Renting Your Property in the Chicagoland Area

There are several types of landlords in the rental market today. There’s the investor who buys a property for rental income. Then there’s what we call the ‘reluctant’ landlord. This type of landlord may have to rent out their property to cover what they still owe on it. Or, they may have decided to hang on to their property as an investment. Perhaps they have short term relocation plans, but want to keep their property for their use when they return. If that’s the case, they may need to rent their property in order to cover their payments.

These ‘reluctant’ landlords can be understandably apprehensive. They usually have valid concerns about what to do, and how to do it. They may be looking for direction on obtaining the highest possible rent; as well as how to find a good, qualified tenant and receive their rent payments on time.

Select A Fee Real Estate System & Rentals helps alleviate those concerns by presenting solid, viable solutions.

We will provide current market information to make sure you’re getting the highest possible rent for your property. We’ll analyze the data and help you determine the best rental price and terms.

We have developed efficient screening processes that help you find the right rental candidate, the first time. As members of the Credit Bureau, we can obtain the prospective tenant’s credit report immediately. We will verify their income by comparing their previous year’s W-2 and 2 current pay stubs.

We contact their last 2 previous landlords to discuss their rental payment history. We will make a copy of their driver’s license or other legal ID, and verify their identity. If necessary, we have the ability to initiate a criminal background check, as well as a ‘sexual predator’ report.

Once we have verified the tenant’s information, you will have the opportunity to review the data; and if satisfied, accept them as a tenant. We will write up the appropriate lease for you, depending on the location of the property. In the City of Chicago, a special lease and the required RLTO (Resident Landlord Tenant Ordinance) disclosure must be used. It is important that this is done properly, as penalties to the landlord are substantial.

To assure that the rent payments are paid on time, we will have the tenant set up an automatic payment from their bank account; directing each month’s rent amount to be deposited directly into your bank account. Or, we can set up a payroll deduction with the tenant’s employer; having the rent amount directly deposited into your bank account. We’ve learned that the best way to avoid late rent payments is to take away the option of paying late. By setting up automatic payments, our clients receive their rents on time, at the beginning of each month. They have peace of mind knowing that this system reduces the risk of late payments, or payments not being made.

For your convenience, Select A Fee Real Estate System & Rentals™ offers 2 options to list your rental property on the MLS.

  • The ‘Exclusive Lease Marketing Agreement‘ – specifies compensation in the amount of one month’s rent, to be paid at the time of lease execution.
  • The ‘Rental Listing Agreement $299‘ – specifies compensation in the amount of $299 (Listing Input Fee) to be paid at the time of listing. In addition, a commission in the amount equal to ½ of one month’s rent is to be paid at the time of the lease execution.

Please click here (Add link to ‘Leasing Forms, Disclosures, Applications’ page) to review the options and print the listing agreement of your choice. Also, please review and print the applicable disclosure forms.

Select A Fee Real Estate System & Rentals™ also offers property management services. Some of our clients prefer to have us manage their property for them. We can deal with common tenant issues such as; broken appliances, plumbing problems, heating & air conditioning issues, etc. The annual fee to manage your property is usually a 1/2 month’s rent; depending on the type of property.

Please click here (Add link to ‘Property Management with a Twist’ page) for more details.