According to the Project Management Institute, poor communication is the #1 reason for project failure. This is especially true in commercial construction projects due to the multiple stakeholders—the developer, architect, contractor, subcontractors, consultants, suppliers and investors. Further, key decision-makers may be off-site, away from the realities of the project work. Poor communication easily creates a snowball […]
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Americans spent $420 billion on home remodeling in 2020. The pandemic changed how we use our homes—perhaps permanently—and kicked off a remodeling boom the is ongoing.
Hiring the right construction management firm is often as important as the construction company completing the project. From years of experience to managed budgets and a host of other considerations, its important to conduct your due diligence when researching potential firms to assist with your construction management project. Of course, if you've already got a great working relationship with your current property manager or real estate company, they might be able to provide you with the needed construction management services you require – just ask!
Summer is officially here, and because Chicago summers can be on the short side, locals make the most of the time we have. To compliment our “Winter in Chicago” favorite things post (make a note for next year), the GNP team is pleased to offer up our favorite ways to enjoy summer in the city. […]
Selecting the right HOA property manager for your community takes time and effort. Not only do you need to know what services you are buying into with prospective firms but you also need to understand their cost/fee structure so that there are zero surprises for your HOA. Before you hire a new HOA property manager for your Chicago condo community make sure you’ve asked detailed questions and feel comfortable – to ensure success, both the condo board and the HOA property manager need to develop a solid working relationship.
Recent world events haven't exactly been kind to either tenants or landlords. The worldwide lockdowns resulting from the COVID-19 pandemic have led to radical shifts in commercial real estate. Millionacres reported that high-end commercial districts in New York have seen precipitous drops in cash flow, while Daily Business Review stated that some commercial property types in South Florida have watched their transaction values halve on a year-over-year basis.
One of the best ways to keep a tenant happy and ready to renew their lease is to manage tenant maintenance requests quickly and efficiently. Maintenance requests typically come without warning, causing landlords to juggle schedules and resources. Some requests are more urgent than others, but the tenant’s only concern is their issue, and most […]
A rental property to-do checklist for first-time landlords The single-family rental market is hot. Realtor.com’s chief economist, Danielle Hale, projects rent price growth will likely remain elevated well into 2023. Based on the consumer price index, the Federal Reserve Bank of Dallas forecasts that year-over-year rental price growth will rise from 5.8%, as of June […]
Being a landlord is hard work and demands specific skills. Even those well-suited to the role make mistakes—especially at the beginning. For many property owners, landlord “duties” is a side gig, something you do when you’re not doing your “real” job. But being an independent landlord is a real job—and it can be stressful. Landlord […]
Aside from a financial or legal misstep, the most common reason an HOA board decides to hire a new property management company is that the previous manager was inattentive or lax and routinely failed to follow through with responsibilities. The result is that the primary focus of the manager interview process becomes all about ensuring […]