Property management is crucial for NRI (Non-Resident Indians) for several reasons:
Maintenance and upkeep: As an NRI, you may not be able to visit your property frequently, making it difficult to oversee its maintenance and upkeep. A property management company can take care of the regular maintenance and repair work to ensure that the property remains in good condition.
Property Maintenance Services: Maintenance is the top priority to keep in mind if you have a property to manage. This will keep your property operating effectively and help you avoid unforeseen maintenance and repair bills.
In this article, you’ll get a look at all things Property Maintenance Services including:
Let’s get right to it.
The practise of maintaining a residential, commercial, apartment, or hospitality facility and its immediate environs through a number of particular maintenance tasks is known as property maintenance.
Property maintenance is frequently used interchangeably with building maintenance since it relates to tasks that are necessary to keep a structure livable and functional for its residents.
You shouldn’t have to worry as a tenant about problems like a clogged kitchen sink or non-flushing toilets. These frequently call for the assistance of a property maintenance crew. However, tenants frequently handle small jobs like replacing light bulbs on their own.
A property owner wants to make sure that their asset worth grows (or at the very least maintains the same) over time. You don’t want to spend the majority of your time each day dealing with irate tenants, maintenance issues, or, even worse, with liability lawsuits that may result from poor upkeep, code violations, and safety dangers.
(Pro tip: Especially for rental properties, it’s always a good idea to explicitly explain tenant vs. landlord responsibilities.)
Assume you work as a multi-family residential property maintenance technician for a reputable property management firm.
You would be responsible for handling a variety of maintenance requests every day for issues like plumbing leaks, doors that won’t close securely, heating and air conditioning problems, damaged garage doors, and slick walkways.
The list of items to maintain and keep an eye on can seem endless at times, but they are all crucial because you play a crucial role in property management overall.
Having a beautiful home is wonderful. However, if the home you’re caring for is a real estate investment, your objectives should go beyond keeping it in good condition.
Here are a few advantages of keeping up with the maintenance of your investment property:
We at LuXia LLP render property maintenance services to landowners and NRIs who live elsewhere. As part of our services, we manage and maintain the property and share updates with the owner regularly.
One of the biggest landlord responsibilities facing any property owner is rental maintenance. In fact, in a national survey conducted by Smart Move, rental maintenance was ranked as the third biggest “pain point” for landlords after loss in rental income and uncooperative tenants.
That’s not surprising. Rental property maintenance requires year-round vigilance, representing a significant amount of time and money. However, landlords can avoid the “pain points” if they follow some simple rules, stay organized and budget accordingly. Below we talk about some of the strategies for managing rental maintenance.
Some rental maintenance issues, such as a leaky faucet, often can’t be anticipated or avoided. Other issues can be addressed before they become serious problems by following a regular maintenance schedule. These are the items that should be checked on a regular basis, whether weekly, monthly or annually, such as a yearly furnace inspection. Regular maintenance isn’t just about avoiding costly repairs but ensuring a pleasant living environment for tenants.
The rental property maintenance checklist below is not meant to be exhaustive. Each landlord will need to tailor a regular rental maintenance schedule based on his or her property. Here are some examples of items that many good landlords do regularly.
Landlords should also create rental maintenance schedules for bigger ticket projects, or capital expenditures, such as replacing carpets or repainting walls. The schedule will depend on the general wear-and-tear on each individual unit, but professional property managers recommend doing these sorts of projects (i.e., interior painting, carpet replacement) about every three years unless needed sooner.
One of the keys to maintaining your unit is to conduct rental property inspections on a regular basis. There are four types of inspections landlords can do to help ensure their properties stay in tiptop shape.
There are plenty of options out there for landlords who need maintenance help. Websites like Thumbtack match professionals to those in need of services such as carpet installation and interior painting. Other companies like The Luxia. Each service call is then charged a flat fee, with a guarantee to either repair or replace the item under warranty.
Your rental property is an asset that needs to be professionally managed and managed pro-actively in order to be properly protected. Unless, of course, she’s a real portfolio manager, you wouldn’t allow your neighbor’s acquaintance handle your stock account. Similar to this, your property needs a certified, knowledgeable, and accountable investment property manager.
Being a first-time landlord, selecting the ideal investment property manager might be a daunting undertaking. What credentials should you be seeking? How do you distinguish between poor managers of investment properties and those that will look out for your money like it was their own?
By thoroughly screening each of our property managers before designating them as one of our preferred partners, we at Luxia take a lot of the guesswork out of the equation for you. We’ll connect you with a nearby, recommended investment property manager and keep advocating for you to make sure everything goes as planned.
Here are five key ways to tell if an investment property manager is right for you, plus helpful questions to ask:
The industry of property management is complicated. An investment property manager who is knowledgeable about current local, state, and federal laws is what you desire. Additionally, you want someone who has a track record of successfully managing the numerous challenges that come with managing renters and properties.
Find a property management company that has a lot of experience with the type of investment you have. Businesses that specialise in managing commercial properties, for instance, might not be prepared to handle residential properties effectively.
A real estate licence may be all that is needed to manage a property in some places, and some states don’t require any kind of licence at all. Proper licensure and professional certificates should be able to support the technical skills of competent property managers and management businesses. To find out if a property manager has a valid real estate broker’s licence, contact the real estate commission in your state. Any certificates and professional affiliations are advantageous.
Nowadays, it almost goes without saying, but check out a property management company’s Yelp, Google, and Facebook ratings before scheduling a meeting with them. As is always the case with these websites, keep in mind that some reviews (such as an evicted renter) can have a vendetta that has nothing to do with the calibre of the service performed by the business. However, when comparing several businesses, review websites might be an excellent first resource.
It’s also a good idea to look up any complaints or glowing recommendations with more established sources, such the Better Business Bureau and Chamber of Commerce.
The property management agreement defines the working relationship between you and the property manager as well as the duties and obligations of the management team. Given the importance of the contract, it is your responsibility to thoroughly study it and make any required changes before agreeing to it. Verify that it has what you are looking for and that there are no unfavourable provisions.
When we inspect the general liability, property casualty, and errors and omissions (E&O) policies of our Luxia-preferred property managers, we make sure they are adequate. Your property management agreement can also require you to have enough insurance, which is good for your own protection. Please feel free to inquire further about the required insurance coverage with your property management company.
It’s crucial to carefully assess prospective property managers, which is why Luxia does comprehensive due diligence when screening its recommended, best-in-class property management services. We look at past portfolio performance, fee schedules, number of years in operation, and much more.
Regardless of your choice—whether you go with one of our recommended property managers or pick your own—we hope the details provided in this article will give you the peace of mind that comes from knowing your investment is in capable hands.
Let’s be honest. You are unable to complete everything. Owning and managing a residential rental property can be difficult, especially if you lack the necessary time, expertise, or experience. However, giving control of your property to someone else might be unsettling.
How can you pick a property management firm that would look after your house the same way you would?
Look for a list at the end of sample questions to ask when you’re interviewing your future property manager.
You want a company that has in-depth understanding of the neighbourhood market and all pertinent local, state, and federal laws when choosing a company to take care of your home. Additionally, you want someone who has strong ties to the reliable maintenance and repair companies in the area. The finest property management company for you will be a nearby business with strong ties to the neighbourhood.
Obtaining a list of property management businesses can simply require one conversation with your real estate agent, neighbour, or friend. However, follow up on every referral. Check out review websites like Google, Facebook, or Yelp to learn more and see things from different angles. While it’s true that some people like to complain on review websites after a bad encounter, these sites also provide a quick way to get a fuller picture of a company. To ensure that the business has no complaints, you may also check the Better Business Bureau before accepting any referrals.
There are many different types and sizes of property management firms. It could be only one individual, a small business, or even a bigger organisation. Which one fits you best? You might be concerned that working with an individual won’t provide you access to all the services you require. You could be concerned that working for a larger corporation will reduce you to a number on a list. As a property owner, consider carefully what degree of service you require and make a decision based on your preferences. Choose residential property management firms over those that are more interested in managing commercial properties. Long-term residential rental specialists are likely to have greater experience with the several specialised challenges that come with it.
Whether you choose a property management firm or a single property manager, make sure you’re receiving the best value for your money. All rental advertising, application vetting, legal paperwork, property inspections, rent collecting, accounting and reporting, and maintenance should be handled by a full-service property management business. Select a company that has experience remodelling and selling investment properties if real estate is your area of interest as an investment.
California Business and Professions Code 10130 states that a property management company must possess a broker licence granted by the California Department of Real Estate. Property managers who recruit tenants, negotiate leases, or collect rent must at the very least be associated with a broker who manages properties and have a salesperson licence. If you foresee a property manager handling any of those duties on your behalf, make sure they are licenced by the appropriate state agency.
Trust your instincts, as you should in so many situations. Check out the company’s online and offline presences. Will they be able to effectively promote your home and draw tenants if they can’t do it for themselves? Before selecting if a property management business is the appropriate fit for you, schedule a personal appointment with them. Have your interview questions ready and be prepared.
Take the time you need to gauge your level of comfort with the information you’ve discovered after thoroughly investigating the property management firm. Go with your gut. Do you feel at ease leaving your house in this company’s care? Consider the situation from the viewpoint of potential tenants as well. Would you like to rent from this person a house?
Selecting a property management company is a crucial choice that can mean the difference between a hassle-free and problematic experience. Make the extra effort to locate a business that will uphold your rights and protect your property just as you would. You will be glad you did!
As a landlord, knowing the various kinds of property managers helps. After studying the different types of NRI property management companies, you can make your selection. You must understand that the services and charges of varying property managers vary, too. Keeping your budget and requirements in mind, you can hire a property manager that ticks all the boxes.
The five different kinds of property managers are as follows.
Hiring an individual agent as your property maintenance services manager may not be a good idea. They are not professionals and do not have much to offer. Neither they operate legally, nor they are insured. Merely having a license is no guarantee that they provide expert services. Instead of hiring sole agents, you are better off managing your property on your own. Such property managers handle between 1 to 50 homes.
A side business rental management company does not focus much on managing properties. Many times, they appoint one or two administrative staff to oversee the management of the property. They also allocate an individual agent who may help you out in leasing, but such appointees are not actively involved in the day-to-day management of your property. Usually, a side business property management company manages about 50 to 200 homes.
Lone ranger property managers are professional, communicative, and well-trained in managing properties. Like any professional rental property management company, they adjust to your needs and develop creative solutions to reduce your costs. Although they may be expensive, they perform a good job.
The downside of hiring lone rangers when you rent your property is that they cannot be around all the time. When they become sick or go on a vacation, you do not have anybody to supervise your property.
Compared to the specialized rent management companies, lone rangers may also not get vendors speedily for repairing works and at discounted rates. Lone rangers have portfolios within the 30 to 100 range.
Working with a small to medium portfolio property manager is a hassle-free experience; they are consistent and reliable. For example, a prominent property management company in Delhi NCR has one man as your only point of contact and an admin backup team.
A reputed average-sized property management company in Delhi controls between 100 to 500 houses, with individual managers handling 100-200 portfolios.
National brands managing between 500 to 1000 portfolios come under this category. By hiring a large-sized property management services Gurgaon, you do not end up spending a lot. Such companies use their size for increasing efficiency.
On the flip side, such property manages are not flexible because they have to coordinate with many departments. Moreover, there is less accountability as the blame (in cases of mishaps) falls on more than one department.
Although departmental property management companies provide a single point of contact for homeowners, coordinating with several departments is time-consuming.
When looking for a property manager, you must do your research well. Know about the different kinds of property managers and what they have to offer. One of the essential advantages of property management companies is that you do not have to worry about anybody breaching your property. Therefore, only know what to expect from the property manager that you’re hiring. Importantly, take a balanced decision after you consider all the related aspects.
The benefits of hiring property maintenance services providers are manifold. First, because property managers add value to your rental property investments, many veteran property investors suggest working with them.
Let us now study the various benefits landlords can enjoy while choosing to go with rental management companies.
With a property management company, you can be assured of the quality of tenants. A property management company in Delhi NCR follows a reliable verification process that helps to sift out tenants who pay rent on time and rent out for the long term.
By working with the top-ranking rental property management companies, you can avoid legal headaches, which is the case if you have bad tenants. The best property managers are well-versed with the property laws and can protect you from getting entangled in legal disagreements in cases of bad tenants.
If you work with a property management services Gurgaon company, you can use the firm’s in-house maintenance workforce for the general upkeep of your property. In turn, you save money that otherwise you would end up spending on hiring an external maintenance team.
Another benefit of working with a property management company is that you need not worry about rent management and collection. The property managers have you fully covered with the power to apply lease policies in cases of difficult tenants.
A well-established rental property management company helps to maintain the value of your property, too. Property managers have several years of expertise and can help in detecting maintenance problems during the early stages.
Now, by conducting the mandatory repair works on time, you prevent the issues from worsening. In the process, you save expenses of more extensive and costlier repair works that you otherwise would need to complete at a later stage.
Preventive maintenance is key to maintaining and raising your property value when you rent your property. As part of preventive maintenance services, property managers carry out maintenance checks and inspections regularly and report efficiently.
The best NRI property management companies also provide valuable suggestions on whether you should opt for upgrades or modifications to increase your potential rental values.
As a landlord, you do not want to deal with tenant issues. Here, you have to appoint the property management company in Delhi to deal with any tenant issues on your behalf.
Besides handling tenant complaints, property managers give detailed reports to the landlords. As a result, you do not have to get directly involved in the process and can get more free time to devote to other, more important matters.
One of the advantages of property management services also lies in the fact that property management companies can help in reducing the tenant turnover rate. Tenants may also be willing to pay higher rent (if the landlord demands) if they are sure of the quality of services.
We at LuXia have been managing properties of NRI and other clients for several years now. So, if you want to save yourself the trouble of scouting high-quality tenants and property maintenance jobs, only approach us.
We have a reliable screening process to get you good tenants who do not cause much wear and tear to your property or pose undue problems.
Contact us today to know about our best property management deals!