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Chicago fishes - have a 2 bed 2 bath available for rent immediately in Lakeview (near Montrose beach). Full amenity building with spectacular views of lake from all rooms, and easy access to public transit. Please DM if interested. Thank you!
https://www.zillow.com/homedetails/4250-N-Marine-Dr-APT-822-Chicago-IL-60613/3703720_zpid/
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Rising Star
You need to find one that includes service calls in their fee. Otherwise you are just paying someone to pick up the phone. You'll pay again when the issue gets fixed. Also get one where rent comes to you and you pay the rental company. You don't want them tying up your cash and deciding what your cut is. I was way happier without a management company than with one.
Do you want your tenant to call you at 3 AM when the toilet overflows? Will you go and fix it? If no, then you need a property manager.
Any reasonable management company will have an emergency line. They obviously outsource it, but the tenant doesn’t need to care.
Property managers aren’t worth the fees until they’re worth it - if that makes sense. Dealing with a bad tenant or big repairs would be a nightmare for you with a new baby.
How are you so sure there is positive cash flow? Seems like this is your first time doing this and you are counting your rental income even before you found a tenant
Not that hard to get a range from rental market analysis and looking at nearby listings
How long are you planning to rent out the condo? I rented out a condo for one year and took care of it myself. Even with some significant issues, it didn’t take up much of my time.
A property management company will charge you regular fees and add a premium on top of any maintenance or repair charges. They are just a middleman.
My friend who rented out her condo without a management company seems to be ok with it. Her tenants just moved out after 3 years and she had to repaint the whole place, and that was the worst of it. If the toilet clogs, can’t you just call a plumber?
It’s all about cash flow - if you’re comfortable with profit after taking the management company fee off the top, then the answer is yes
Trust me you want the property manager and so will your tenants. I don’t know how many times my property manager has had to show up for heating issues in the winter which is something legally you can’t delay. If you really don’t want to stress and you’re claiming positive cash flow already don’t be greedy and get a property manager
Great question, It really depends on how hands-on you want to be. At Blueneck Management, we’ve found that while fees of one month’s rent plus 6–8% may seem high, they often pay for themselves through better tenants, fewer vacancies, and less stress.
If you’re nearby and comfortable handling maintenance and communication, self-managing can work. But if you prefer a more passive approach or live out of the area, a professional manager usually adds real value — especially with compliance, tenant screening, and emergency response.
Blueneck Management
Schaumburg, IL | Property Management | Residential & Commercial