Frequently Asked Questions (FAQs) about Rental Property
Management
Who pays for advertising?
Each owner pays for the actual cost of advertising his property
for rent. Peak Properties has negotiated very favorable rates in
local newspapers, which we pass on to our owners. These charges are
shown on the monthly owner's statement. We do our best to minimize
advertising expenses for our owners but "For Rent" ads continue to
be the best source of tenants.
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How much security deposit do you collect?
This usually depends on the owner of the property but a good rule
of thumb is at least one month's rent in advance.
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How do you handle tenants who are using illegal
drugs?
Peak Properties has a "no tolerance" policy for any kind of
illegal drug use. All tenants sign our Illegal Activity Addendum at
the same time they sign the rental agreement, prior to moving in.
This document gives us the right to cancel a lease if the tenant OR
GUESTS use drugs, cause a disturbance or are involved in any
illegal activities.
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As the rental agent, who does Peak Properties represent - the
property owner or the tenant?
We represent the property owner. Our contract is with the property
owner and it designates us as the landlord's legal agent. We make
sure that the owner is in compliance with Federal and State laws,
including Fair Housing Laws and the Landlord-Tenant Code of
Chicago. Part of our responsibility as the landlord's agent is to
maintain a good relationship with the tenant. We take pride in
providing excellent service to both landlord and tenant.
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What if the tenant doesn't pay rent?
We mail a certified letter by the 4th of the month. Then, we will
send a demand for possession that begins the eviction process. This
process takes about 30 days to complete.
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What if a tenant doesn't pay rent, claiming the house needs
maintenance?
We take action on the maintenance. We are here to service our
tenants
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Who performs maintenance for your company?
A variety of independent contractors -- from handymen to
locksmiths handle maintenance. We use high quality workers who do
excellent work at a fair price.
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How do the maintenance professionals charge for their
work?
It varies by the complexity of the repair and time spent on the
job. For larger projects, we obtain a written quotation in advance,
which is approved by the owner. Many maintenance professionals
charge us low, wholesale rates.
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If a tenant moves out and forfeits his security deposit, how much
does the manager keep?
None. The owner gets it all.
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Are references available from Peak Properties
owners?
Yes, available upon request.
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How do you advertise your vacancies?
Peak uses local Web Sites, the Chicago Reader and other rental
agencies to move our inventory.
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Who handles problems late at night?
Peak offers its tenants a 24 Hour Emergency pager for access to
our services.
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