Inside this Newsletter
- Important Dates to Remember
- Updates at Hales Property Management
- Buying A Condo As an Investment
- Maintenance Tip: Re-caulking Your Bathtub or Shower
- From the Desk of Keith Hales
Important Dates to Remember:
August 5-7: Chicago Hot Dog Fest
August 6-7: Wrigleyville Summerfest
August 20-21: Chicago Air and Water Show
August 22-27: Chicago Dancing Festival (10th Annual)
Through August 30: Millennium Park Summer Film Series
Updates at Hales Property Management
Home and Building Security: Hales would like to make owners aware of a recent break-in that took place last week in where a theif was caught on tape watching a couple sleep inside their condo. As a general rule, owners should follow the following security guidelines to help better secure their units and the building.
1. Know who is at your door.
2. Install inexpensive door and window alarms.
3. Secure all windows and doors at all times.
4. If you lose your keys, change the locks immediately.
5. Don’t leave notes for service people or family members on your door.
For more information on building security, check out our Building Security post on Hales blog page.
Did You Know?
Did You Know? Fall is HOA Budgeting and Meeting Season
As fall approaches, HOAs around the country will start putting meetings on the books to plan the budget and other projects for the next fiscal year. As an owner, it’s your prerogative to attend these meetings and participate in the conversation about what happens to your building over the next year.
You’ll have a say in things like urgent building issues that require maintenance, amendments to the HOA rulebook, property tax appeals, increases to the monthly assessments, and the levying of any special assessments that may be necessary to pay for unforeseen building expenses. You can also help to elect new board members that align closely with your own goals, or even choose to run for a board seat yourself.
The HOA meetings are meant to give a voice to unit owners in the building, and owners should make full use of this opportunity to have a say in the management of their investment.
Interested in a Career with Hales?
Hales Property Management is currently hiring. If you are up to the challenge of the exciting world of property management in Chicago, view our available positions today.
Re-caulking Your Bathtub or Shower
No one likes to see stained or crumbling caulk around their bathtub or shower. In addition to looking unsightly, crumbling caulk can also allow water behind the walls, leading to moisture and mold issues down the road. If you’re the DIY type, here’s how you can re-caulk your bathtub or shower.
Buying A Condo As an Investment
Many people who own their own condo in Chicago eventually decide to purchase another condo as an investment property, because having some real estate holdings is a great way to diversify an investment portfolio.
In that respect, a condo is often a safer investment than a single family home, because the income it can generate and its expenses are usually more predictable. For instance, in a condo building, it will be easier to estimate how much rent you’ll be able to charge for your property, because other identical units are likely currently being rented. Maintenance expenses are also more predictable because the majority of maintenance will be done by the property management company and is covered by the monthly assessment each owner pays.
When looking for a good condo to purchase as an investment, pay attention not only to the condition of the unit itself, but also to the condition of the building. Knowing that the building is in good hands, that the HOA has plenty of funds in its reserves, and that the property management company is doing its job can go a long way towards setting your mind at ease about your future investment.
From the Desk of Keith Hales
The summer is definitely cooking for us in that we’ve already processed over 1700 resident requests as well as almost 1500 general “to-do” tasks for the properties we are managing. That’s a lot of tasks and doesn’t even include our large projects! Please keep them coming and don’t forget that we can receive any requests around the clock at any time through our web portal. The mobile site even allows for a quick picture to be uploaded with the task. Give it a try by clicking HERE and be sure to bookmark this page on your smartphone.
Are you or anyone you know interested in a challenging career in property management? We are looking for another Condominium Portfolio Property Manager and and Assistant Property Manager to help us out with managing multiple buildings.