Real Estate Owned (REO) Property Management
Millennium Properties has long-standing relationships with a number local, regional and national banks and financial institutions. These institutions rely on our REO and receivership services to manage their properties and execute profitable turnarounds throughout Chicago and its suburbs.
We will identify any potential issues affecting your REO property and prepare a strategic plan to address them, including a budget for repairs, a timeline to turn it around plus a sales and leasing strategy. We have years of experience as managers and our skilled team can handle all of your property management needs – from tenant management and leasing to accounting and financial reporting to hiring trusted contractors to repair and redevelop your asset.
Let our property management experts take responsibility for the leasing, upkeep and oversight for your properties.
Our REO management package includes the following services and more:
- Physical property inspection: We will conduct a full inspection to assess the safety of your property, security of the premises and potential for environmental issues.
- Bring properties to code: We can make sure each property is fully compliant with all property ordinances.
- Audit documentation: We can make sure that all leases, security deposits, expenses, service contracts, ledgers, contractor agreements, past books, insurance certification and accounts are well accounted for, eliminating the potential for liens against your property.
- Repair and Cost reports: We can strategize recommended repairs with an estimated cost and timeline for each improvement.
- New Locks: We can improve security by installing new locks as well as securing windows and other entryways for vacant units or while repairs are underway.
- Leasing Vacant Units: Our team of experts can prepare a rent valuation for your apartment building or commercial property so you know what each space is worth. We will broadly market the vacant units through a variety of sources, evaluate potential tenants and negotiate the leases so that your property is set up for long-term success. Marketing strategy and leasing valuations are also available.
- Tenant Management: We will work with your tenants to quickly resolve any issues that may arise. Our managers will regularly visit with your tenants, maintaining open communications, and our quality customer service will ensure that your tenant retention remains strong.
- Assistance with sale: Our brokerage staff can market the property, screen potential buyers and negotiate the sale of your property. Sale valuations are also available.