CR Magazine – Autumn 2018
The official publication of the Chicago Association of REALTORS®.
The official publication of the Chicago Association of REALTORS®.
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other real estate professionals. Other property managers love<br />
talking about this and trading “war stories,” so take advantage of<br />
this community of experience.<br />
Whether you’re managing the properties you own or you’re<br />
a third-party manager, maintain a proactive calendar and a<br />
proactive attitude. There should be no cutting corners, because<br />
it’ll just cost more in the long run.<br />
For example, if you know the heating systems in your property<br />
need to be inspected and maintained each September, mark it<br />
into your calendar and budget for the possibility of extensive<br />
repairs. If you know the boiler in your property is going on<br />
eleven years, you may need to prepare for the possibility of<br />
replacing it soon.<br />
COMMUNICATE WITH OWNERS<br />
When you communicate with owners, do so with solutions and<br />
action plans, and always contact the owners ahead of time.<br />
If you know the courtyard building you manage for an owner<br />
has a twenty-year-old roof, you should budget for possible<br />
repairs as age and weather take their toll.<br />
Let’s say the roof has a leak. A proactive property manager<br />
alerts the owner not only about the reported leak, but also<br />
includes two quotes they’ve collected from contractors and<br />
their recommended course of action. This is a defining quality<br />
in an excellent property manager and is sure to maintain the<br />
trust of the owner.<br />
COMMUNICATE WITH TENANTS<br />
Working with tenants is one of the biggest challenges of<br />
property management. Keep in mind that tenants don’t get<br />
mad when stuff breaks; they get mad when they feel like their<br />
landlord doesn’t care.<br />
If you get a maintenance request because the refrigerator<br />
has broken down in one of your units, respond with empathy<br />
and as much information you can provide. If it needs to be<br />
replaced, tell the tenant a fridge typically takes three days to<br />
come in and that you advise they limit how frequently they<br />
open it in the meantime. Assure them this ticket is a priority.<br />
manager among tenants increase, the relationship with the<br />
people living in your properties will remain positive and<br />
stress-free.<br />
HONE YOUR KNOWLEDGE<br />
Stay on top of managing properties in Chicago. As a property<br />
manager, no matter your experience, the wisest are always<br />
honing their knowledge. Attend property management forums<br />
and Coffee with Your GADs, and be sure to take classes to stay<br />
up-to-date.<br />
The classes offered at REALTORS ® Real Estate School cover<br />
topics like running numbers on multi-units for investors, the<br />
pros and cons of incorporating, common mistakes to avoid<br />
and much more. Dive into everything in the business when<br />
you sign up for one of these.<br />
UPCOMING CLASSES<br />
ESSENTIALS OF PROPERTY MANAGEMENT<br />
6 Hours Elective CE<br />
October 16-17<br />
Instructor: Taft West<br />
PROPERTY MANAGEMENT 101<br />
3 Hours Elective CE<br />
December 12<br />
Instructor: Chris Pezza<br />
OTHER COURSES <strong>–</strong> 3 HOURS<br />
ELECTIVE CE<br />
• COMMERCIAL LEASING 101 | October 22<br />
• DOWNTOWN COMMERCIAL PROPERTY<br />
MANAGEMENT | October 22<br />
• HOW TO ANALYZE & UNDERWRITE MULTI-UNIT<br />
& MIXED-USE PROPERTIES | November 6<br />
• PROPERTY MANAGEMENT & MANAGING RISK | TBD<br />
• UNDERSTANDING 1031 TAX-FREE EXCHANGES | TBD<br />
Register at ChicagoREALTOR.com/Education<br />
Responding with care makes you appear transparent and<br />
trustworthy, and not only will your credibility as a property<br />
www.ChicagoREALTOR.com 21
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