While owning a home comes with many benefits, the most notable is the potential to rent the space out to tenants. Owning a rental unit can establish a steady stream of passive income. The average home in Illinois is worth just over $280,000, putting it on the lower end of the national average.

Affordable real estate has made places like Chicago great areas to invest in rental properties. Yet, many owners are on the fence about using multiple listing services to advertise their units, so we've created a guide that outlines the pros and cons. Let's explore the primary benefits and drawbacks to keep in mind.

Accuracy

MLS listings in the Chicago real estate market are renowned for being the most accurate resource for property information. Listings are constantly updated, sometimes on a daily basis.

Users can expect to find high-quality photos in addition to comprehensive property data. Agents will prioritize using an MLS for their clients, allowing you to increase your property's exposure.

Cost Efficiency

Consider the money you pay for MLS fees as an investment in your marketing strategy. One way or another, you'll need to spend money to get your investment property in front of the right audience. You can allocate the money you save to other areas of rental property ownership, such as maintenance or renovations.

Convenience

Using an MLS allows you to streamline finding tenants for your property. The platform has everything you need in one place to consolidate your efforts. This can substantially minimize mental fatigue, as being pulled in different directions is frustrating.

Multiple Listing Services Drawbacks

No platform is perfect, and this also applies to multiple listing services. It's crucial to understand the drawbacks of using one. Listed below are two of the most notable.

You'll Need Assistance

You can't simply pay for multiple listing services and expect everything to fall in line. You'll need to work with a professional to get the best results.

More specifically, you should focus on property management companies. They have the tools and resources required to leverage this type of platform.

When looking for someone to hire, research their past reputation. This plays a large role in what you can expect.

You should also ask about the fees they charge. The last thing you want is to deal with financial surprises.

Assess how communicative they are, as well. If they're difficult to get in touch with, continue your search elsewhere.

Results Aren't Guaranteed

Although using an MLS is an amazing opportunity, results aren't guaranteed. There's a chance that your listing could take a while to get noticed. You might also deal with unqualified tenants, something that could extend your property's vacancy.

Regardless, it's in your best interest to use an MLS. The benefits strongly outweigh the drawbacks.

Get Started ASAP

Using multiple listing services is in your best interest. This will allow you to fully leverage the opportunities they provide.

GC Realty & Development aims to help Chicago property owners streamline their management obligations. Our professional team proudly strives to exceed each of our client's expectations. Contact us today for a free quote and more info on how we can simplify your role as a property owner.