Property Management Services

Our goal is to turn your rental property into a hassle-free, cash-flowing investment.

Our Approach

We strive to raise the bar in the real estate industry by delivering the highest quality service and results. We’re not here to be the biggest firm — we’re here to be the best. That means ensuring we impart value within our products, keep our residents safe and happy, and foster rewarding experiences that benefit our clients. Whether it is finding that quintessential property or overseeing all aspects of property management, from maximizing rents and minimizing expenses to delivering timely and accurate accounting — we are here.

What We Do

Accounting & Legal

Rent Collection

Collect rents
Apply any fees and track down late payments
Properly deliver notices to pay or quit
Develop and implement alternative strategies for non-payment of rent (i.e., cash for keys)
Advise in the event of a legal dispute or litigation
Refer owners to qualified attorneys when necessary
Understand and abide by laws and ordinances specific to properties in the Chicagoland area

Lease Enforcement and Evictions

Negotiate resident settlements
Align with experienced, professional, and pragmatic eviction attorneys
File relevant paperwork to start and complete the eviction process
Enlist Special Process Servers to ensure proper delivery of legal notices
Represent owners in court
Strive toward results that benefit all parties

Building Violations and Court Appearances

Receive city notices regarding building violations and promptly notify owners
Develop strategy for completing necessary repairs
Represent owners in court to reduce or dismiss fines and penalties

Financial

Set up utility accounts and landlord reversion agreements
Ensure all utilities are in the resident’s name prior to a new lease start
Ensure any/all move-in fees are paid prior to residents taking possession
Produce Cash Flow projections
Generate annual property budgets
Calculate monthly Owner Funding disbursements
Make payments on behalf of the owner
Ensure proper approval is obtained from Ownership prior to executing or paying for larger capital expenditures or repairs
Analyze and prioritize bill payment
Detailed documentation of expenses via invoices and receipts
Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
Provide annual reporting, structured for tax purposes as well as required tax documents including a 1099 form
Advise investors on relevant property tax deductions related to their rental property and assist in submitting proper documentation
Provide easy-to-read monthly profit and loss statements which offer a detailed breakdown of income and itemized expenses

Leasing

Evaluate the Property and Determine an Accurate Rental Rate

Tour properties and document interior/exterior conditions with photos and notes
Make recommendations on repairs and cosmetic improvements that can maximize rents while improving ROI
Gather, process, and distribute data on rental rates in the area and work with owners to determine the optimal pricing and marketing strategy

Premarket

Prepare homes for rent by cleaning and optimizing interior appeal which includes painting, professional cleaning, and in some cases remodeling and/or staging
Write apartment advertising copy that gains potential renters’ interest with call to action to generate interest
Hire professional photographers to produce high-quality property photos and/or floor plans, virtual tours, or aerial photography that enhance advertising efforts

Marketing

Advertise the property on a variety of popular paid and free rental listing sites such as Zillow, Trulia, Hot Pads, Zumper, Pad Mapper, Apartments.com, Realtor.com, and many others
Advertise properties via Multiple Listing Service (MLS)
Create e-flyers for social media and install For Rent signs on site

Ongoing Dynamic Pricing

Continually evaluate information such as lead flow, traffic, agent feedback, and neighborhood comps to make adjustments – increases or decreases – to rents

Showing The Property

Utilize an appointment scheduling software that includes a 24-hour hotline where prospective residents find detailed information about available properties and schedule appointments on the spot
Prequalify all potential applicants, field calls, answer questions, and schedule showings
Meet prospective residents for showings throughout the week and weekend
Sell the features and benefits of each property and turn prospects into applicants
Provide bi-monthly sales training to leasing team and meet regularly with agents to discuss inventory, market news, and other important info

Resident Screening, Selection & Negotiation of Terms

Perform a background check to verify identity, income, credit history, rental history, etc.
Apply the same stringent criteria across the portfolio to set approval, conditional approval, or denial standards no matter what
Utilize third-party insurers to secure rent payments for atypical applications
Negotiate lease offers and other terms on behalf of investors

Facilitate Resident Move-Ins

Draft and execute lease agreements in accordance with all local laws and ordinances
Send welcome letters and resident portal access to new residents
Collect any/all fees and pertinent information prior to move-in
Follow up with residents regarding key pick-up, move-in coordination, and general questions

Lease Renewals, Sublets, Relets, Resident Additions, Extensions

Study past and current rental market conditions to determine market rental rates and renewal rates
Work with investors to ensure objectives are met with the renewal plan
Set renewal rates and send offers to residents in accordance with local laws
Proactively communicate with residents to truly understand motives for either staying or vacating
Negotiate renewal terms on behalf of investors to achieve best possible outcomes
Enforce lease terms and properly facilitate administrative leasing activities such as sublets, relets, resident additions, extensions, etc.
Negotiate early lease terminations with investor input along the way

Operations

Task Management and Resident Communication

Field incoming maintenance requests or inquiries by promptly communicating with residents
Quickly categorize and assign tasks to property managers and maintenance staff
Dispatch in-house maintenance technicians to address repair requests as fast as possible
Follow-up with residents to provide timelines and once completed, ensure quality assurance and satisfaction

Emergency Maintenance Management

In-house maintenance team is on call for emergencies 24/7/365
Notify owners of emergencies and react quickly to solve problems, mitigate damage and ensure resident safety

Turnovers (Move-ins and Move-outs)

Thoroughly inspect units, generate condition reports (with pictures) and send to owner with bids for general turnover items such as minor repairs, painting, and deep cleaning. This is done well in advance of lease expirations
Document any and all damage beyond normal wear and tear and enforce the lease when necessary
Execute turnover plan and ensure speed, timeliness, and quality of service.
Capital Improvements
Assist investors in identifying and prioritizing building improvements such as roofing, tuckpointing, gutters and downspouts, windows, plumbing, electrical, mechanical, and other building-related work
Schedule meetings with multiple contractors on site to review scope of work
Gather multiple bids for building improvements and send to owner with recommendations
Negotiate bids and ensure the best vendor is chosen for the best price
Oversee projects: adhere to timelines, ensure vendors stay within budget/scope, and make arrangements for deposits and final payments after quality of work has been verified

Remodeling

Assist investors with unit improvements such as new kitchens, appliances, bathrooms, lighting fixtures, flooring, laundry installs, drywalling, painting, carpentry, and more
Schedule meetings with multiple contractors on site to review scope of work
Gather multiple bids for building improvements and send to owner with recommendations.
Negotiate bids and ensure the best vendor is chosen for the best price
Oversee projects: adhere to timelines, ensure vendors stay within budget/scope, and make arrangements for deposits and final payments after quality of work has been verified

Property Inspections

Thoroughly inspect properties twice annually to identify potential safety hazards, building improvements, and repairs
Prioritize inspection results based on urgency and budget
Present investors with findings and collaborate to execute bi-annual improvement plans

Interior/Exterior Cleaning, Lawn Care, Land Scaping, and Snow Removal

Maintain outdoor areas, including:
- Mowing, blowing, edging, removal of trash and debris, etc
- Clean rear porches and maintain yards, if any
Maintain indoor areas, including:
- Common spaces, laundry rooms, vestibules, entryways, etc.
- Obtain bids for larger landscaping projects and execute on behalf of investors
- Ensure contracts are in place for bonded and fully insured snow removal services

Maintenance

Tour the Property
Conduct initial inspection at onboarding to assess overall building condition.

Develop an Appropriate Maintenance Plan

Proactive – Develop an approach that aims to identify and fix the reasons equipment fails before it happens, with the goal being to increase asset reliability and reduce the risk of downtime.
Corrective – Planned corrective maintenance happens in one of two ways. First, waiting to conduct maintenance on equipment and systems once they break down, aka run-to-failure maintenance. The second way is when scheduled maintenance or inspections identify specific issues that need attention.
Preventative – Preventative maintenance uses three approaches:
- Time-based strategies use inspections and regular intervals to identify maintenance needs
- Usage-based maintenance is performed according to equipment-use benchmarks such as hours of operation.
- Condition based approaches require everyone to monitor an asset to determine maintenance needs.

Produce Budget

Work in conjunction with Investors to develop annual maintenance budget that aligns with Investor objectives.

Communication

Regularly report status of repairs, turnovers and capital expenditures.

All Maintenance Techs are In-House

Employ large team of experienced, closely managed maintenance technicians who report to the office every day for work orders. The objective is to respond quickly and accurately complete resident maintenance requests which include:

HVAC
Plumbing
Electrical
Appliance repair/replacement
Flooring
Drywall
Carpentry
Masonry and Tuckpointing
Roofing
Gutters/Downspouts
Window repair/replacement
Keys/Doors/Locks
Pest Control

What Happens When It Can’t be Fixed In-House?

High Fidelity has grown to include many trusted 3rd party vendors for almost any type of repair or improvement. The standards are high, and we don’t cut corners. Vendors we’ve grown to trust and depend on count on us for a fair but competitive bidding process, top level communication, and prompt payment once jobs are verified completed to our satisfaction. In return, we get priority service, secure discount pricing due to volume, and better quality assurance throughout the process.

How We Measure Success

90%

of our business comes from referrals

96%

of real estate investor clients renew each year

99%

overall occupancy maintained

96%

of rental income collected annually

65%

of residents renew

100%

focused on increasing net income

Examples of Success

400 N. LaSalle

An investment firm hired us to take over a fractured condo deal where they owned 105 units out of 400 units in a large downtown high-rise in River North. When we took over in 2014 from a prominent Chicago management firm, there were many vacancies, some delinquent rents, and neglected maintenance issues. Since then, we’ve shrunk annual vacancy to <1% and increased rents by over 30%. We’ve been instrumental in the group’s ability to maneuver between leasing and selling off individual condo units. We credit this to proactive communication and a collaborative approach with the client.

Exclusive Leasing for Mid-Sized Investment Firm

In 2018, a mid-sized apartment investment firm hired us to lease up and stabilize 6 apartment buildings totaling over 150 units. When we assumed duties, there were a lot of vacancies that needed to be filled at top market rates. As of today, we’re still their exclusive apartment marketing firm and we continue to work closely with ownership on overall strategy, market positioning, and pricing.

Albany Park Leasing Assignment for Local Rehabber

A local apartment investor/rehabber hired us to stabilize 4 buildings totaling over 25 units. When we took on the assignment, our client relied on us for guidance on pricing, marketing, and stabilizing what was at that time an unstable portfolio. We were able to lease up all units at the target price point, with minimal market time. We now lease and manage all of his properties exclusively.

New Construction Lease Up in Lincoln Park

At the onset of the COVID-19 pandemic, we were tasked with leasing six new construction 3-bed, 2-bath apartments in the heart of Lincoln Park at top dollar. We leased all six at the target price in a month. Today, we lease and manage this client’s portfolio ranging from Forest Park, Andersonville, Gold Coast to Lincoln Park.