Whether it’s a bank, government entity or loan insurer, property preservation is an incredibly important part of ensuring that Chicago real estate maintains its value or is upgraded to a condition that meets the expectations of investors. This involves bringing in a third party that can quickly, efficiently and cost-effectively handle a variety of services, from weatherization, security, to lawn and maid services.
Investors need to closely watch their properties, yet they don’t have the time or resources to do this by themselves. It’s only through working with vendors, real estate professionals, law enforcement officials, city governments and third party property management professionals that this can be achieved.
Potential investors will have a checklist of items on which they will insist meet their standards as they evaluate real estate. Does your checklist match up? Property rehabilitation is of vital importance and it’s a task that should be a priority long before your real estate is listed. Many investment properties are bought low for a reason – they need work. Due diligence will dictate how you approach your upgrades and your rehabilitation efforts.