Owner FAQs

Answers to your frequently asked questions

Am I required to make my property available to Section 8?

Yes, we work with several different housing authorities so we can make any unit Section 8 compliant.
Are you licensed?

Yes, property management is a licensed activity in the state of Illinois so we do have an in-house brokerage arm (Landmark Realty Group of Chicago).
Can I reach you after hours?

Our office phone is open between 9am to 5pm Monday - Friday. Please feel free to leave us a message and we will return your call the following business day. For a quicker response, please feel free to email your owner representative.
Can you put the money directly into my account?

Yes, we send all owner draws electronically via ACH.
Do I get to see the lease or sign it?

Landmark is happy to provide full transparency with owners and tenants alike. A copy of the lease will be provided to all parties.
How and when do I get my checks?

Statements are generated and reviewed on the 2nd and 3rd day of every month for the previous month’s activity. Your owner representative will then send the statement to you, go over any questions you may have, and initiate the owner draw via ACH.
How is rent collection handled?

Landmark currently uses Appfolio to stay connected with owners and tenants. All tenants will have access to a tenant portal where rent collection will be deposited into the appropriate accounts. All payments collected via check or money order will be logged and deposited accordingly. Landmark does not accept cash.
How long of a lease do you sign?

Landmark is currently offering 12 month leases to qualified tenants.
How much security deposit do you charge the tenant?

This varies from property to property but we generally recommend a security deposit equivalent to 1 to 2 times the rent amount.
What type of properties do you manage?

Landmark specializes in residential single family and multi-unit properties.
What type of reports do I get and how often?

Your owner representative will email you monthly owner statements the first week of the month, for the previous month’s activity. These reports will detail all income and expenses for that month.
Who holds the tenant security deposit?

Landmark will hold security deposits in a separate escrow account specifically for security deposits. We do not hold security deposits for properties within the city of Chicago.

Onboarding & Agreements

What are the requirements for onboarding my property?

Owners must provide a signed Property Management Agreement (PMA), access to the unit via master key or multiple sets, a completed W9 form, insurance documentation, and payment of onboarding fees and reserves.
What are the onboarding fees?

A $300 fee per occupied unit applies. This will cover initial admin related tasks to onboard your unit and tenants. Fees may be waived for existing owners with prior approval.
Can I use my own broker to place tenants?

Yes. However, the owner's broker must coordinate with the Leasing Manager before listing the unit, and all aspects of the move-in process, including application and underwriting, will be handled by Landmark Property Management (LPM).
What is the minimum onboarding timeframe?

At least 7 days to ensure proper preparation and compliance with our service standards.
How long is the property management agreement?

Our property management agreements have an initial six-month term. We believe in giving property owners the flexibility to evaluate our services without committing to a lengthy contract. If you decide to cancel within the first six months, a $300 cancellation fee applies. After six months, there are no cancellation fees or penalties.

Property Management & Maintenance

Who is responsible for maintenance?

Owners must approve maintenance expenses over $500. Emergency repairs are completed immediately without prior approval. Urgent necessary repairs are completed at LPMs discretion.
Can I perform my own maintenance?

No. Owners are not allowed to coordinate maintenance for occupied units. All maintenance must go through LPM’s approved vendors.
What are the property standards for listing?

Properties must meet "Rent Ready" standards, including habitability requirements. A final walkthrough is conducted before listing.
Does LPM handle property inspections?

LPM will handle property inspections only upon special request and at an additional cost.

Financials & Fees

How are rental rates determined?

The Director of Leasing sets rental rates based on a Comparative Market Analysis (CMA). Any deviation requires approval.
When do I receive financial reports and distributions?

Owners receive monthly financial statements and distributions on the 20th of each month or the following business day in the event the 20th lands on a weekend or holiday.
What fees should I expect as a property owner?

At Landmark Property Management, we believe in transparent pricing so property owners understand the costs associated with managing their rental properties. Depending on the services provided, fees may include an initial onboarding fee, monthly property management fees, leasing fees, lease renewal fees, and other applicable service charges. All fees are outlined in your property management agreement.

Our management agreements have an initial six-month term. If an owner cancels within the first six months, a $300 early cancellation fee applies. After the initial six months, owners may cancel without any cancellation fees or penalties.

We encourage property owners to review their management agreement and ask questions about any fees before signing so there are no surprises.

Termination & Transfers

How do I terminate my management agreement?

Landmark Property Management agreements have an initial six-month term. If an owner cancels within the first six months, a $300 early cancellation fee applies. After the initial six months, owners may cancel without any cancellation fees or penalties.

A 30-day notice is required to terminate the management agreement. Following termination, there is a 45-day closeout period to allow for final billing and account reconciliation.

To begin the termination process, contact our management team. We will guide you through the necessary steps and coordinate the transfer of property records, tenant information, and other relevant documentation in accordance with your management agreement.
What happens if my property is in foreclosure?

LPM does not manage properties in foreclosure. If notified, we will provide a 30-day termination notice.