Category Property Management

Finding a property free of any legal squabbles is a significant accomplishment. The frequency of land conflicts has increased along with the real estate sector’s phenomenal rise. Land ownership disputes have been a major cause of project delays on numerous occasions. Although the real estate law, which is being implemented in various phases throughout the country, will improve the situation for property buyers, here is a self-checklist to determine whether the property you are shortlisting is worthwhile investing in or not:

Check For The Title Papers

A property should have an unambiguous, transparent title. When purchasing a brand-new home, the construction company should own the land’s title. If purchasing a used one, carefully review the papers or consult a property lawyer to verify their validity.

Ask For Bank Approvals

Your work is halfway done if you are having the bank finance your home. The property is evaluated by banks before they approve your loan. Several banks provide on-site offers for apartment projects, which amply demonstrates that the real estate is legally vetted and has all necessary approvals in place. But be sure to read the fine print before you sign the bank loan contract.

Encumbrance Certificate

A certificate of encumbrance signifies that a property is legally free of any mortgage or outstanding loan. It also includes the previous owner of the property’s name. To determine whether the previous owner had mortgaged the property and whether all the dues had been paid, this is a crucial document when purchasing a resale property.

Tally The Approved Plan With Actual Site

Make sure you receive a copy of the approved map from the developer that has been approved by the local authorities if you are purchasing an apartment complex. This can provide you a realistic impression of the locale and any encroaching construction.

Check Out Property Tax Slips

Ask the prior owner for the property tax papers if you are purchasing a resale home. This will offer you information on two things: if the colony or region you are buying in is lawful or illegal; and whether the property is properly registered and there are no outstanding debts to the local government.

Project Has A Registered Society

A recognised society and a resident welfare association ought to be present in every apartment building. This is a legal process in and of itself, and it also provides information regarding the legitimacy of the project and the land you are purchasing.

Before you purchase a house, there are numerous tasks you must complete. You might blow through all of your savings or apply for a bank loan. Therefore, it’s crucial to consider these factors carefully and make a choice that will leave you feeling at ease.

When investing in real estate as an NRI, you immediately encounter one clear obstacle: your property is frequently very far from your residential region. It is challenging to make on-time trips and to stay current on regional changes and market trends. An NRI property management business can be very beneficial at this point.

When you live abroad, you may not have time to follow up on property concerns because you are already juggling other responsibilities.

Imagine there is a leak in the house where you rented out your residence in India and left it in the care of a close cousin. The tenant is attempting to reach your relative but is having trouble doing so, and you are not available because of the time difference. What does your tenant do, and what do you do to get that water leak fixed asap?

Although they appear straightforward, these circumstances could occur frequently. It all adds up: a broken window, a water leak, policy modifications, unforeseen tenant requests, etc. A relative might not be able to handle all of these issues in tough times.
As a result, you require an NRI property management company to oversee every aspect of your property.

These little but important issues are taken care of for you by an NRI property management firm. Additionally, they make sure any damages or maintenance tasks are finished if your tenant vacated unexpectedly, and they list your property in the appropriate places.

Here we list the benefits you can reap by getting yourself an NRI property management company.

Analyzes your Property and the Real Estate Market

You need someone who can continuously track the shifting real estate market and take the right action at the right time when buying or selling a property. If you don’t know the current market trends and the worth of the properties in your area, you can wind up undervaluing or overvaluing your real estate investment. Additionally, if you already own a property and want to rent it out, you might not be fully informed of the rent trends in your area.

You can get a team that is committed to finding the best real estate investment opportunities for you by hiring an NRI property management company.

Pays Attention to Every Detail

A competent property manager from an NRI property management firm will be able to periodically visit your property to oversee its care and maintenance. The property must be periodically inspected for weather-related damage and, if occupied, any unreported tenant damage, regardless of whether it is vacant or occupied.

For instance, a property manager will visit your vacant property to assess what repairs and improvements are needed, as well as how to prioritise them. Broken windows, water leaks, peeling paint, deep cleaning, etc. might all be examples. After a property manager has inspected the property, the next stage is to acquire, sell, or rent it.

When buying or selling a property, our team at LuXia uses efficient marketing to generate high-quality leads. We also handle all calls, visits, showings, and negotiations. When renting, we make sure that the prospective tenants have been vetted and satisfy any requirements you may have for who you rent your property to..

Inform People About your Property

If you are an NRI, it’s possible that you won’t have the time to keep up with all the listings and questions from prospective buyers, sellers, or tenants. You can lose money on your real estate investment due to a busy schedule. To find you the best buyer, seller, or tenant, an NRI property management company, however, has a team dedicated to creating appropriate ads and listings. Depending on the type of lead and the purpose of the property, they take the necessary actions when they locate the right person..

Looks After Tenant Management

A team of experts from an NRI property management firm work on several parts of your property, such locating possible renters and screening them. Your property manager will help you with the agreement formalities and cover all legal bases for you and your property when you are pleased and like the prospective tenants. A property manager will stop by to check on the building’s ongoing maintenance after your tenant has moved in. They are accessible to the tenant for any last-minute or urgent needs, complaints, or issues.

Manages all the Taxation and Legal Formalities

At LuXia, we fully assume responsibility for managing legalities and filing property taxes. As a result, you won’t need to worry about any of these issues. In order to prevent any legal penalties for your property due to incomplete paperwork, we also provide you with regular updates on any changes as needed.

The LuXia – NRI Property Management Company in Delhi

How do we know this is happening is one of the crucial concerns that property owners face. We at LuXia maintain our procedures’ transparency for all of our clients’ benefit. Furthermore, by distributing rent on time, we maintain a high level of service. Our committed customer care team responds to any of your inquiries.

A well-known O2O second landlord platform is The LuXia. We are a business situated in Delhi that provides expert housing asset management for certain apartments, villas, and homes. Our larger goal is to advance, streamline, and secure real estate transactions.

Conclusion

Due to the tremendous expansion of IT Centers over the years, important cities like Pune, Mumbai, Bangalore, Chennai, and Delhi NCR are now thriving rental hubs. Numerous NRIs and locals are investing in these properties because they offer significant rental income and capital growth and because they perceive a market opportunity.

Being a tenant, however, is challenging, especially if you intend to rent out your house. Maintaining a pleasing décor and dealing with problematic renters’ legal issues feel like never-ending tasks. To simplify the landlord’s job and lessen the hassle of NRI Property Management, several well-known NRI Property Management Companies in India provide cutting-edge end-to-end property management solutions.

5 Expert Tips on How to Choose an Excellent Property Manager

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:

1. Look for specialized experience

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.

2. Verify professional licenses and certifications

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.

3. Check reviews and references

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.

4. Examine the property management agreement

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.

5. Make sure they have the appropriate insurance

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.

6 TIPS TO HELP YOU CHOOSE THE RIGHT PROPERTY MANAGEMENT COMPANY

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?

Here are 6 tips for choosing a property manager that’s right for you.

Look for a list at the end of sample questions to ask when you’re interviewing your future property manager.

1.

Go local.

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.

2. Check out referrals.

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.

3. Decide on a large firm or boutique experience.

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.

4. Aim for a full range of services.

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.

5. Make sure the property manager is licensed.

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.

6. Listen to your instincts.

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!

Get Legal Advice on Property Disputes by Property Lawyers

Living away from home is one of the main disadvantages of being an NRI. This has negative legal and emotional effects in addition to emotional ones.

NRIs all over the world have repeatedly encountered a wide range of property difficulties, including illegal occupation, tenant conflicts, the unauthorised sale of their hard-earned property, as well as other problems. Additionally, NRIs frequently struggle with problems relating to the ownership or status of their property title, register requirements, etc. They frequently become confused and anxious at this point and seek suitable legal counsel in order to solve their problem quickly and painlessly.

They are unaware, nevertheless, that a Property Management Lawyer can deal with issues like these with ease. These attorneys help NRIs to swiftly and accurately address their problems by pursuing things pertaining to their property.

How can a Property Management Lawyer help their NRI clients for a property dispute?

In order to help NRIs resolve their property conflicts, a property management attorney can be extremely helpful. A property management attorney may assist NRIs in a number of ways, from handling the matter to ultimately getting it determined in their favour. Among the important topics covered are:

1. Looking for prospective tenants for your property and coordinating with them
2. Handle any complaints, eviction matter, rent collection or any repair work etc. on behalf of their NRI client
3. Maintaining communication amongst tenants, landlords and site personnel
4. Providing accurate and relevant legal advice on matters relating to the existing market value of their property, available tax advantages and government restrictions, if any
5. Making you aware of relevant terms and conditions related to sale and purchased procedure, deed in accordance to the law of the land
6. Make necessary transactions related to the property
7. Locally resolving issues related to property
8. Handling matters like that of trespassing, encroachment and torts
9. Preparing and drafting deeds and filing them
10. Assisting  in document registration
11. Assessing the purchase lease and agreement
12. Legally representing the NRIs in the court of law if required
13. Filing an appeal against a decision if required
14. Negotiating or making settlement on behalf of the NRI client

As a result, you can contact us if you’re an NRI looking for dependable and trustworthy legal services to aid you with your legal difficulties. The Luxia is an easy-to-use legal platform that gives people all over the world an immediate, hassle-free solution to all of their legal issues. We offer a selection of over skilled lawyers who are only a click away.

As a rental property owner, you have many property management issues to take care of. Of course, you can always hire a property manager to deal with the nitty-gritty. On the other hand, you can opt to manage your property too. However, rental property management is not as easy as it seems. Right from managing your tenants to safeguarding your property to handling the finances, you have a lot to do.

Tips on Rental Property Management

Here are some rental management tips that can help landlords know about the do’s-and-don’ts when renting out their properties.

HANDLING TENANTS

When you rent out your property to tenants, learn about your tenants’ problems and address their issues. Also, by following up after resolving their grievances, they know that you care for their wellbeing. Now, a good way of reducing tenant complaints is by inspecting your property periodically.

Non-payment of rent is another common problem of homeowners. By sending rent reminders to tenants and levying late fees, you can avoid payment issues. As part of rental property management services, property managers make it easy for the tenants to pay up by accepting online payments.

MAINTAINING YOUR PROPERTY

The rent management laws require property owners to maintain their property. Therefore, you may find it difficult to get tenants if you do not carry out the mandatory maintenance works. More so, you will find it cheaper to maintain your property rather than putting up with any festering issues.

You must replace your supply hoses and drain lines every few years as part of your maintenance measures. By doing so, you can avoid water-related issues.

A property management company in Delhi NCR recommends remodeling your property to save on exorbitant replacement costs. The best way to reduce your repair and replacement costs is by conducting property inspections every three to six months. When you do so, you know about the maintenance issues sooner. In turn, you can fix the issues on time to prevent the problems from worsening.

When to hire a property manager?

Hiring an NRI rental property management company makes sense if you’re not residing in the same city as your rental property. Nevertheless, even if you stay nearby your rental property, a property manager eases your burden. Moreover, if you do not have the time to manage your property round-the-clock, your property manager can do the needful.

When you work with a well-established property management company in India, you allow the professionals to take care of the daily management responsibilities. They have tie-ups with vendors and can help to offer discounts on maintenance costs.

OVERALL

Appointing a property manager helps in other ways, too. Such professionals help to screen tenants. They can sift out the good-quality tenants to reduce your property management woes. You can also reduce your tenant turnover rate by keeping them happy. Even by interior designing your rental property, you can make tenants stay for longer. Adhering to the prevailing tenant laws to avoid legal hassles is another way of reducing your workload.

Now, the charges of property managers are within the 8 to 12% range of the monthly rent charges. In addition, however, you get tax benefits when you incur property management costs.

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.

What are the different types of property managers?

The five different kinds of property managers are as follows.

• Individual Agent Property Manager

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.

• Side business Property Manager

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.

• The Lonesome Ranger Property Manager

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.

• Average-sized Portfolio Property Manager

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.

• Large-sized Property Management Company

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.

FINAL THOUGHTS

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.

• Trustworthy tenants

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.

• Avoid legal hassles

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.

• Lower Maintenance Charges

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.

• Assured Rent Collection

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.

• Retain the value of your property

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.

• Representative for tenants

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.

• Reduce tenant turnover

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.

About LuXia LLP

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!

contact@theluxia.com |   +91 9810505543

Depending on how you’re planning on redecorating your home, you may have to choose between opting for an interior decorator or an interior designer. Make no mistake, both terms are not interchangeable. Both professions are, of course, similar in various ways; however, they vary in some aspects too.

Let us now move on to studying the difference between an interior decorator and an interior designer.

Interior Designer Vs Interior Decorator

Interior Designer

Schooling:

To become an interior designer in Delhi, you have to undergo formal schooling. As part of an interior decorator’s job, you learn about space planning, interior designer photos, drawing, different colors and fabrics, architecture, furniture, and computer-aided training (CAD).

After completing an interior designing course, interior designers work as apprentices with a reputed interior design firm. Subsequently, some interior designers move on to establish their own interior designing company in Delhi

Qualifications:

Some states are governed by laws that require interior designers to pass an exam and register with a governing council. So, check to know about the requirements of your state or province and whether completing interior design courses is mandatory.

Responsibilities:

An interior design career entails gaining expertise in spatial planning and renovation works. Among interior design ideas, interior designers can help you from initial floor designs to final decorative aspects. In addition to enriching the look of your rooms, you can rely on them for making your personal spaces functional also.

Interior designers work with contractors and architects to realize the client’s vision of an interior design bedroom and other rooms or offices.

Interior Decorators

Schooling:

To become an interior decorator, you do not require formal schooling. The reason being, the interior designers in Delhi are involved with the aesthetic aspects. They are not involved in the structural planning processes. Instead, they come on board after the structural work is complete.

Surely, you can go ahead and enroll in varied degree courses, though it is not compulsory to do so.

Qualifications:

If you want to get some formal training before becoming an interior decorator, you have an array of courses to choose from. Going by the fields that interest you, you can make your choices. From room layouts to furniture designs to space planning, a host of courses are available to get you familiar with home decorating ideas.

Responsibilities:

Interior decorating solutions include implementing specific color themes, accessorizing, and selecting matching furniture.

An interior decorator has to interact with upholsters and furniture manufacturers, not architects and contractors. Even so, they have discussions with homeowners for interior design for home plans.

About LuXia LLP

A well-established property services company, LuXia manages properties of homeowners who live elsewhere. If you’re seeking property managers, you can approach us for your property management needs.

Moreover, if you want to refurbish your property before letting it out, we can help you all get in touch with an interior design company. After reviewing your property, our professionals can ascertain whether structural changes are needed. Structural changes include changing the wiring systems and adding or removing walls or windows.

On the flip side, if only enhancing the aesthetics of your property can help in shoring up the rental values, an interior design services Delhi company will guide you accordingly.

Only give us a call and be assured that we will offer you the best available options!

Technological advancements play a crucial role in the success of any business, in today’s fast-paced times. Yes, technology ensures the smooth delivery of services. Now, as part of the services of a property services company, the property specialists use technology to monitor your rental properties seamlessly.

With the steady rise in demand for housing and the development of the rental market, the need for property management companies has only grown.

Some cities in India such as Delhi, Gurgaon, Chennai, Hyderabad, Mumbai, and Bangalore boast rapidly-growing rental markets. The reasons for this boom in rental markets across these cities are tax cuts, governmental rules, and the exponential growth of rental management services.

Also, because the Reserve Bank of India has cut the repo rate to 6% from 6.25%, the sales of properties are bound to go up. Moreover, home buyers are likely to invest in properties because of cheaper loans.

As per reports of Fastfox, the rental business is pegged at $32billion.

With people migrating to these cities in large numbers, the demand for housing will shore up, which will drive the rental business. More so, rental trends such as Co-living spaces and Shared living, which are promoted by property management companies, are gaining traction in India.

However, a professional interior designing company in Delhi opines refurbishing the homes before letting them out. In turn, the homeowners can gain from higher rental values.

NRIs are buying properties:

NRIs are gaining from favorable market conditions in India. A prominent property management company in Delhi will vouch that they are investing in luxury and economy homes. Doing so increases their earnings via capital appreciation and higher rents.

Going by a recent survey, the affordable housing segment offers returns ranging from 8 to 10 percent. Also, the mid-housing segment, luxury segment, and ultra-luxury segment are generating returns of 6 to 8 percent, 3 to 5 percent, and 2-3 percent, respectively.

Lately, both NRIs and Indian residents are propelled to invest in such properties. The rental assurance and transparency in the dealings that property management service companies provide are fuelling this trend.

Under NRI property management services, the professionals also work with builders to convince home buyers of assured rentals. In the process, the unsold inventories translate into sales.

Furthermore, due to the rapid pace of inventory sales, home buyers find difficulty managing multiple properties. So, they rely on property management firms for rent collection and property management.

Maintaining the rental properties is paramount because the depreciation value of properties decides the return on their investment in property purchases.

NRIs are increasingly depending on property managers to maintain and safeguard the property, as well. By doing so, their properties remain habitable for occupying later on.

Nowadays, property management companies are handling the rental market while providing the benefit of seamless transactions to their clients too.

A property management service Gurgaon uses digital marketing platforms for renting out the properties within a short period, as well.

The property managers are conducting background checks on prospective clients. As such, they study their employment and police records to make sure the prospects are looking only to rent a property.

Additionally, they inspect the properties periodically and give regular updates to the owners.

For the maintenance and repair works, they also coordinate with house vendors to perform the given tasks – all without the owner not having to worry about the labour costs.

Besides, property managers are responsible for drawing standard contracts. Such agreements contain rules and regulations that both parties have to comply with. All this contributes to a hassle-free renting experience.

Plus, the property management experts use analytical tools to research the prevailing market rents for all districts.

Further, they inform the owners about the rental market costs of their properties. They base their estimates on land rates, locality, construction charges, and proximity to popular junctions.

Also, because rental homeowners are busy working professionals, they are not able to strike a balance between their careers and the management of their assets. As a result, many flats are not rented out and remain vacant. Nonetheless, by hiring property managers, they can curtail their losses.

However, with cities developing at a fast rate, the rental market and demand for housing will continue to boom. Yes, homebuyers prefer long-term investments – such as residential and commercial properties – over volatile markets.

More so, NRIs would benefit by heeding the advice of property managers to redo the homes beforehand. As such, renowned interior Designers in Delhi can work at affordable rates to renovate your homes. So, you can then charge higher rent and earn extra revenue.

OVERALL

On a concluding note, property management companies are here to stay. As a property owner, you can avail of their services for managing your rental property hassles. Moreover, you can be assured of the quality of tenants, for they conduct in-depth screening of the prospects and sift out the best ones.

Contact our property managers.

 contact@theluxia.com |    +91 9810505543