Triview Property Management : TriView vs. Self Management

Rental property can provide a sound investment, but many investors find that managing a rental property involves an unexpected number of tedious and time-consuming responsibilities. And with each unit that is added to your portfolio, management duties increase.

Commonly unanticipated landlord responsibilities:

Scheduling required inspections
Making arrangements for emergency repairs
Managing payments for insurance, property taxes and other recurring expenses
For insurance purposes, keeping a record of onsite vendors and their insurance documentation
Protecting yourself against lawsuits
Conducting background checks with tenants

In determining whether you want to attempt self management or take advantage of having a professional team handle those responsibilities for you, it is important to understand the benefits of using a professional rental management firm. Below are the key advantages of working with TriView vs. managing your property independently.

Strong Vendor Relations

We work with a select group of vendors that we know and trust. Since we use them on a regular basis, it is always in their best interest to keep us happy.

Special pricing

Our clients receive special pricing on building maintenance and repairs. Some of our clients have found that this special pricing alone pays for our monthly management fee!

Special service

Due in part to the large number of properties we manage and our valuable business, our vendors are quick to respond to our needs. As a result, TriView’s clients receive great service and fast response times.

Litigation Prevention

In the real estate world, it is crucial to protect yourself against a potentially costly and damaging lawsuit. With our experience in the industry, we have tedious legal processes in place that protect our clients against litigation.

Lease updates

We closely follow the forever-changing State, Federal and City regulations, updating leases accordingly to protect your assets.

Security deposit escrow accounts and deposit journals

In accordance with legal regulations, we maintain a separate account for security deposits and a journal of all deposits made.

Notifications to tenants

In accordance with the Chicago Tenant Landlord Ordinance, we give tenants 48-hour notice before entering their apartment.

Emergency Situations

Your telephone will never ring at 3 A.M. from a tenant with a water leak.
Because of our experience in the field, there isn’t a housing situation we haven’t seen. If an urgent situation arises, we are able to handle the matter efficiently.

A Business Perspective

Many landlords find it difficult to raise rents or to deny unreasonable tenant requests because they tend to become “friends” with tenants. With this approach, self-management can lead to costly mistakes that will negatively affect your building’s overall ROI. TriView understands the fine line between reasonable vs. unreasonable tenant requests. Because we see your property as an investment, we handle all tenant situations from a business perspective, rather than a personal one.