Property management in Chicago was equally hit by the 2008 crisis that affected the real estate market in the country. Although the Chicago real estate market has a history of poor performance for many years, the crisis made it to sink underwater. Many property management companies moved their businesses to other parts of the country and others closed completely. In fact, a very small number of property managers remained operational after the crisis, hoping that the market would stabilize soon. However, the industry has taken a U-turn lately and it is among those thriving rapidly in the country. I have worked in property management in Chicago for 20 years and here is an insight of my experience as a property manager.
Property Management in Chicago Has Many Facets
Clients Are More Concerned About the Quality of the Services
Initially, landlords and tenants were not much concerned about the quality of services they were getting from property managers. However, the situation has changed lately and tenants and landlord in the city expect total value for their money. In other words, real estate managers currently operating in the city have to render quality services and satisfy their clients. Property owners are cautious about whom they have entrusted with the management of their services and tenants are attracted to properties managed by companies with a good reputation.
The Industry Has Become More Competitive
Property management in Chicago has become more competitive and property managers have to work harder to beat the competition and remain in business. The number of real estate managers in the city is on the rise and the trend is expected to continue moving up in the future. This means that those planning to venture into the business of managing properties in the city of Chicago should be ready to work in a highly competitive market.
Property Management Fees in the City Are Still Low
Although the real estate market in Chicago is reviving rapidly, the market is yet to catch up with other big cities in the country. Property management fees in Chicago are lower compared to what is charged in other big cities in the country. However, the fees are expected to shoot up in the near future because the demand for property management services in the city is on the rise.
The Industry Is Reviving and Becoming More Profitable
Initially, the Chicago property management industry was stagnant and even declining in some parts of the city. Very few people were willing to use real estate management services and property managers were making peanuts. However, the situation has changed lately and the number of the people willing to use property management services is on the rise. Consequently, property managers are now making more money than in the past.
The Market Is Now More Regulated Than In The Past
Initially, the property management industry in Chicago was less regulated and any person could pose as a property manager and start making money. However, the situation has changed lately and the local authorities have established strict laws to regulate the industry. Currently, you must be registered and licensed by the local authorities to work as a property manager in the city. This is of course after undertaking and passing the required examinations. The local authorities in Chicago are now more committed to promoting the real estate growth in the city and they are doing everything to protect the rights and interests of all stakeholders.