Real Estate Owned (REO) Property Management

Millennium Properties has long-standing relationships with a number of 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.

REO Managed Properties

Medical office condo in Lake Zurich property management by Millennium Properties

An office condo previously used as medical space in Lake Zurich

A free-standing former restaurant on Townline Rd in Mundelein managed by Millennium Properties

A free-standing restaurant managed by Millennium on Townline Rd.

Lakeview office and retail building managed by Millennium Properties

An office and retail building on Chicago's north side

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.

Commonly Asked Questions about REO Property Management

Is tenant turnover and vacancy handled in managing REO properties?

Yes, tenant turnover and vacancy are integral aspects of managing REO properties. Millennium Properties assists with leasing vacant units by preparing rent valuations, marketing spaces broadly, evaluating prospective tenants, and negotiating leases. Additionally, tenant management services include addressing tenant concerns, ensuring strong retention, and maintaining open communication to create long-term success for the property.

What does REO property management usually include as part of the service?

REO property management services typically encompass a range of activities designed to maximize property value and operational efficiency. These include physical property inspections, compliance with local property ordinances, documentation audits, repair and cost reporting, tenant management, leasing vacant units, and preparing strategic plans for repairs and sales or leasing. Millennium Properties also offers brokerage services to assist with property sales and long-term leasing strategies.

Is rent collection and financial reporting included with REO property management?

Yes, Millennium Properties offers comprehensive financial management as part of its REO services. This includes accounting, financial reporting, and ensuring rent collection is efficient and timely, which allows property owners to maintain a clear understanding of their property's financial performance.

How are REO properties reviewed and managed for compliance with regulations and codes?

Millennium Properties ensures REO properties meet all regulatory and code requirements by conducting thorough inspections and bringing properties into compliance with local ordinances. This includes addressing potential safety, security, and environmental concerns while coordinating with trusted contractors to complete any necessary updates or repairs.

How does managing an REO property differ from other properties?

Managing REO properties often involves addressing unique challenges such as securing vacant units, resolving outstanding documentation issues, and ensuring compliance with local regulations. Unlike traditional property management, REO services focus heavily on stabilizing the property, preparing it for resale or leasing, and executing turnaround strategies to maximize its value for financial institutions or owners.

Transform your REO properties with expert management—contact us today!