STRATEGY 1: Create a Maintenance Triage System Not every issue is urgent at 2 a.m. Issue Type Urgency Response Time Gas leak, flooding, fire, no heat in winter 🚨 EMERGENCY Immediate (call 911 or vendor) No power, lockout, broken door lock 🔥 Urgent Within 1–6 hours Clogged sink, broken appliance ⏱️ Non-urgent Next business day Dripping faucet, cracked tile 🕓 Routine Next scheduled visit Post this chart in your tenant welcome guide  or lease packet, so they know what qualifies as an emergency.    STRATEGY 2: Use a Call Answering or Maintenance Service Outsource late-night headaches. Latchel  – 24/7 maintenance coordination + tenant call center. Steady / Hemlane / Property Meld  – Offer tiered property management features, including emergency response. Answering Services  (like Ruby, Smith.ai ) – Route calls to a virtual assistant trained to handle after-hours tenant issues. These services cost ~$25–$50/month per unit but can save your sleep and sanity.   STRATEGY 3: Have a Vendor List Ready Build a go-to contact list  of reliable contractors BEFORE you need them: 24/7 Plumber Electrician HVAC technician Handyman Locksmith Pest control Appliance repair Create a shared Google Doc or a laminated sheet in a landlord binder. Tenants don’t need this list, but you do , and you’ll thank yourself later.  STRATEGY 4: Set Tenant Expectations from Day One Tenants don’t know what’s urgent unless you tell them. Include a "Maintenance Request Protocol"  in the lease or house manual. Use an online form or app for non-emergency requests . Be clear about what is  and isn’t  an emergency (e.g., “Lack of hot water is urgent, but a squeaky door is not.”)   STRATEGY 5: Use a Maintenance Portal or App If you don’t want middle-of-the-night texts: Avail , Buildium , TenantCloud , or Hemlane  let tenants submit work orders and track them. You get documentation, and they get peace of mind. This also creates a paper trail  if you ever get into a dispute over repair delays.    STRATEGY 6: Install Preventive Tech Stop the late-night calls before they happen. Smart water leak sensors  (under sinks, behind toilets) can alert you early. Smart thermostats  – Catch HVAC issues before they become emergencies. Video doorbells  or smart locks – Reduce lockout calls or key issues.    STRATEGY 7: Build a Local Backup Contact If you’re managing remotely or just want a buffer: Recruit a trusted handyman , local friend , or fellow landlord  as a paid backup. Pay them a flat fee/month or per call-out ($50–$100) to handle late-night trips if needed. What to learn more! Call/ Text us today! 312.248.4677

1. Bad or No Photos Instant skip  if the photos are dark, blurry, or missing key rooms. No photos of kitchen, bathroom, or bedrooms? Red flag. Grainy, vertical cellphone shots scream “low effort” or “low quality unit.” 2. Overpriced Rent Especially in neighborhoods like Logan Square, Pilsen, or Rogers Park where renters are price sensitive . Tenants are savvy — they use Zillow, Apartments.com , Rentometer, etc. If you're 5–10% above market without justifying it , expect crickets. 3. Hidden Fees or Vague Lease Terms Security deposits plus non-refundable move-in fees = 😡 No clarity on what utilities are included? Confusing pet policy? Tenants move on. In Chicago, renters want transparent pricing and lease terms upfront. 4. No Laundry / Parking / Central Air These aren't always deal-breakers, but if rent is premium and you're missing in-unit laundry , AC , or parking , it better be priced right or have something else amazing. For South Loop, West Loop, or North Side neighborhoods, in-unit laundry is expected . 5. Outdated or Run-Down Units Yellowed appliances, old carpet, wood paneling? Unless you're listing a steal, it'll be hard to move. Renters expect at least basic modern finishes  or a clean, fresh space . 6. Poor Descriptions Listings with 1–2 lines like “Nice 2BR. Call for info.” get buried. Renters want details on: Layout (split bedrooms? open concept?) Commute (walk to CTA? close to 90/94?) Amenities (dishwasher, balcony, gym access?) Neighborhood vibe (quiet residential vs. bars & restaurants nearby) 7. Bad Landlord/Management Reviews People Google you or your company . If the building or landlord has terrible Yelp, Reddit, or Apartments.com reviews? They’ll ghost. Even a Craigslist post can get a lookup if the building has a known rep. 8. Slow Response Time If you're not replying within 24 hours (or ideally same day), renters assume: It’s already rented. You’ll be unresponsive after move-in too. It’s not worth the effort. 9. No Virtual Tour / Video Especially post-pandemic, many renters want to see it before scheduling a showing . A 30-second video walkthrough can put you ahead of 80% of landlords. 10. “Too Good to Be True” Vibes Rent significantly below market with no explanation. Ads that look spammy or ask for money before a showing = 🚩 scam energy. Renters in Chicago are wary of fake listings, especially in Facebook groups or Craigslist.   Fixes to Attract Renters Professional Photos  or good natural light + tidy staging. Clear pricing : Rent, move-in fees, deposits, utilities, pet policy. Good copywriting : Make your headline and description sell the lifestyle , not just the specs. Fast, friendly communication  builds trust fast. Offer flexibility : Section 8 accepted, co-signers OK, flexible lease terms. Have questions call or text us today! 312.248.4677

Peak rental season : April to September , with May–July  being the hottest months . This is when most leases turn over, especially among students, young professionals, and families relocating. Winter months (Nov–Feb) : Slower traffic, so you may need to reduce rent slightly or offer concessions (e.g., free first month) to attract tenants. Pro Tip : List 6–8 weeks before your target move-in date  to maximize visibility and allow time for showings, background checks, and lease signing.   Best Services to List a Rental in Chicago 🔝 Top Listing Sites (High Exposure) These syndicate across many platforms, giving you maximum visibility: Zillow Rental Manager Syndicates to Trulia, HotPads. Paid listings ($29/week), but worth it for volume. Good for self-managing landlords. Apartments.com Free to list, strong in Chicago. Includes Cozy (now part of Apartments.com ) for screening and rent collection. Avail (by Realtor.com ) Chicago-based platform with easy-to-use landlord tools. Syndicates to Zillow, Realtor.com , PadMapper, WalkScore, and more. Facebook Marketplace + Chicago Real Estate Facebook Groups Free, high-traffic, but expect more casual inquiries. Join niche groups like: “Chicago Apartment Finders” “Apartments for Rent in Chicago” “Chicago Housing, Rooms, Sublets” Craigslist Chicago Still surprisingly active. Expect a wider range of tenant quality—be cautious with screening.  Agent/MLS Route Use MLS via a leasing agent (if listed at a competitive commission—usually one month’s rent paid by landlord or split with tenant agent). Many tenant agents pull exclusively from MLS (via platforms like ConnectMLS  in Chicago). If you’re a licensed agent (or work with one), MLS offers huge exposure .   Listing Optimization Tips Professional photos : Worth the investment. Listings with high-quality photos get up to 3x more views . Detailed description : Highlight unique features (in-unit laundry, pet-friendly, parking, transit access, outdoor space). Transparent pricing : Include rent, deposit, fees, utilities, pet policy. Neighborhood tags : Mention “Lakeview,” “Logan Square,” etc., and transit options (e.g., “2 blocks to Blue Line”).   Tips for Finding a Tenant Faster Screen for urgency : Ask prospects their desired move-in date right away. Allow flexibility : Mid-month move-ins, short-term lease options, or Section 8  if allowed. Accept online applications : Use platforms like Avail , Zillow , or Apartments.com  for screening and leases. Consider concessions : First month free, or small rent discount for longer lease.    Bonus: Local Leasing Agent Strategy If you're time-strapped or your unit's been sitting: Consider hiring a leasing agent  (many work on a commission-only basis). Especially effective for high-end rentals or luxury buildings. Can be combined with self-marketing (i.e., don’t go exclusive unless required).

1. Follow Chicago’s RLTO (Residential Landlord Tenant Ordinance) If your property is in the city of Chicago (not the suburbs), you must comply with the RLTO. Some key points that affect tenant screening: You cannot  discriminate against protected classes (this includes source of income like Section 8). You must disclose  tenant screening criteria in advance (if you use one). Be cautious with application fees  — they must be reasonable and used solely to cover the cost of screening. 2. Standard Application Criteria (Apply Consistently) Always use the same criteria  for every applicant to avoid claims of discrimination. Here are common ones: Income:  2.5x (we use net monthly) Credit Score:  650+ (flexible depending on overall profile) Rental History:  Positive references from previous landlords Employment:  Stable, verifiable income   3. Use a Reputable Screening Service Consider services like: TransUnion SmartMove Avail (owned by Realtor.com ) RentRedi TurboTenant  These platforms pull credit, criminal, eviction, and employment history. Some let the applicant pay directly. 4. Verify Documents Don’t just trust what applicants write: Call employers  to verify job/income. Call past landlords  (ask: “Would you rent to them again?”). Google paystubs  if they look suspicious — fakes are common!! 5. Watch for Red Flags Incomplete application Frequent moves Rushed move-in timeline Unverifiable income Negative attitude or evasive answers  6. Comply with Fair Housing Laws In Chicago, protected classes include: Race, color, religion National origin Gender identity, sexual orientation Marital status Source of income  (e.g. vouchers like Section 8) Avoid: Denying based on voucher status Asking discriminatory questions Applying stricter standards for certain applicants   7. Document Everything Keep a paper trail of application decisions Store communication (texts, emails) in case of disputes Have applicants sign consent forms  for background checks Demonstrate Transparency in Every Interaction!   Want a Sample Tenant Screening Checklist or Template? Contact us today!

At Teton Property Management , we understand that real estate investing is not just about owning property—it's about strategically growing and scaling your portfolio over time. As investors ourselves , we know firsthand how challenging it can be to acquire, stabilize, and manage multifamily assets effectively. That’s why we take a personalized, consultative approach  to full-service property management  for multifamily property owners in Chicago , offering the expertise and hands-on support you need to succeed. Whether you're a seasoned investor looking to scale your portfolio or just starting out in the multifamily space, Teton Property Management  is more than just a property management company. We’re your trusted partner , committed to helping you maximize your returns, minimize risks, and optimize every aspect of your investment. In this blog post, we’ll walk you through how we help our clients acquire, stabilize, and grow their multifamily properties through proactive management , tenant satisfaction , and strategic financial planning. 1. Helping You Acquire and Stabilize Multifamily Assets Acquiring a multifamily property is just the first step; stabilizing that property is where the real work begins. At Teton Property Management , we partner with investors to help them get their new acquisitions into the best shape possible  and ensure they are generating steady, reliable income. Here’s how we do it: Market Research & Acquisition Strategy : Our team provides deep insights into the Chicago multifamily market , helping you identify high-potential properties in desirable neighborhoods like Wicker Park , Bucktown , and Ukrainian Village . We leverage our local market expertise to help you make informed decisions during the acquisition phase. Stabilization : We focus on getting your property stabilized quickly  by filling vacancies with high-quality tenants and implementing a comprehensive property upgrade strategy . Our team works closely with you to improve the property's appeal through cost-effective renovations and maintenance, ensuring that the asset performs optimally from day one. Effective Rent Pricing : Our market analysis helps set competitive rent prices, ensuring you maximize your revenue while remaining attractive to renters. By analyzing local market trends, we ensure your rents are aligned with current demand and property conditions. 2. Full-Service Property Management for Long-Term Success Once your property is stabilized, the focus shifts to efficient management  and ongoing optimization. At Teton Property Management , we don’t just act as a maintenance team—we serve as your property management partner , offering a full spectrum of services designed to maximize your investment’s performance. Here’s what we do: Proactive Property Management : We take a proactive approach to property management, addressing maintenance issues before they become costly problems. By offering 24/7 support  and using a preventive maintenance schedule, we help protect your investment and ensure that the property stays in top shape year-round. Tenant Satisfaction : Happy tenants stay longer  and take better care of the property. Our approach goes beyond just collecting rent—we build strong relationships with tenants by maintaining open lines of communication  and responding to maintenance requests promptly. Our fast response times  and proactive communication  help keep tenants satisfied and reduce turnover rates. In-Depth Tenant Screening : We utilize a comprehensive tenant screening process  that includes background checks, credit reports, and employment verification. This thorough process helps minimize risk by ensuring that only the most reliable tenants are placed in your units, which ultimately reduces vacancy rates and maintenance costs. 3. Financial Optimization: Leveraging Refinancing and Redeploying Capital At Teton Property Management , we’re not just managing your property—we’re helping you optimize your financial strategy for long-term growth. We work with investors to leverage financial tools like refinancing and redeploying capital  to help scale your portfolio. Here’s how we assist with financial growth: Refinancing Strategy : As your multifamily property increases in value, we help you explore refinancing opportunities  to take advantage of equity gains and secure better financing terms. Whether you need capital for property improvements or additional acquisitions, we can guide you through the refinancing process and make sure you’re maximizing your financial leverage. Capital Deployment : Once capital is freed up through refinancing, we can help you redeploy that capital  into new properties, ensuring your portfolio grows at an optimal pace. By managing your finances effectively, we enable you to seize new opportunities and reinvest in your real estate business. Financial Reporting : We provide detailed financial reporting, ensuring you have a clear understanding of your property’s performance, including cash flow , expenses , and capital expenditures . This transparency allows you to make informed decisions and better plan for future investments. 4. Being More Than Just an "On-Call Maintenance Man" Property management is about more than just fixing leaks or handling repairs—it’s about providing a comprehensive service that adds value to your investment. At Teton Property Management , we take on a consultative role , offering strategic advice to help you get the most out of your properties. Here’s how we go above and beyond: Consultative Approach : We don’t just respond to problems—we offer proactive recommendations for property improvement, cost-saving strategies, and ways to increase tenant satisfaction. Whether it’s optimizing your property layout or enhancing amenities to boost rental rates, we work with you to make sure your property performs at its best. On-Site Inspections & Long-Term Planning : Our team conducts regular on-site inspections to evaluate property conditions, identify potential issues, and discuss long-term plans for asset improvement. We help you prioritize investments in your property that will have the highest return. Tenant Retention Programs : Our focus on tenant satisfaction  includes offering retention programs, such as lease renewal incentives and personalized communication, to ensure your tenants are happy and stay longer. This reduces vacancy turnover and helps you maintain consistent cash flow. 5. Why Choose Teton Property Management as Your Partner in Real Estate Growth? When you partner with Teton Property Management , you’re getting more than just a property manager—you’re gaining a trusted ally committed to your success. We understand the importance of maximizing your returns  while minimizing stress, and we’re here to help you achieve your goals every step of the way. Here’s why investors trust us: Experience as Investors : As real estate investors ourselves, we know the challenges and opportunities of growing a multifamily portfolio, and we offer a personalized approach to help you succeed. Proven Track Record : Our deep experience in the Chicago multifamily market means we know what works and what doesn’t. We’ve helped many property owners acquire, stabilize, and scale their assets over time. Comprehensive Services : From tenant placement to proactive property management and financial optimization, we offer a complete range of services to ensure your success. Partnership and Support : We view our relationship with clients as a partnership . Your goals are our goals, and we’re committed to providing the support and guidance you need to grow your portfolio and maximize your returns. Start Partnering with Teton Property Management Today If you're ready to take your multifamily investment business to the next level, Teton Property Management  is here to help. Our full-service property management solutions are designed to support you through every stage of property ownership—from acquisition and stabilization to proactive management and strategic financial planning. Contact Teton Property Management today  to learn more about how we can help you achieve your real estate investment goals and make the most out of your multifamily properties in Chicago!

As a multifamily property investor, your success isn’t just measured by how many units you have or the rent you charge—it’s also about how long your tenants stay . Tenant retention  is a key indicator of a property’s overall health and profitability. High turnover rates can lead to costly vacancies, repair expenses, and increased marketing costs to attract new tenants. At Teton Property Management , we understand the importance of keeping your tenants happy and engaged. As investors ourselves , we know that satisfied tenants are more likely to renew their leases, treat your property with care, and help ensure a steady cash flow. That’s why we take a personalized, proactive approach  to tenant relations and retention, ultimately reducing vacancy rates and increasing the long-term value of your multifamily assets. In this blog post, we’ll explore how Teton Property Management  helps multifamily property owners in Chicago  retain great tenants, reduce vacancies, and keep their properties in peak condition through a combination of effective tenant screening, ongoing communication, and proactive property management. 1. The Importance of Tenant Satisfaction in Multifamily Property Management Tenant satisfaction is at the core of everything we do at Teton Property Management . A happy tenant is more likely to stay long-term, reducing turnover and saving you money on marketing and leasing fees. But how do we keep tenants satisfied? Here’s how we create positive living experiences for tenants: Responsive Communication : We believe that communication is key to building strong relationships with tenants. By maintaining open lines of communication , we ensure that tenants feel heard and supported. Whether it’s answering questions, addressing concerns, or responding to maintenance requests, we’re always available to help. Timely Maintenance : Tenants expect quick resolution of maintenance issues, and we understand the importance of meeting these expectations. Our 24/7 maintenance team  ensures that requests are addressed promptly, minimizing disruption for tenants and helping them feel valued. Property Upkeep : We invest in maintaining the property to a high standard. Whether it’s regular cleaning of common areas, landscaping, or making necessary repairs, keeping the property well-maintained enhances the tenant experience and promotes pride in their living space. 2. Tenant Screening: The First Step to Long-Term Retention Before a tenant even steps foot in your property, the foundation for a successful relationship is set during the screening process . At Teton Property Management , we have a rigorous, multi-step screening process that ensures we place tenants who are likely to stay long-term and take care of your property. Our screening process includes: Comprehensive Background Checks : We review tenant history, criminal background, and previous rental experiences to ensure that applicants have a track record of reliability and responsibility. Credit & Employment Verification : By evaluating credit scores and verifying employment, we ensure tenants have the financial stability to meet their rent obligations. Rental History & References : We check previous landlord references to assess how well potential tenants have cared for properties in the past and whether they’ve had a history of paying rent on time. This thorough screening process  helps us identify high-quality tenants who are more likely to stay long-term, thereby reducing turnover and vacancy rates for property owners. 3. Proactive Property Management: Preventing Issues Before They Arise Effective property management is about being proactive, not reactive. Teton Property Management  doesn’t just wait for problems to occur—we actively work to prevent them, ensuring your property remains in top condition and your tenants are satisfied. Here’s how we stay ahead of the curve: Preventive Maintenance : We conduct regular property inspections to identify potential issues before they become problems. Whether it’s ensuring plumbing systems are working properly or checking for signs of wear and tear, our proactive approach keeps the property in good condition and tenants satisfied. Upgrades and Improvements : We make recommendations for property improvements that enhance the tenant experience. Whether it’s upgrading appliances, improving common areas, or investing in landscaping, these improvements show tenants that you care about their living experience and can encourage lease renewals. Seasonal Maintenance : We make sure the property is prepared for the changing seasons, whether it’s snow removal  during winter or ensuring the air conditioning units are in top condition during the summer months. This attention to detail prevents tenants from facing inconvenient issues and demonstrates that you’re a responsible property owner. 4. Building Strong Tenant Relationships: The Power of Personalization At Teton Property Management , we understand that every tenant is unique. We take a personalized approach  to tenant relations, tailoring our communication and services to meet the needs of individual tenants. Here’s how we foster strong relationships: Welcome Packages : We make a great first impression by providing new tenants with a welcome package  that includes helpful information about the property, local amenities, and contact information for maintenance requests. This shows tenants that we care about their experience from day one. Regular Check-Ins : We don’t just wait for tenants to reach out with problems. Our team conducts regular check-ins  to ask about their experience and identify any issues before they become major concerns. This helps build trust and shows that we value their feedback. Flexibility with Lease Renewals : When tenants are ready to renew, we make the process as easy as possible. Whether it’s offering flexible renewal options or adjusting terms to meet their needs, we aim to create a seamless experience for tenants and increase the likelihood of lease renewals. 5. The Financial Impact of Tenant Retention Minimizing vacancy rates and maximizing tenant retention has a direct impact on your bottom line. Teton Property Management  helps property owners maintain steady cash flow by reducing the costs associated with tenant turnover. Here’s how tenant retention impacts your finances: Reduced Marketing & Leasing Costs : Every time a tenant moves out, you incur marketing and leasing expenses to attract new tenants. By keeping tenants longer, you avoid these costs and maintain consistent rental income. Fewer Vacancy Periods : Each month a unit sits vacant means lost revenue. By retaining tenants, you reduce the number of vacant units and ensure that your property generates consistent cash flow. Lower Repair & Turnover Costs : Turnover also means additional costs for cleaning, repairs, and renovations. Long-term tenants are less likely to cause excessive wear and tear, helping you save on maintenance expenses. 6. Why Choose Teton Property Management for Tenant Retention? At Teton Property Management , we know that tenant retention  is one of the most effective ways to maximize your investment returns. By providing personalized service, proactive management, and a commitment to tenant satisfaction, we help property owners in Chicago keep their tenants happy and engaged. Here’s why investors choose us for tenant retention: Experience in Multifamily Properties : We specialize in managing multifamily properties  in Chicago, giving us a deep understanding of the challenges and opportunities in the rental market. Proactive and Personalized Approach : Our team is committed to making sure both property owners and tenants have a positive experience, from move-in to move-out. Track Record of Success : We’ve helped property owners achieve higher retention rates, reduce vacancies, and increase tenant satisfaction over the years. Get Started with Teton Property Management Today If you’re looking to improve tenant retention  and reduce vacancy rates  in your multifamily properties, Teton Property Management is here to help. Our full-service property management  approach is designed to keep your tenants happy, your property well-maintained, and your investment performing at its best. Contact us today  to learn more about how we can help you retain great tenants and maximize the long-term success of your multifamily properties in Chicago!

For many DIY landlords, the allure of managing properties themselves is rooted in the desire to save money—especially when it comes to maintenance and repairs. It’s easy to think that hiring the cheapest contractor for a quick fix will save you money in the long run. However, working with an unknown or untrusted contractor can lead to significant hidden costs, from poor-quality work to project delays and potential legal issues. At Teton Property Management , we bring the power of our trusted network of experienced contractors  to every property we manage, ensuring that the work is done right the first time, on time, and within budget. We understand that as an investor, your goal is to maximize returns and minimize risk—and that’s where our expertise truly shines. While DIY landlords may think they’re saving money upfront, they often end up paying a lot more in the long run when things go wrong. In this blog post, we’ll explore how working with a professional property management service  like Teton Property Management can help you avoid costly mistakes, ensure high-quality maintenance and repairs, and ultimately provide better value than managing things on your own—even with the management fee included. 1. The Hidden Costs of Hiring the Wrong Contractor For DIY landlords, hiring an unvetted contractor might seem like a quick and affordable solution. But it’s easy to overlook the risks that come with working with contractors who lack experience or are unfamiliar with the specific needs of your multifamily property. Here’s how hiring the wrong contractor  can end up costing you more: Poor Quality Work : Without a trusted network, you run the risk of hiring contractors who cut corners or lack the skills necessary to do the job correctly. Whether it's subpar plumbing, electrical, or construction work, poor quality repairs can lead to rework costs , or worse, long-term damage  to your property. Missed Deadlines : Inexperienced contractors might promise quick turnarounds but fail to meet deadlines, leading to longer vacancies, unhappy tenants, and lost rental income. Delays in repairs can also lead to further damage  or safety concerns, escalating the overall repair costs. Unanticipated Expenses : Contractors unfamiliar with your property might not have the tools, knowledge, or experience to handle specific problems. This could result in unexpected costs, from needing additional materials to going over budget due to poor planning. In contrast, established contractors know exactly what to expect and come prepared to manage the project efficiently. Legal and Compliance Issues : In the world of property management, maintaining code compliance is critical. Unlicensed contractors or those unfamiliar with local regulations could inadvertently cause you to violate building codes or fail inspections. This can result in fines, additional repair costs , or even legal issues that could be avoided by working with trusted, licensed professionals. 2. The Teton Property Management Advantage: A Network of Trusted Contractors One of the key benefits of working with Teton Property Management  is our access to a trusted network of experienced contractors who are familiar with the ins and outs of Chicago’s multifamily market. We’ve spent years cultivating relationships with contractors who provide high-quality work at competitive prices. This network gives us the ability to respond to maintenance issues quickly, efficiently, and effectively, ultimately saving you time and money. Here’s why our network of contractors  makes a difference: Experienced & Reliable Professionals : Our contractors have a proven track record of excellence, and we only work with those who have demonstrated their ability to get the job done right. This ensures that you won’t have to deal with the stress or frustration of hiring an unreliable contractor. Competitive Pricing : Because we regularly work with our contractors on multiple projects, we are able to negotiate discounted rates  for our clients, which can lower your overall maintenance costs. Our network also allows us to secure bulk pricing  for materials, further driving down costs. Fast Response Times : With our network of contractors, we can get work done quickly, which reduces the amount of time your property sits unoccupied or needs repairs. Whether it’s emergency plumbing, electrical issues, or appliance repairs, we have professionals ready to respond immediately, minimizing disruptions for your tenants. Quality Control : Since we’ve worked with our contractors for years, we know the level of quality they consistently deliver. We oversee the work to ensure it meets our high standards and will not require rework or repairs down the line. 3. The Professional Difference: Why It Pays to Choose Us Over DIY Management While DIY landlords may save on management fees  by going it alone, they often end up spending more in the long run due to mistakes, mismanagement, and unexpected expenses. Here’s why working with Teton Property Management  is a smarter financial decision: Avoid Expensive Mistakes : Our contractors know exactly what to do, how to do it right, and how to keep costs within budget. We’ve seen firsthand the issues DIY landlords face when they hire the wrong contractors, and we’ve built a network to help you avoid these pitfalls. By partnering with us, you avoid costly mistakes that can take months or even years to recover from. Time Savings : Managing a property, responding to maintenance requests, and coordinating repairs can be time-consuming, especially when you’re working with unreliable contractors. When you choose Teton Property Management , we handle all the heavy lifting, freeing you up to focus on growing your investment portfolio or other business opportunities. Time saved is money earned. Consistent Quality : With DIY management, you’re often at the mercy of contractors who are either unfamiliar with your property or unreliable in their service. Our experienced contractors offer consistent, high-quality results, ensuring that every job is done right the first time, minimizing the chance of costly follow-ups. Long-Term Value : Over time, maintaining your property with professional, experienced contractors leads to better tenant retention, fewer maintenance issues, and a more valuable asset overall. Our goal is to maximize your property’s long-term value , and our network of trusted contractors  plays a crucial role in achieving that. 4. The Bottom Line: Professional Property Management Saves You Money in the Long Run While it’s tempting for DIY landlords to cut corners by handling maintenance themselves or hiring unknown contractors, it often ends up costing more in the long run. At Teton Property Management , we provide access to a trusted network of contractors  that ensures your property is well-maintained, tenants are satisfied, and your investment is protected. Even with our management fees, the value we provide through our professional services  ultimately leads to better returns , fewer headaches, and a more stable, profitable investment. Get in Touch with Teton Property Management Today If you’re a DIY landlord who’s tired of dealing with the hassles of maintenance and contractor issues, it’s time to partner with Teton Property Management . With our network of experienced contractors , full-service property management  solutions, and expert guidance , we ensure your multifamily property is running smoothly and efficiently. Contact us today  to learn more about how we can help you save time, money, and stress through professional property management.

As a multifamily property owner in Chicago, you know that finding reliable tenants is one of the most critical aspects of maintaining a successful investment. A well-leased property ensures steady cash flow, minimizes vacancies, and helps maintain the overall value of your building. However, the process of leasing can often be time-consuming and frustrating, especially if you're doing it on your own. At Teton Property Management , we specialize in leasing services  for multifamily properties in Chicago. As investors ourselves, we understand how important it is to secure quality tenants who will treat your property well and pay their rent on time. Our expert leasing team is here to make the leasing process as smooth and efficient as possible, so you can focus on growing your real estate portfolio. In this blog post, we’ll dive into the leasing process and how Teton Property Management  can help you lease your multifamily units quickly, efficiently, and with high-quality tenants. Why Leasing is Critical to Your Property’s Success Leasing is more than just filling vacancies—it's about finding the right tenants  who will respect your property, maintain a good relationship with their neighbors, and take care of minor issues before they become costly problems. Whether you have a two-flat in Wicker Park or a large multifamily building in Bucktown , getting the leasing process right can significantly impact your property’s success. Here’s why effective leasing is critical: Reduced Vacancy Rates : Filling vacancies quickly is essential for maintaining your income stream. A vacant unit means lost rent, which can affect your overall profitability. A seamless leasing process can reduce the time your units sit empty. Tenant Retention : Finding the right tenants who feel at home in your building increases the chances of long-term tenancy, reducing turnover and the need for constant re-leasing. Rent Optimization : By understanding the market and pricing your units correctly, you ensure you’re maximizing your rental income while staying competitive in the market. How Teton Property Management Makes Leasing Easy At Teton Property Management , we offer a comprehensive range of leasing services designed to streamline the process, reduce vacancy periods, and ensure you find the right tenants for your multifamily property. Here’s how we help: 1. Expert Market Analysis and Pricing Strategy Pricing your rental units appropriately is one of the most crucial steps in the leasing process. Charge too much, and you risk sitting with vacancies for longer than you want. Charge too little, and you leave money on the table. Our team provides market analysis  tailored specifically to Chicago's dynamic rental market. We track local trends, including demand in popular neighborhoods like Ukrainian Village, Logan Square, and West Loop , and provide recommendations to ensure your properties are priced to attract qualified tenants while still maximizing rental income. 2. Professional Listings and Marketing A compelling listing is the first step in attracting the right tenants. At Teton Property Management , we don’t just post basic ads—we create high-quality listings  that highlight the best features of your property. This includes: Professional photography  and virtual tours to give potential tenants a true feel for the space. Detailed descriptions  that emphasize your property’s key amenities, location, and unique selling points. Targeted marketing  across multiple platforms such as Zillow, Craigslist, Apartments.com , and social media channels to ensure maximum exposure to a broad pool of renters. 3. Tenant Screening and Placement One of the biggest challenges property owners face is ensuring they place responsible tenants  who will pay rent on time and care for the property. At Teton Property Management, our comprehensive tenant screening process  helps mitigate risk and identify the best tenants for your building. Our screening process includes: Credit checks  to ensure financial reliability. Criminal background checks  to ensure safety for your community. Rental history verification  to ensure tenants have a good track record of paying rent and taking care of previous properties. Employment verification  to confirm stable income. We handle the entire screening process, ensuring only the best candidates make it through to lease signing. 4. Streamlined Lease Signing and Documentation Once we find the right tenant, we ensure that everything is in place for a smooth transition. We manage the entire lease signing process , ensuring that all documentation is completed accurately and legally. This includes: Clear, legally sound leases  that protect both you and your tenants. Move-in/move-out checklists  to prevent future disputes over property condition. Security deposits and rent collection systems  that are transparent and fair for both parties. 5. Efficient Rent Collection and Communication Once tenants are in place, we handle rent collection and ensure timely payments  through our online portal. This helps minimize late payments and keeps the financial side of your property running smoothly. Additionally, we make sure tenants know exactly how to reach us for questions or maintenance requests, fostering positive relationships and enhancing tenant retention . Benefits of Choosing Teton Property Management for Your Leasing Needs At Teton Property Management , we understand that leasing can be stressful, especially if you're trying to juggle multiple properties or have limited time. That's why we offer end-to-end leasing solutions  that make the process easier for you, ensuring that: Your units are leased quickly  and filled with high-quality tenants. You maintain a steady cash flow  with minimized vacancy rates. Your leasing process is professional, streamlined, and stress-free . As property investors ourselves , we know what it takes to maximize the potential of your multifamily property. We provide personalized, professional leasing services that align with your goals and ensure your property is always occupied by responsible, reliable tenants. Get Started With Teton Property Management Today Whether you’re managing one unit or an entire building, Teton Property Management  is here to simplify the leasing process and help you achieve the best possible results for your multifamily property. Our expert team is ready to help you fill your vacancies with the right tenants, at the right price, in the shortest amount of time possible. Ready to take your leasing process to the next level? Contact us today to learn more about our leasing services  and how we can help you maximize your investment in the Chicago rental market.

As the winter chill begins to fade and the days grow longer, spring is the perfect time for multifamily property owners in Chicago to take stock of their investments and prepare for the busy rental season ahead. At Teton Property Management , we understand that managing multifamily properties effectively can make a huge difference in the financial success of property owners while also ensuring tenant satisfaction. As investors ourselves, we know firsthand how critical it is to optimize the management of your buildings, especially as market dynamics shift with the changing seasons. In this blog post, we’ll share timely insights into spring property management tips  for multifamily property owners in Chicago, and how our full-service property management services  can help you maximize your investment and keep tenants happy. 1. Get Your Property Ready for Spring Maintenance Winter in Chicago can be brutal on multifamily buildings. The cold temperatures, snow, and ice can lead to wear and tear that’s often not visible during the colder months. As the snow melts and temperatures rise, it’s the perfect time to inspect your property for any damage  that may have occurred over the winter. Here’s a checklist for spring maintenance: Inspect Roofs and Gutters:  Winter weather can clog gutters with debris and cause ice damming, leading to potential leaks and water damage. Ensure that your roof is in good condition and gutters are cleared to prevent costly repairs. Check Heating and Cooling Systems:  Now is the time to ensure HVAC systems are in working order for the warmer months ahead. Preventative maintenance can save you from expensive repairs and downtime during peak rental season. Landscaping and Curb Appeal:  The landscaping around your property is the first impression potential tenants have, so a fresh spring cleanup will make a big difference. Regular lawn care, planting flowers, and trimming bushes will create a welcoming environment for both tenants and visitors. Teton Property Management provides landscaping and maintenance services  to keep your building looking its best year-round. 2. Renters Are Active in Spring—Make Your Property Stand Out As temperatures rise, Chicago’s rental market heats up. The spring and summer months are often the most active times for renters looking for new places. With more competition for renters in the multifamily space, it’s crucial that your property is ready to attract high-quality tenants. Here's how you can stand out: Professional Tenant Placement:  Finding the right tenants for your property is one of the most important aspects of property management. Our expert leasing team at Teton Property Management can help ensure your units are leased quickly  and to responsible tenants  who are a great fit for your property. Well-Maintained Units:  Make sure your units are clean, fresh, and ready for move-in. We offer thorough cleaning and maintenance services to ensure your apartments shine for potential renters. Competitive Pricing and Market Insights:  We stay on top of the local Chicago rental market trends  to help you set competitive rental rates that attract high-quality tenants without leaving money on the table. As property investors ourselves, we know how crucial it is to optimize rental income while keeping vacancies low. 3. Streamline Tenant Communication and Property Management Spring is also a great time to focus on your relationships with existing tenants. Happy tenants are more likely to stay longer, pay rent on time, and take better care of your property. At Teton Property Management , we believe that effective communication is key to creating long-term relationships with tenants. We offer full-service property management , which includes: 24/7 Maintenance Requests:  With our online portal, tenants can submit maintenance requests at any time. This helps us resolve issues quickly, keeping tenants happy and reducing the likelihood of expensive emergency repairs. Timely Rent Collection:  We use efficient online payment systems to make rent collection as easy as possible for tenants, which helps ensure consistent cash flow for property owners. Regular Communication:  We proactively communicate with tenants about upcoming maintenance, changes in policies, or seasonal tasks like snow removal or landscaping. This helps build trust and keeps tenants informed. 4. Prepare for the Busy Rental Season With the Chicago rental market  expected to pick up this spring, now is the time to get ahead of the curve. The demand for rental properties will increase as more people look for new homes, particularly in areas like Bucktown, Wicker Park, and Ukrainian Village  where the market remains strong. Key tips for preparing for the busy rental season: Evaluate Your Property’s Performance : Review your property’s financials, expenses, and income to make sure everything is on track. If you haven’t yet, consider implementing technology to help streamline your property management processes. Update Listings and Marketing Materials : Ensure your property listings are up-to-date with high-quality photos and descriptions that highlight the best features of your multifamily units. Consider using professional photography and virtual tours to attract more tenants. Offer Move-In Specials : If you have available units, consider offering move-in incentives  like a reduced security deposit or one month of free rent to attract tenants quickly. This is especially effective in the competitive spring rental market. Why Choose Teton Property Management? At Teton Property Management, we understand the challenges and opportunities multifamily property owners face in Chicago’s ever-evolving rental market. As investors ourselves, we know that a well-managed property leads to better outcomes for both property owners and tenants . Whether you need help with tenant placement , full-service property management , or seasonal maintenance services , we have the experience and expertise to make your property a success. Let us take the hassle out of property management, so you can focus on what matters most— optimizing your investment  and ensuring tenant satisfaction . Ready to elevate your property’s management?  Contact Teton Property Management today to learn how we can help you prepare for the spring rental season and beyond!   Contact Us Today!

Chicago is more than just a city; it’s a lifestyle. Nestled on the shores of Lake Michigan, this vibrant metropolis offers a unique blend of culture, history, and modern living. Whether you're a first-time homebuyer, an investor, or simply looking for a change, Chicago provides the ideal backdrop for an enriching and dynamic life. Here are just a few reasons why living in the Windy City is an opportunity you won’t want to miss. 1. Diverse Neighborhoods for Every Lifestyle Chicago is known for its diverse neighborhoods, each offering its own distinct personality. From the historic brownstones of Lincoln Park to the trendy lofts of West Loop, there’s a perfect fit for everyone. Want a family-friendly community with great schools? Check out Beverly or Sauganash. Craving the hustle and bustle of city life? River North or the Loop might be your scene. With over 77 community areas, Chicago offers a neighborhood for every lifestyle and budget. 2. World-Class Dining and Entertainment Foodies rejoice! Chicago is home to a thriving culinary scene with everything from Michelin-starred restaurants to iconic deep-dish pizzerias. Explore renowned eateries like Alinea, Girl & the Goat, and Lou Malnati’s, or discover hidden gems in neighborhoods like Pilsen and Logan Square. Beyond dining, Chicago offers endless entertainment options, from Broadway shows at the Chicago Theatre to live music at Millennium Park and the legendary comedy at Second City. 3. Rich Culture and History Chicago's cultural tapestry is woven with history and art. The city is home to world-class museums such as the Art Institute of Chicago and the Field Museum. Walk through the iconic architecture on a riverboat tour or explore landmarks like the Willis Tower and Navy Pier. The city’s deep-rooted history and vibrant arts scene provide endless opportunities to learn and be inspired. 4. Outdoor Recreation and Green Spaces Despite its urban setting, Chicago offers an abundance of green spaces and outdoor activities. With over 8,800 acres of parkland, residents can enjoy scenic strolls in Lincoln Park, bike rides along the 18-mile Lakefront Trail, or beach days at North Avenue Beach. Grant Park, often called “Chicago’s front yard,” hosts numerous festivals and events, including the famous Lollapalooza. 5. Strong Economy and Job Opportunities As a major economic hub, Chicago boasts a robust job market with opportunities in finance, healthcare, technology, and more. With headquarters for companies like Boeing, United Airlines, and McDonald’s, the city attracts professionals from around the globe. This economic strength makes Chicago an ideal location for career growth and investment opportunities. 6. Affordable Housing Market Compared to other major U.S. cities, Chicago offers relatively affordable housing options. Whether you’re looking for a sleek downtown condo, a cozy bungalow, or a multi-unit investment property, Chicago’s real estate market provides diverse opportunities to build wealth and find your dream home. Living in Chicago means having the best of both worlds — a bustling urban center with a warm, neighborhood feel. Whether you’re drawn by the culture, career opportunities, or vibrant community, there’s no place quite like the Windy City. Make Chicago your next home and experience it for yourself.

How Chicago's Property Tax System Works Chicago’s property tax system is complex and consists of several key elements: It is important to understand each one: Assessment by Cook County Assessor Properties are reassessed every three years  based on market value. The county uses a classification system , where different property types are assessed at different percentages of their market value. Assessment Ratios Residential (1-6 units):  Assessed at 10%  of market value. Commercial & Multifamily (7+ units):  Assessed at 25%  of market value. Equalization by Illinois Department of Revenue Since Cook County assessments are lower than full market value, the state applies an equalization factor  (also called a "multiplier") to adjust values closer to full market value. The equalization factor varies yearly but is usually between 2.7 and 3.3 . Tax Rate Applied by Local Authorities Multiple taxing bodies (city, county, schools, parks, etc.) determine the total property tax rate. The combined tax rate in Chicago is typically 6-7% of equalized assessed value (EAV) . Example: Property Tax Calculation for a 10-Unit Apartment Building Let’s assume: Market Value:  $2,000,000 Assessment Ratio for Multifamily (7+ units):  25% Equalization Factor:  3.0 Tax Rate:  6.5% Step 1: Assessed Value Calculation Assessed Value=Market Value×Assessment Ratio\text{Assessed Value} = \text{Market Value} \times \text{Assessment Ratio}Assessed Value=Market Value×Assessment Ratio =2,000,000×25%=500,000= 2,000,000 \times 25\% = 500,000=2,000,000×25%=500,000 Step 2: Equalized Assessed Value (EAV) EAV=Assessed Value×Equalization Factor\text{EAV} = \text{Assessed Value} \times \text{Equalization Factor}EAV=Assessed Value×Equalization Factor =500,000×3.0=1,500,000= 500,000 \times 3.0 = 1,500,000=500,000×3.0=1,500,000 Step 3: Property Tax Calculation Property Tax=EAV×Tax Rate\text{Property Tax} = \text{EAV} \times \text{Tax Rate}Property Tax=EAV×Tax Rate =1,500,000×6.5%=97,500= 1,500,000 \times 6.5\% = 97,500=1,500,000×6.5%=97,500 Final Property Tax Bill: $97,500 per year Key Takeaways for Investors Multifamily properties (7+ units) have a higher tax burden  than smaller residential buildings due to the 25% assessment ratio. Appealing property assessments  can reduce tax liability. Property taxes can significantly impact cash flow , so investors should account for potential reassessments when underwriting deals. New developments may qualify for tax incentives  (e.g., Class 9, Affordable Housing exemptions).

Renting out your condo can be a great way to generate passive income, but there are key factors to consider to ensure a smooth experience. Here’s a breakdown of things you should do and things you should avoid: Things You Should Do 1. Review Your Condo Association Rules Many associations have restrictions on renting, such as lease length minimums, a cap on the number of rentals, or a requirement for board approval. Some condos prohibit short-term rentals (e.g., Airbnb). 2. Understand Local Landlord-Tenant Laws Illinois has strong tenant protection laws, so familiarize yourself with security deposit rules, eviction procedures, and required disclosures. If in Chicago, review the Chicago Residential Landlord Tenant Ordinance (RLTO)  for compliance. 3. Screen Tenants Thoroughly Run credit and background checks. Verify income (aim for 3x rent) and check rental history. Contact previous landlords to avoid tenants with a bad history. 4. Have a Solid Lease Agreement Use a lease that complies with local laws and clearly defines rent, maintenance responsibilities, late fees, and house rules. If allowing pets, include a pet policy and deposit/fee structure. 5. Price It Competitively Research market rent by checking listings on Zillow, Apartments.com , and local property management websites. Consider hiring a property manager if you don’t want to handle tenant communication and maintenance. 6. Notify Your Mortgage Lender & Insurance Company If you have a loan, check if there are owner-occupancy requirements. Update your homeowners' insurance to a landlord policy (rental dwelling insurance)  to protect against liability and tenant-related damages. 7. Keep a Maintenance Fund Budget for repairs, unexpected expenses, and vacancies. A good rule is setting aside 10-15% of monthly rent. Have a list of reliable contractors for emergency repairs. Things You Should Avoid 1. Don’t Skip Tenant Screening A bad tenant can lead to non-payment, property damage, and eviction headaches. Avoid renting to friends or family without a formal lease and proper screening. 2. Don’t Ignore Condo Association Rules Failing to comply could lead to fines or even legal action from the HOA. 3. Don’t Overprice Your Unit Overpricing leads to longer vacancies, which costs more than pricing it correctly from the start. 4. Don’t Collect Rent in Cash Without Documentation Use digital payments (e.g., Zelle, PayPal, RentRedi) or checks to keep records for tax purposes. 5. Don’t Violate Fair Housing Laws Discrimination based on race, color, religion, sex, disability, familial status, or national origin is illegal. Be consistent with screening criteria for all applicants. 6. Don’t Ignore Tenant Communication Slow responses can lead to complaints or legal issues. Consider hiring a property manager if you can’t be available for maintenance requests. 7. Don’t Forget Taxes Rental income is taxable, but you can deduct mortgage interest, HOA fees, maintenance costs, and depreciation. Consider consulting a tax professional to maximize deductions and ensure compliance. Need help, schedule a call with us today to go over all of these issues!