Maintaining peace of mind with professional help in managing your rental properties
Managing a Rental Property is a local business, when you are not local it is important to take help from your family, friends or professionals. Taking assistance from friends and family comes with a caveat that property management may not be effective. Here are some examples; ones’ parents may not be able to travel to the property as needed if their age limits their ability to travel around. Friends could be busy. Unless the property is within 10KM of where your friends and family live, it may not be practical for them to help on timely basis.
While this is the case with property owners, on the other side prospective tenants have to struggle to find good rental accommodation at reasonable prices in major cities across India. Rental accommodations were just locked up without letting out due to lack of professional help to manage real estate in absence of their owners.
But things are changing at unparalleled rapid pace. Rental and Property Management companies are spreading their wings into retail property management along with their services to corporate sector. This growth is driven by NRIs and absentee owners who migrate to other states within India – they leave their rental spaces for good use in the hands of professional property management companies. So the demand for such service stake a northward plunge when owners invest in housing in one city and are suddenly compelled to shift to different geographies.
Although most of rental property management companies offer limited services ranging from finding tenants to contracting, there are some that offer a comprehensive range of services –including finding reliable tenants, on-boarding of tenants, maintaining the property( cleaning before move-in, routine maintenance, repairs, appliance repair and replacements, move out inspection, cleaning after move out), handling finances, assisting with bill and tax payments, contracting, pest control etc. PORTIQO is one such company that offer comprehensive property management solution for peace of mind management.
Real Estate owners especially NRIs and individuals residing in cities across India, leasing, remittance of legal dues and other related areas demand services from the professional rental property management ventures.
Scope of services is said to expand more as some companies are offering service such as resale and architectural design changes besides maintenance and tenant management. This encourages NRIs and other homeowners who are away from their properties to take professional help instead of relying on their friends and family in their pursuit generating income from their investments.
Irrespective of who manages your property it is important to understand that there are three critical elements to every Hassle-Free Property Management plan –
Renting the property and making sure it stays rented
- Rental income is significant portion of your ROI. Make sure you get good tenants and keep the occupancy rate high.
- Rental business is a profit making one; do not lose money over it. Make sure the contracts are solid and move-in condition is appropriately documented to avoid losing money in future.
Ensuring good condition of property to maintain resale value
- Preventive maintenance and periodic inspection must be part of your property management irrespective of who takes care of it because maintaining the value of property is critical part of your real estate investment.
- Make sure taxes are paid on time to avoid penalties and potentials liens against property by tax authorities.
- Be practical about your time, if needed hire a Property Management Professional. A 20KM taxi ride alone may cost more than what you might pay property manager – who can do so at that price because they manage tens if not hundreds of properties in that area.
- They can also save you money because they have existing relationships and negotiated prices with vendors in that area.
Proper rental exit
- Make sure tenants clear all dues; cleans the property or pays for cleaning.
- Move-out inspection has to be part of your property management plan.
Getting right professional help being the need of hour with regards to getting right tenants, rent and care, NRI homeowners can now take breather by hiring rental property management companies in effectively managing their properties.