Many people become landlords without understanding that being a landlord here in Chicago is not just a passive way to make extra money but can quickly become a job. When you are a landlord you are responsible for maintaining your property and managing the legal relationship with your tenants, all of which can take considerable time and effort. If you are tired of managing your rental property, there are many solutions for Chicago based landlords. You can hire a company to manage your rental property for you, list your rental property for sale with a real estate agent or you can pursue a cash sale with a property solutions company like Great 2 Be Home.
It takes significant time and effort to be an effective landlord. You are in charge of maintaining the quality of your Chicago based property and fixing anything that goes wrong as outlined in the lease. You are also in charge of finding tenants, collecting rent and evicting tenants for non-payment. When you have properties that consistently cause you problems it takes even more time and effort to do your job.
If you are tired of managing your Chicago rental property, you can hire a rental management company to do the work for you. Property management companies typically manage a whole portfolio of different properties. Most management companies have someone on staff to handle all maintenance requests, as they are needed. If you ever have a problem with a tenant, your management company will take care of it using their legal team. The downside is they will charge you a percentage of the rent your property generates which can add up over time and diminish the returns on your investment.
Another way to get rid of a Chicago rental property you no longer want is to list it for sale with a real estate agent. First, you will have to notify any tenants that you are listing the property for sale and will need to show it to prospective buyers. Most tenants won’t be too eager to move or change the terms of the lease they signed. You may need to incentivize them to move from your property by offering them cash for their keys and for leaving the property in a clean suitable state. Secondly, a real estate agent will charge a commission for helping to market and sell your property, further reducing the amount of money you’ll actually receive from the sale.
The third option is to sell your property to a property solutions company in Chicago like Great 2 Be Home. We buy rental properties for cash and there are no agent commissions or trouble closing, since we make all cash offers. Landlords also won’t have to worry about dealing with current tenants as we will buy the house with the tenants still living there. Most Chicago based property solution companies like Great 2 Be Home have extensive experience working with landlords, and will help with the quick sale of your property.
If you are tired of being a Chicago landlord, you should consider a few different options. If you still want to make regular income from your rental property, you can hire a company to manage your property for you. However, you will have to pay them a percentage of the money you earn from your rent. If you just want to get rid of your rental property, you can list your rental property for sale with a traditional real estate agent and pay the commissions. Or you can sell your rental property for cash to a trusted property solutions company like Great 2 Be Home.