What would my property rent for?

FAQs - Frequently Asked Questions

Question:
Should I be searching for a Professional property manager?

Answer:
Today, Real Estate still remains one of the best investment opportunities available. However, if you are holding income-producing property for cash flow or appreciation purposes, either locally or at a distance can become a significant burden. Tenants today are far more demanding and expect that property be more than "just kept up." A professional property manager is a problem solver on a daily basis. Just like a doctor, he or she knows how to fix the situation based on past experiences . The wise investor spends time building a portfolio and hires the professional manger to use their expertise and time managing their investments. Park Management’s team of management professionals can provide you with full service management expertise to meet your specific needs. We specialize in professional management of unfurnished single family homes, apartments, townhouses and condominiums. We are licensed Illinois Real Estate professionals.

Question:
Do I need to worry about bad tenant's damaging my property?

Answer:
This is the biggest fear in having a renter! Park Management & Realty, Inc. puts all applicants through an extensive credit check, background check, employment check and previous landlord verification. It is important to know that if we put the best-qualified tenant into the property it will minimize the chances of having the property returned in poor condition. We also have found through many years of experience that a person with good credit will apply that type of responsibility to other areas of their life hence, less chance of them damaging your property.

Question:
How do I get paid and when?

Answer:
Park Management & Realty, Inc. receives the rent from the tenant, pays any bills including the management fee for that particular month, and then disperses a check on the 10th of the month (unless it falls on a weekend). Owners may elect to have their disbursment direct deposited in the bank account of your choice.

Question:
Do I need to be present to sign a lease on my home and how long is the lease usually signed for?

Answer:
No. Park Management & Realty, Inc. has full authority to sign a lease on behalf of the owner once the Residential Property Management Contract is signed. The tenant's lease on the property is usually for one-year minimum unless the owner requests otherwise.

Question:
What is the procedure when a tenant doesn't pay rent?

Answer:
All Tenant rents are due on the 1st day of the month and delinquent on the 2nd day. Park Management & Realty, Inc. does not allow for any grace period. In the instance of a late payment to us, the procedures are standard throughout the Company. Our collection and eviction procedure begins the first week of the month with a written demand letter delivered to the property notifying the tenant to remit payment immediately to avoid the expenses associated with an eviction proceeding. If no rent is received after the legal notice period of five days is up, then our attorneys will file a motion in the local Court for a hearing and judgment against the tenant for non-payment and removal from the property. If payment is not received from the tenant at the hearing, then an order from the Judge to remove the tenant is issued to the Sheriff. This entire process beginning the 2nd day of month is usually concluded within 4 to 6 weeks. Park Management & Realty prides itself on having a fair but firm policy on rent collection enforcement to protect your interests in the property.