Dec 2017

20 Benefits of Hiring Professional Property Management Company in India

20 Benefits of Hiring Professional Property Management Company in India Update

Are you away from your rental income property and having to manage it remotely? There is good news for you. Professional property management services of excellent quality are available in India across multiple cities now!

How can a property management company help you? What are their duties and responsibilities? How can you be sure to choose an efficient property manager, and what are the benefits of of hiring the right property manager? Here is a little insight to throw light on the subject:

  • Representation: If you an NRI landlord who is having to manage your property in India remotely, you may appreciate the services of a capable and dependable property management company to assist you. A professional property management company will represent you in your absence to fulfill required procedures on your behalf. They will act as a buffer between you and the tenant, sparing you from investing un-required time and effort. Tenancy management needs consistent attention and follow up to ensure not only that the rent is received on time, but also that the property receives care and maintenance.


  • Staying in control of the situation = peace of mind: It does not matter how many miles you are away from your property, really. You have the option of staying perfectly in control of your tenancy by deciding to hire the services of a local property manager to represent you adequately. Being able to receive all relevant information to keep you updated definitely leads to a great relief and reassurance.


  • Local knowledge, network and influence: A property management agency who specializes in the area will know the locality like the back of their hand. They will be very familiar with the other properties in the area as well and will be able to comparatively strategize the marketing of the property to potential tenants. They will be well linked with the other real estate companies and agents in the area and will network with them to promote your property to a larger audience.


  • Setting the right rent: A property manager who has chosen a certain jurisdiction and specialized in it over the years, possesses the right information and insight to help set the right rent. They will also ensure that you do not set lower rent than the property deserves, nor too high a rent which will deter tenants. A very high rent will make the make the property sit vacant and unoccupied for a longer time, which would result in loss of income month on month. An efficient property manager will suggest you the right rent and work diligently to let out your property at the earliest.


  • Promoting your property professionally: Experienced tenancy managers are experts at promoting properties both online and offline to fetch the best responses. They will use a combination of various promotional activities and strategies to attract the right tenant at the quickest. They will focus on earning both your goodwill and a quicker income. In India, property managers are paid only when the premise is let out. Hence it is in everybody's best interest to rent the property at the earliest possible!


  • Preparing the property for inspection: Your property manager will make suggestions which increase the rental value of your property and make it more attractive to those who inspect it. They will maintain the property clean and clutter-free, thus creating a welcoming ambiance for the potential tenants.


  • Fixing appointments and showing the property: You will spared of receiving tons of calls from would-be tenants and agents. Your property-cum-tenancy manager will field all the calls for you, schedule appointments and show the property, until an interested viewer expresses interest in renting the property.


  • Screening the tenant: Ace tenancy managers will be able to advise you on the kind of tenant your property will best attract. They will also screen the tenants' profile to help you get a higher quality of tenants. Knowing that your property is occupied by a good tenant who will take care of your property, pay rent on time and vacate the premises willingly upon the expiration of the 'Leave and License' agreement, is a huge factor is guaranteeing peace of mind across the miles.


  • Negotiating the rent: An efficient tenancy manager will not put you through the travail of having to speak, discuss, argue and negotiate with multiple people who may be interested in renting your property. He/she will use the rental figure advised by you as the standard and will negotiate on your behalf. They will keep you informed at all times, and keep consulting with you through the process of finalizing a tenant, and will introduce the ready tenant to you when all deciding terms are finally agreed to.


  • Assistance with the documentation: Your property manager will provide extended support to you through the documentation process. They will coordinate with the legal advisers who will prepare the 'Leave and License' agreement and take an appointment with the government registration office to register the document. They will be present at the registration office to sign as a witness to the registration, as a sign of their commitment.


  • Ensuring Compliance with government and society agencies: You can authorize your property manager to represent you to submit the 'Police Verification' form to the local police station, to verify the tenant. This is a mandatory compliance is many states of India now, as it helps track movement of people. It is the landlord's responsibility to submit a "C' form to the FRO, in their city, if the tenant is a foreigner.


  • Handing over possession of the premises to the tenant: A possession report is a very important document. It comes into play crucially when the tenant is vacating and the security deposit has to be refunded. A possession report contains the inventory of furniture and fixtures in the premises, and records their condition. This encourages the tenant to return the property back to you in a good condition, barring normal wear and tear.


  • Representing you the society: Your property manager will represent you and introduce the new tenant to the society, and fulfill the obligatory procedures prescribed by the society. This is ensure that you are able to maintain a harmonious relationship with the society in which your property is situated.


  • Periodic updates and reports: You will be able to receive regular reports on the status of the tenancy and the condition of the property. Your property managers will ensure that you do not have to pay for the repairs which the tenants should be, and will coordinate with the society if required, for repairs which are the society's responsibility.


  • Fielding emergency calls: Your property manager will accept to being the first point of contact for the tenant and the society. You can rest assured that your time will not be consumed unless it is strictly required. Your property manager will attend to all relevant calls, keep you informed and will step forward to do the needful to resolve the situation.


  • Ensuring that you to not have to pay penalties: Many NRI property owners with properties in India often are forced to pay penalties because the corporation taxes or society maintenance charges were not paid on time. A good property manager will keep track of these payments and ensure that you never have to pay penalties again.


  • Save you from owner-tenant conflicts: A property manager acts as a much needed buffer between the owner and the tenant, to negotiate, engage, assist and facilitate as and when required. Owners benefit from this arrangement during renewal negotiations and situations which call for a third intervention.


  • Maximized revenue, minimized expenses: A better maintained property is empowered to generate a higher income, and needs lesser expenses. Property management services are much required in India, because it is way too often that the tenants leave the property in a deteriorated or trashed condition, leaving the owner disgruntled and having to cope with not only extended repair, but also unjustified expenses, loss of goodwill, rent and precious time.


  • Pre-vacating checks: It is a relief to have a professional agency to represent you when the tenant vacates the premises to ensure that you are receiving back the property in a good condition and all the utility bills have been taken care of. It is also very important to return the security deposit to the vacating tenant immediately to ensure that they are not inconvenienced, and will return possession of the property. This ensures an earlier promotion of the property to the next tenant and a shorter vacant period.


  • Advise to sell the property or invest in more properties: Your property manager is also an efficient and trusted real estate consultant who will help you sell you property, reinvest or buy a new property which be an asset to you.
Updated: 12/9/2017 5:22:32 PM
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