Property Management Best Practices

Founded in 1975, Seminary Properties and Management, Ltd., manages several buildings in Chicago. By taking a hands-on approach to overseeing its buildings and following industry best practices, Seminary Properties and Management, Ltd., provides quality service.

Property management entails a balance between compliance with the owner’s requirements and response to tenants’ issues. A property manager serves as the medium between these parties. Examining any problems allows property managers to find solutions that benefit both the owner and tenants.

Property managers must know the state of properties as well as or better than their owners. Performing routine inspections and scheduled maintenance, like replacing smoke alarm batteries or air filters, and documenting any repairs caught by an inspection with photos and video, can help. These tasks may cost money, but they will lessen the chance of major expenses in the long term. When scheduling repairs, the manager should obtain quotes from multiple contractors so that the owner can pick the one with the best service and the fairest price.