to protect your home when you’re living out of state.

Chicago Property Management Communication

communication and technologyCommunication and technology is always important, but it’s especially critical when you have investment property in a different city or state.

To communicate effectively and feel like you know what’s going on with your property, you need a management company that invests in technology. You should expect an online portal where tenants can pay rent and request routine maintenance. As an owner, you should be able to use your portal to get information on how your property is performing. You should be able to check your accounting statements and reports, review maintenance invoices, and get in touch with your management team.

A good technology platform will allow you to track income and expenses and stay up to date on lease renewals, marketing strategies, and lease negotiations. Investors who are outside of the state need good technology to stay in touch and feel at peace.

Smart investors gather the right partners, resources, and tools when they’re purchasing an investment property. When you decide to invest in a Chicago rental property, contact us at Medallion Property Management. We’d be happy to answer your questions and provide you and your rental property with the protection you need.