Property management services in India for residential properties!
Check this out to know more about the services being offered increasingly by the property management companies in India.
In India, homeowners are getting busy with their daily work, and do not have the time, bandwidth, and expertise to manage their residential properties, especially for renting them out to the right tenants.
This happens if you are on the move as a professional, and are not in the same city as your property. So, while your property is in Bengaluru or Gurugram or Mumbai, and you are away in India or abroad, these professional ‘property management firms’ come to your rescue. These companies charge about 9% to 10% of rent or on pay for performance basis, which seems worth based on the services offered!!
Even business people who own properties do not find enough time to manage their properties.
You obviously want your property to be safe, and would also like some returns coming your way!
Managing your own rental property does not make us entirely sure what a property management company does. So, let’s explore how they take over managing your property, what that includes, and what their processes are?
Before hiring a property management company, you must know the tasks they perform, and how they handle things.
Why hire a company for property management services?
- Frees up your time
- You feel confident that your property manager will take good care of your property
- Handle everything from tenant selection to maintenance repairs
Evaluation of the property to determine the rental value
- Documentation of interior and exterior.
- Suggestions on repairs and maintenance to improve the rental value
- Research and gather rental rates for similar properties in your locality.
- Educate the owners about the pros and cons of accepting different kinds of tenants.
Property Marketing for rent
- Clean the property internally and externally.
- Publish ads by utilizing various advertising mediums.
- Contact local realtors and ease agents to find a tenant.
- On-call availability for answering the questions of prospective tenants.
- Availability in person to show the property
- Assuring documentation assistance to the tenant.
Tenant Screening and Selection
- Conduct a background check to verify the identity, criminal history, and income of the tenant.
- Confirm the move-in date and review the lease or rental guidelines prior to signing the agreement.
- Conduct a move-in inspection and prepare a detailed report with tenants’ signatures.
- Collect the first month’s rent and security deposit before move-in.
- Collecting monthly rent on time.
- Follow up on late payments.
- Legal documentation assistance and advice on legal disputes
- Assistance in referring a qualified attorney to the owner if necessary.
- Perform regular inspections according to the schedule looking for repairs and maintenance needed all over.
- Send periodic reports of the inspection to the owner
Maintenance and Repairs
- Identify the repairs and fix them immediately.
- Provide a skilled and professional team of workers to resolve the issue
- Maintain outdoor areas like landscaping, and removing trash and leaves.
- Immediate response to the complaints.
- Have a cost estimation ready to fix the issue.
Tenant Move Out
- Perform an inspection before the move-out and prepare a detailed report of the property condition.
- Inform about the estimated charges to fix the damages caused by the tenant
- Take care of the security deposit to be returned to the tenant.
- Perform required repairs and upgrades to the property.
- 6-month inspections to ensure it is well maintained.
- Pics on demand are sent to the owner during regular inspections.
- Rent collection & follow-up through Post-dated cheques or RTGS.
- Managing rent cheque clearance.
- Detailed Accounts Statements are sent to the owner, which includes details, charges, and approved deductions.
- On-time rents
- Repair requests/complaints by tenants handled/negotiated
- Repair and ad-hoc requests from owners
- Society/Association complaints handled and resolved.
- Maintenance works.
- TDS certificates/Form 16s.
- Rent receipts to tenants.
- Tenant Relationship management.
The above mentioned are some of the major services provided by most of the property management companies in the city.
It’s always safe and stress-free to have someone to take care of the property in our absence. Property management services offer peace of mind!
“Peace is a day-to-day problem, the product of a multitude of events and judgments. Peace is not an “is” it is a “becoming”.– Haile Selassie
To know more about “10 Compelling Reasons For Not Living In A Rented Property, But Owning An Apartment In India!” Click here!