All Forum Posts by: Arthur R. van der Vant

@Alejandro Ferrer It all depends how many units you have. Also check out Yardi Breeze, they do not have a minimum number of units to subscribe: https://www.yardibreeze.com/

@Lesley Ray Last summer, my company, Three Pentacles, PLLC, hired a "tree removal" company in Chicago for $800 to cut down a medium-sized tree. In our case, we were taking over a property where the tree was too close to the building and the roots were damaging the foundation. The contractor had liability and workers compensation insurance that covered the removal. We also had a larger tree cut down for $1,500. In our area (Chicago, IL), spring cleaning started last Monday. You may be able to get rid of the problem sooner then find insurance.

@JonFul Check out Yardi Breeze, they do not have a minimum number of units:  https://www.yardibreeze.com/

@ Ty Martell - It depends. Read your lease to see if there is a clause that makes the tenant responsible for the damage. A lease is a form of contract. The parties can only be responsible for the damage if they have agreed to do so. If you don't have a written lease agreement, an oral contract is probably not enforceable in court. Consult a local attorney if you can't come to an agreement with the tenant about damages.

Hi @Mikielle Elum - There are many small but important details at play here, and this is the time (before you sign a lease) to consult with an eviction attorney and draft a lease that complies with your local law, and one that also gives you the protection you need. For example, in Illinois, if your lease requires the tenant to pay your attorney's fees in eviction proceedings, you can ask the court to award them to you. But if you don't ask the court, or if you don't have specific language regarding attorney fees, or if you don't have a written lease at all, you can't get reimbursed. That was only one example, what happens in the courtroom during eviction proceedings and the outcome you get depends in part on your attorney. You could get different results if you are represented by a general practitioner vs. an eviction lawyer (a specialist in this area of the law). The bottom line is that you need to post your question to a local eviction attorney and you will know what to do.

@Brian Berry I had a similar saturation with the CHA about 4 years ago when taking over 3 apartment buildings with many Section 8 tenants. In my case it tool 3 months, but once the CHA processed the paperwork, all money was sent. So, be patient and continue to follow up.

In addition to speaking with an attorney, you should also file a complaint with the Illinois Department of Financial and Professional Regulation, Division of Professional Regulation (IDFPR) https://idfpr.illinois.gov/adm...

@Richard F. thank you for commenting on my post. I completely agree with you. Proactive maintenance is the way to go. In a long run, it reduces costs and it increases revenue by enhancing a property and making it more attractive to current and prospective tenants.

One of my most frequently asked questions is 🤔 "What are the most cost-effective renovation projects for rental properties?" It's a great question, and one that's important for any property owner or manager to consider. But with so many options out there, it can be overwhelming to decide where to start. Here are some top suggestions for cost-effective renovations that can make a big impact on your rental property:

Fresh paint: A fresh coat of paint can completely transform the look and feel of a space, and it's a relatively low-cost renovation option. Choose neutral colors that will appeal to a wide range of tenants.

Upgrade lighting: Replacing outdated light fixtures with modern, energy-efficient options can not only improve the aesthetic of your rental, but it can also save your tenants money on their energy bills.

Update kitchen and bathroom hardware: Swapping out old faucets, handles, and drawer pulls for newer, stylish options can make a big impact in these high-use areas. It’s also far less costly than remodeling.

Landscaping: A well-manicured lawn and attractive landscaping can make your rental property more appealing to potential tenants. Plus, regular lawn care can increase the overall value of your property.

Install energy-efficient appliances: Replacing old appliances with Energy Star-rated options can not only save your tenants money on their energy bills, but it can also make your rental more appealing to environmentally conscious tenants. New modern appliances make tenants’ lives more comfortable and they show that the owner/manager is engaged in keeping the property updated.

By focusing on these cost-effective renovations, you can add value to your rental property and attract top-notch tenants. 🏠🔨💰. Leave a comment below or shoot me a message! 💬

🙋‍♂️ As a property owner/manager, setting rental rates and negotiating lease agreements can be a daunting task. But fear not! 😅 Here are a few key factors to consider when determining rental rates for your properties:

● Location: Is your property in a highly desirable area? If so, you may be able to charge higher rental rates.

● Condition: Is your property well-maintained and updated? Renters are often willing to pay more for a property that is in good condition.

● Amenities: Does your property have any standout features or amenities? These can also justify higher rental rates.

● Competition: What are other properties in your area charging for rent? It's important to stay competitive, but also make sure you're not undercharging.

● Demand: Are you in a rental market with high demand? This can also justify higher rental rates.

When it comes to negotiating lease agreements, it's important to be transparent and fair with potential tenants. Make sure to clearly communicate your policies and expectations. Be open to negotiation if it's in the best interest of both parties.

If you have a good prospective tenant who is on the fence, and in a week your property will be vacant for another month, you may lower the monthly rent by 1/12 to avoid vacancy and still be the same financially, if somebody paid you the full asking rent next month. Just remember to always consult with an attorney before finalizing any legal documents that are out of the ordinary course of business!

💼 What are some other factors you consider when setting rental rates and negotiating lease agreements? Share in the comments below! 🤗