How to find a good property management company in Chicago

Finding a good property management company in Chicago requires due diligence to ensure they align with your investment goals. Here’s a step-by-step guide to finding a reliable, responsive, and effective property manager:

1. Define Your Needs

Before searching, determine what services you require. Common property management tasks include:

• Marketing and tenant placement

• Rent collection and financial reporting

• Maintenance coordination

• Handling evictions and legal compliance

• Tenant communication and lease enforcement

Since you’ve had issues with poor communication and lack of effort in marketing/tenant placement, prioritize responsiveness and proactive marketing strategies in your search.

2. Ask for Recommendations

• Real Estate Investors & Landlords – Network with other local landlords through BiggerPockets, Chicago real estate meetups, or local investor groups.

• Real Estate Agents – Many agents work with or know reputable property managers.

• Facebook Groups & Forums – Try Chicago Landlords Facebook groups, Reddit’s r/RealEstate or local real estate forums.

3. Research Online

Look up Chicago-based property management companies on:

• Google Reviews – Search "best property management companies in Chicago" and read reviews.

• Yelp – Check for customer experiences and common complaints.

• Better Business Bureau (BBB) – Look for complaints or bad business practices.

• National Association of Residential Property Managers (NARPM) – Find certified property managers.

• Chicago Association of REALTORS® – Some property managers are members, ensuring ethical standards.

4. Evaluate Their Services & Fees

Contact at least 3-5 companies and compare:

• Tenant Placement Fees – Typically 50%-100% of the first month’s rent.

• Monthly Management Fee – Ranges from 5%-12% of monthly rent (lower for multi-unit buildings).

• Maintenance & Repair Handling – Do they charge a markup? Do they have in-house maintenance or third-party vendors?

• Lease Renewal Fees – Some charge $100-$300 or a percentage of rent.

• Eviction & Legal Fees – Understand how they handle problem tenants.

Red Flag  – Avoid companies that charge flat fees but provide poor service (e.g., not actively marketing vacancies).

5. Check Their Marketing & Tenant Screening Process

Since tenant placement was a previous issue for you, ask:

• Where do they list properties? (Zillow, Apartments.com, Facebook Marketplace, local MLS?)

• How long do their properties stay vacant on average?

• What is their tenant screening process? (Credit check, income verification, rental history?)

• Do they accept Section 8? (If this is a priority for you)

6. Verify Responsiveness & Communication

A good property manager should be easy to reach and responsive. Test them by:

• Calling their office and noting how long it takes to get a response.

• Emailing as a “potential client” to see how quickly they reply.

• Asking how they communicate with landlords (portal, phone, email?).

Red Flag  – If they take days to respond during the hiring process, expect the same when managing your property!

7. Review Their Contract

Before signing, carefully review:

• Cancellation Terms – Can you terminate the agreement easily?

• Fees & Extra Charges – Ensure no hidden costs.

• Liability & Insurance Requirements – Who covers damages?

Tip – Have a real estate attorney review the contract to avoid surprises.

8. Start with a Trial Period

If possible, test their services for a few months before committing long-term. Choose a company with month-to-month contracts or a short initial term (e.g., 6 months).