Category Property Management

The benefits of using a Property Management Company are manifold. By watching the latest Bollywood movie Gulabo Sitabo, you can learn that how by not hiring property managers, you run the risk of losing your property. More so, you can know how to increase the rental values of your property by availing property management services.

The term ‘Gulabo Sitabo’ originates from conventional glove puppet theatres of Uttar Pradesh in North India. Also, the show has two heroines namely Gulabo and Sitabo. Sitabo is the jaded and overburdened spouse. And Gulabo is the enticing mistress of Sitabo’s husband.

Just like both protagonists Gulabo and Sitabo are constantly at loggerheads with each other, Mirza and Rastogi are wrangling throughout the movie ‘Gulabo Sitabo’.

By using our property management services and with our property manager being a single point of contact for you and your tenant we can help you avoid those uncomfortable conversations and dealing. In fact it helps a lot to use professional services both – as a landlord and as a tenant to avoid any disputes and for a comfortable “renting”.

GulaboSitabo – The Movie

Shoojit Sircar deserves applause for making people familiar with the intricacies of tenant and landlord relationships through this film.

The movie hovers around Fatima Mahal, which is a dilapidating mansion or Haveli in Lucknow.The owner of Fatima Mahal is Mirza’s wife, Fatima Begum, who is portrayed by Farrukh Jaffar. Amitabh Bachchan essays the role of Chunnan Mirza Nawab, who is the husband of Fatima Begum. And Mirza longs for the death of his wife so he can gain complete control of the haveli.

The rooms of Fatima Mahal are leased to several tenants; most of whom do not pay enough rent. One of the tenants of the haveli is Baankey Rastogi; Ayushman Khurana portrays his role.

However, Mirza and Rastogi are always squabbling. Because Rastogi fails to pay his long-overdue rent and comes up with different excuses for not coughing up the money every time; even though, Rastogi pays lesser rent than the other tenants.

Plus, Rastogi is constantly nagged by Mirza to clear the dues. Then, one day, in a fit of anger, Rastogi kicks the wall of a toilet block that comes tumbling down. This enrages Mirza and he demands Rastogi bear the wall repair charges. Expectedly, Rastogi refuses to meet Mirza’s demands, leading to legal tangles between them.

How LuXia could have helped Mirza (The Landlord)

Now, Mirza would have benefited; if he had availed Luxia services that come under the property management of landlords.

Here’s how:

• Upon hiring our property maintenance services, his property would have been well-managed and maintained and, in turn, his toilet wall would not have collapsed.
• With proper knowledge of property legal services and transfer of title, he would stand to benefit by taking the necessary action to save his property
• Property managers would’ve helped maintain the requisite documentation of property papers
• Property management service companies could’ve conducted verification of his property documents
• Drawn a legal rental agreement between the tenant and landlord, mentioning the duration of stay and monthly rent charges
• Been aware of how the tenants were planning to usurp his property and taken steps to thwart their devious plans
• Developed better rent management skills, while charging higher rent, to avoid the tenants taking advantage of the situation
• Hired interior designers to remodel the haveli and, thus, gained from higher rental values
• Through property registration services, and via legal channels, he may have salvaged the mansion

Save your “Fatima Mahal” by using our Property management Services

So, we have seen how Mirza lost his ‘Fatima Mahal’ because he did not avail the benefits of professional property management services. Do not be like Mirza, smarten up and save your property from being taken advantage of.

Call us now and let us discuss how our property managers can help you reap rich dividends with our viable solutions.

contact@theluxia.com |   +91 9810505543

Mike Tyson, the renowned boxer, had once commented that “Everybody has a plan until they get punched in the face”. The same rule applies to the real estate sector, including the residential property management industry.

Now, any property management services company will vouch that the real estate sector was hit by three tsunamis. These include demonetization and legislations including the Real Estate Regulation Act and the Goods and Services Tax. As a consequence, the industry became weaker, which was contrary to the noxious highs that were seen during the previous years.

Before the onset of the Covid-19 epidemic, the realty sector was struggling with several issues. Inventory outcropping, various issues of customer resistance, and uncompleted projects throughout the country – all are included in this list.

Not only was the industry grappling from tons of surplus inventory and moderate demand and falling sales and dispirited investors, but also puny balance sheets of several developers, some of whom have vanished. In turn, nobody was availing rental property management services too.

Additionally, the crashing of DHFL and IL&FS piled on to the real industry crisis. As a result, the NRI property management companies also took a hit.

The developers were backed by high-end octane-driven debt financing, which many NBFCs were depending on for the money inflow for refinancing projects. With the collapse of the NBFCs, the party was over.

Also, liquidity was most sought after, resulting in NBFCs scrambling for funds to reduce their troubles.

Several financial institutions were into short-term borrowing and long-term lending, particularly on illiquid realty assets, several of which did not start. Consequently, the NBFCs were facing a huge asset-liability disparity.

The records were suggesting a distraint property market.

Going by the recent reports, real estate developers in seven main Indian cities had unsold stock touching around Rs 3.7 trillion. Further, over 60000 houses were not bought. Consequently, the rental management companies were recording dwindling revenues.

Owing to the Covid-19 pandemic, workers are also leaving the construction sites and heading home due to the uncertainty that plagues the world over.

Deepak Parekh had also pleaded the Reserve Bank of India and other related stakeholders for a one-time loan restructuring plan for revising the non-performing assets recognition regulations to 180 days rather than the prevalent 90 days.

However, the Covid-19 pandemic has presented an opportunity for numerous special situation realty-based funds. They can play the role of catalysts for giving the requisite liquidity boost and stimulus to the real estate sector. Plus, the property management companies in India stand to benefit.

Such special situation funds (SSFs) require restructuring holistically to include the big-bracket private equity funds, especially the ones that have been investing in commercial properties with big corporate developers, who can contribute to executing and marketing projects while keeping their expertise in mind.

With the sponsored vehicles getting the backing of large foreign PE shops and big developers, they can obtain substantial projects that are blocked due to liquidity issues and lack of other resources.

Due to the comparatively low valuations of unsold inventory, the specialized vehicles can adopt stressed projects at discounted rates, which can create sufficient incentives for the economic structures.

For example, large-sized private equity companies (like Brookfield and Blackstone) can team up with renowned real estate giants (such as Oberoi Constructions and Godrej Properties).

The combination of both partners can lead to buying out the current distressed developers’ projects and complete them by providing the requisite funds, with the needed expertise brought in by the development partners.

By doing so, customer confidence can be restored, with assurances of timely delivery. Moreover, prospective customers avail home loans from banks. Keeping in mind the renowned brands associated with the project and assured financing, the banks will be comfortable giving loans too.

Besides, with the finance ministry announcing the suo moto extension to all real estate project timelines by six months, the SSFs have greater incentive and more time to evaluate all uncompleted projects.

These special vehicles can help in reducing the troubles of the large-sized projects that remain stuck around the country.

With the real estate market witnessing an upswing, people who invest in property and live elsewhere can avail the advantages of property management services as well.

A prominent property management company in Delhi NCR can help you to get tenants if buying an investment property too.

Looking Forward to the progressive Real Estate Market

We must not forget that the construction sector stands only second to agriculture with respect to recruiting employees. And by extending the required support, the real estate industry can start booming once again while reducing the unemployment levels. In the process, the country will benefit at large.

Dwindling stock markets amidst the recession is driving Real Estate to the center of investment portfolios. Yet, buying new property or owning many valuable properties might not be enough. Investors and property owners can take full advantage of the shift only with property managers that have foresight.

Often, the absentee owners misjudge the need for NRI property management. They make all the effort and overspend to manage their property but end up frustrated. Not only does their property lose value but, they also miss out on rental income without realizing it.

Professional property management can mean a sea change for your investment plans. Before we look at what is achievable by hiring a Property Management Company, let’s briefly understand what it is!

What is Property Management?

Imagine what would happen if your home lies in neglect while you are abroad. Its value would depreciate over time. Your property would be at the risk of being used or occupied illegally. It could be swallowed by property sharks. Finally, you would have to spend a lot of money for repairs and renovation when you take back charge.

In short, your property would become a liability of sorts. Property Management is meant to avoid all these and turn your home into a profitable investment! Moreover, it is intended to generate passive rental income besides ensuring gradual value appreciation.

By confiding your property in the safe hands of a property management company, you are ensured that it:

• Remains the top choice for tenants.
• Generates a steady income.
• Retains its value in the rental and resale market.
• Does not lag in style and comfort.
• Is in tune with the latest interior designing
• Undergoes maintenance regularly.

Over the years, property management companies have overtaken the role of traditional brokers in the rental market. In fact, they have added new dimensions to renting. There is little wonder that property management companies are judged by their rent management services.

Why is Rent Management so important?

Rent Management is tied intrinsically to the very logic of property management. It creates a win-win situation for both the property managers and the owners.

How?

Rent management is directed towards generating a regular flow of optimum rental income for the owners. A part of this income is invested in maintaining, repairing, renovating and interior designing so that the property remains in-demand. This also ensures that the property increases its value at a higher rate than it would have without being professionally managed. A fraction of the rental income forms the property manager’s fees.

Your rental income, the income of property manager, and the value-expansion of property are all dependent upon effective rent management.

What can owners expect from Rent Management Services?

Rent management is not just about money. It is more than that. It is obvious that income generation from property is the chief concern of an owner and property manager. However, the prerequisites for steady rental incomes are more than just setting the rent and finding a tenant.

The main challenge of rent management is minimizing the vacancy period and finding the RIGHT tenants. It is the right balance between occupancy and rent that matters. It ensures maximum annual rental income.

• Minimizing the Vacancy Period – How?

Property management companies undertake the following tasks to maximize the occupancy period.

1. They conduct elaborate neighbourhood surveys and rental market analyses to decide the best possible rent your property can fetch.
2. They mark possible tenant types in the area. Depending upon that, they suggest renovation and interior designing tasks that would make the property attractive to prospective tenants.
3. They advertise your home to the right people through multiple channels.

• Who are the RIGHT tenants?

High occupancy is not enough in ensuring a good rental income. A lot depends upon the kind of tenants your property draws. Right tenants are those who:

1. Have a clean police record.
2. Have a regular source of income and can pay rent in time.
3. Wish to use the property for positive and productive purposes.
4. Are not reckless. Else the repair and maintenance costs would go up!
5. Are not renting for a few months.
6. Are most likely not to vacate mid-season.

The property maintenance company’s experience in handling and selecting tenants counts!

Property managers lay special focus on tenant experience. They organize walk-throughs, handle everyday issues that arise during their stay, prepare agreements and help them in moving their stuff. This goes a long way in ensuring smoother rental payments.

Is it a good idea to avail rent management services exclusive of other property management services?

Property management services include home maintenance, interior designing and budgeting besides rent management. You can opt for these services depending upon a number of factors:

• How long are you going to stay away from their property?

If your stay outside the city where your property is located is about to conclude, you may only require rent management. It has to do with income, and no one wants to lose out on that! You might prefer to go for renovation, designing and repairs in your presence. Elaborate budgeting exercise would not be needed in such a scenario.

• How old is the property?

There is no question of changing the interior designs of a new home.

• How long do you wish to retain the property?

If you are planning to sell your home in the near future, interior designing has to be done accordingly. There is a difference between interior designing for renting, resale and personal use.

• When was your home’s last renovation and makeover?

There are two types of property maintenance tasks. Routine maintenance tasks include payment of bills, taxes and housing society charges. They may include minor repairs. You have little choice regarding these.

Occasional maintenance tasks include major repairs and renovation, and checking that the property is not overstepping any laws and regulations. These may not have to be carried out every season.

Similarly, interior design should be carried out with tenant needs and net rental income in sight. There are a few thumb rules for that like spaciousness, neutral wall paints, dark floors and strong fittings. You may require renting focused interior designing services when you convert your home into rental property for the first time. Subsequently, interior designing services would be required only once in a few years. To match with the new trends!

If property is your long-term investment…

Owners of multiple properties and those that seek to retain valuable properties as long-term investments need all property management services. Or let’s say that’s the best option for them! They get maximum benefits as property is maintained and designed season after season with the aim of rental income.

When all management tasks are geared towards single purpose, the results are better. They get income forecasts in advance which helps in financial planning. Moreover, they save precious time, energy and money, while the property value continues to rise in their absence.

There is a huge difference between interior designing your home for yourself and for renting.

When you design your home for yourself, the usage and comfort of your family is the chief consideration. On the contrary, rentier interior designing is aimed at raising its value.

That does not mean that the utility and comfort of prospective tenants are out of the picture. It’s just that it’s not the main concern in the case. That’s the reason why designing your home as an absentee owner is best done with property managers.

Why should you hire a Property Management Company for Interior Designing?

Let’s get straight to the reasons:

1. Know Your Tenant before they Move-In

Property Management Services for NRIs carry out dedicated rental management services. Property Managers carry out neighborhood surveys and know the kind of tenants that your property is likely to fetch.

You can get the interior designing done keeping in mind the usage and comfort of your prospective tenants.

This converts to higher rental incomes and thus you can invest more in interior designing. This in turn ensures that your property remains in high demand and consistently increases its value.

2. Better Management of Expenditure

NRI Property Management services carry out detailed budgeting exercise to forecast your rental income.

you know the earning from your home in advance, you can decide better how much to invest in it.

This also ensures that there is no extra burden on your pocket while you are away. The interior designing is done gradually instead of in one go. Property managers keeping the tenant needs in mind. High priority interior designing tasks are carried out first. Most importantly, all the designing expenses are most likely to be borne out from the rental income itself.

3. Your Home Deserves the Best – So do your Tenants!

You could be enthusiastic about interior designing. You may even know about the latest trends and designs. However, that is of little value when you are away. We will see below how your interior designing knowledge, insights and preferences could be put to good use.

Let’s understand for now that interior designers from property management services are best suited to makeover your home.

Why?

• They have the knowledge about local trends.
• They can gauge the needs of the prospective tenants better.
• Discussing ideas with them ensures that your home and tenants get the best out of two designer’s opinions. (You would be a bit of an interior designer too!) Few people wish to leave their home entirely in the hands of property management companies!
• Property Managers and Interior Designers know the vendors. They often deal with them. The vendors charge them lesser than an occasional customer.
• It is tough to take care of finer details when you are away. Interior designers are trained to deal with them.
• You save time, money and energy on interior designing. Besides, interior design from specialists is sure to leave a great first impression on tenants during walkthroughs!

Is Hiring Property Management Company for Interior Designing enough?

Interior Designing is a sort of an exception in all the property management tasks. Unlike rental management, property maintenance and budgeting, owners can have a greater say with interior designing.

Rentier interior designing is much different from the usual interior designing for home. Here are a few tips that help you achieve maximum value increase with controlled expenditure. Using your interior designing imagination in tandem with professional interior designers from Property Management Company would be really fruitful.

1. Spatial Designing

The spatial needs of tenants could vary. They could be entirely different too. The rule of the thumb is keeping the design as spacious as possible. It ensures that prospective tenants will seldom dislike your property.

2. Dark Flooring

Tenants use homes differently than owners. They do not bother about renovations and maintenance. Choose dark flooring and dark-colored carpets for interior designing of house. That reduces maintenance and renovation costs. They would not have to be deep-cleaned or replaced every season.

3. Neutral Paints

Unlike interior designing for yourself, you would have to control your designer urges in case of wall paints. Just keep it simple! Avoid experimentation!

Tenants focus more on functionality of house than style. It is important to choose paints that help the natural lighting of the interiors.

Always buy a little extra paint for mid-season or end-season finishing. That helps maintain a fresh look of the interiors.

4. Comfortable Bedrooms

Consider investing in the comfort side of bedrooms. They should be spacious and well lit. There is no harm in taking the property manager’s advice regarding in-vogue trends for interior designing for bedroom. They would know better about tenant expectations.

5. Tenants place special emphasis on Bathrooms and Kitchens

Prospective tenants would turn down your home if they are not satisfied with bathrooms and kitchens. Good looks are no substitute for highly functional and easy to use bathrooms and kitchens.

The fittings need not be stylish, but they should be strong. Ensure lots of working and storage space in interior designing for kitchen.

The bathrooms should be easy to clean for the tenants. Choose the tiles and flooring accordingly. Avoid too many and bulky fittings. Focus on the quality of fittings rather than looks.

Making your Interiors attractive for Renting

There is plenty else that you can do to compensate for the style element. The look and feel aspect cannot be neglected in totality. By asking the interior designer to focus on a few simple things and cheaper measures, your interiors would look pleasing.

• Make de-cluttering the entire space a priority by adjusting objects. Push the extra furniture items to the store.
• Replacing the old switches imparts a new look and reduces repairing hassles.
• Make sure that the lighting blends nicely with the new interiors. Allow natural light to do its wonders.
• You need not control your creative instincts while choosing the curtains. They have a huge bearing on the overall looks.
• If there are large open spaces, divide them into two or more smaller spaces. Each of these spaces can have a meaning and purpose of its own. Again, no need to repress your creative skills here!
• Adding a few paintings and sculptures here and there will send a positive message to the tenants.

Make your Home the first choice of Tenants with Professional Interior Designers

There cannot be a definite formula for interior designing a rental property. Much depends upon tenant preferences. However, simplicity, maintaining spaciousness, quality materials and fittings and cost-efficient decoration are the rules to go by. Backed by the experience of an interior designer, you can convert your home into a highly functional and charming space.

With the services of a professional interior designer from a property management company, your home would be the first choice for tenants.
Get Started now by emailing us whatsapp us your query!

contact@theluxia.com | +91 9810505543

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The Property management working process is a series of steps undertaken for value retention and maintenance of the property. It is aimed at generating passive income for NRI/absentee property owners.

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Property Manager is an individual who acts on behalf of absentee or NRI landlords to retain the value of their property. Property Managers look after your property in your absence while ensuring it generates a steady income.

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Managing your property from far away is an arduous task. Few NRIs think of selling their property if it is located in a posh locality. However, NRIs that own property in India have multiple anxieties.

There are two main roots of these anxieties.

There is the issue of safety and upkeep of the property. Parallel to it is the concern regarding the loss of value invested into the property.

No one wants their property to be used for wrong purposes or by irresponsible tenants in their absence. Still more, a property that is not maintained depreciates in value. Eventually, it loses out in the rental and resale market. It might even become unliveable!

Thanks to the professional property management companies, NRIs can now relieve themselves of their property maintenance burdens. Often, a property management company combines various interrelated services. For example, rent management and maintenance over a period of time go hand-in-hand. Similarly, pre-possession formalities and preparation of registry papers are usually done in quick succession.

The overall focus of NRI rental property management services is the following:

1. Allow the NRI homeowners to convert their property into an income-generating asset rather than a liability.
2. Manage the various billing, paperwork, legal, and agreements related formalities in the absence of the property owners.
3. Ensure good upkeep of the property so that its value gets enhanced gradually.
4. Help the homeowners who stay away from their property to keep control of their property remotely. Involve them in all important decisions. Supply them regular reports. Allow them to participate in real-time in the renovation, repair and, interior designing.

No NRI would want their property to lie in waste when it can generate a steady income. The underlying logic of rental property management for NRIs is as follows.

Professional property managers ensure you maximum rent from your property. A fraction of that rent goes into maintaining the property. A part of the savings from the rent goes into repairs, renovation, upgrades and, interior designing. A small fraction goes as the charges of property managers. The remaining amount is your income from your property.

While you earn your income, your property is being maintained for you. Besides, the value of your property keeps on increasing all this while. Basically, it is a triply beneficial deal for a very small fraction of charges. Besides, you save your precious time and energy.

How can Residential Property Management companies ensure you steady rental income?

Professional Residential property management companies maintain a dynamic database of prospective tenants. They market your property in the rental market to reduce the vacancy period to a minimum. They also ensure that your property derives the maximum possible rent by highlighting its advantages.

On the flip side, the company would also ensure that competitive rents are set. Your property would thus not lose out in the rental market. Timely collection and transfer of rent from the tenants is also the company’s responsibility.

What all services can you expect from Property Management Services for NRI?

Generating rental income from your property is the foremost task. Much else needs to be done for overall property management.

#1. Finding the Right Tenant

Doing a proper background check is an essential property maintenance service. You would not want your tenants to have questionable backgrounds. Besides, property managers will carry surprise inspections to ensure that your home is used for productive and positive purposes,

#2. Maintaining the Property

This is the next big responsibility of Property management services for nri after rent management. It has three aspects:

• Bills and Maintenance Charges: Property managers would make sure all the bills are paid in time. Besides, there could be housing society monthly/annual maintenance charges as well. With a property management service you would no more need to keep a checklist of dues.
• Regular Repairs: Repairs have to be made after the tenants leave. Before a prospective tenant is coming to have a look, everything should be in right place. There are plenty of fittings to be checked for their functioning every month. Property maintenance services maintain links with plumbers, electricians, masons and carpenters etc. to carry out regular repairs.
• Renovation and Interior Design: Sometimes, your property would require refurbishing both from inside and outside. Its interior design could have become outdated and the paints too dull.

Your property should remain attractive to tenants. Besides, it should keep up with the changing trends so that it can compete for value. Property management companies will contact you to confirm all the details of renovation. With periodic visual reporting system, you can decide when to go for refurbishing. You can even participate with designers in real-time from remote location as your home gets a new look.

#3. Documents and Pre-possession Formalities

Rent agreements have to be signed with tenants. In case you have just bought the property, it has to be registered with the authorities.

There are about a dozen documents that a new owner needs to obtain.

These include allotment letter, land-use certificate, mother deed, occupancy certificate, transfer certificate, NOCs, receipts of the property tax etc.

However, with the experience of property managers, you are ensured to not miss out on any crucial document. Your property would not run the risk of overstepping any local, state or national regulations. It would always comply with latest property laws.

There are a number of other pre-possession formalities that your property management company can do for you. These include:

• Checking the quality of electricity and water connections.
• Seeing that bathroom and kitchen fittings are working.
• Inspecting the woodwork and tile-work.
• Ensuring the parking space.

Overall, it is meant to ensure that the seller/builder has kept the word.

With Rental Property Management Services, NRI owners can now Relax!

Creating a rental income channel from your property as an NRI homeowner has become a lot easier. You would also be ensured that your property increases in value gradually. Favourable markets play their role, but good rents and higher value can only be ensured by good property management. Thus, you need to relax by entrusting your property in the hands of a competent property management company.

Get started with our NRI rental property management services.

contact@theluxia.com |    +91 9810505543

Overview of Property Management Case Study

This post highlights the problems and our property maintenance and rental income generation solutions for one of our NRI client.

About the Client

The NRI client lives in New Zealand and has a property in Gurgaon – India. Since he lives away from his property, therefore, it became next to impossible for him to travel to India frequently to address the property concerns. Hence, the client decided to hire a property maintenance and rent management company in Gurgaon to fulfill his requirements.

Property: the client owns a Penthouse of 5400 Sq ft with 4 Bedrooms on a top floor in one of the posh locations of Gurgaon.

Problems Faced by the New Zealand Client

The client bought the property 10 years back from now. And at the time of purchase he invested a generous amount of INR 30 lakhs on the renovation and upkeep of the house. The client equipped the house with latest and superlative amenities, appliances and furniture. So that whenever he and his family came to India, they’d be comfortable in their stay.

The maintenance of the house was given to a local person/acquaintance, who was supposed to take care of the property while the owners were abroad.

Unfortunately, the person in-charge for maintenance only did cleaning ignoring all the concerned tasks of property maintenance. This resulted in poor condition of the fittings, appliances, furniture etc in the penthouse.

And when the client decided to generate some rental income from the property, it was not in the shape to hire tenants. This came as a shock to the client who was trusting the local acquaintance and was hoping to save some rental income for his future plans.

House Condition when the client contacted LuXia’s property managers

When Luxia was given the charge of the house for maintenance, our property managers found the house in a very poor condition.

Bathroom fitting were rusted and old , rubber was falling off from the window blinds, Jacuzzi was not working , A/Cs were not working or cooling. Additionally, the kitchen appliances like chimney, hub, oven etc were also not functioning properly.

All in all the house was not maintained per the standards it should have been over the years.

LuXia’s Solutions for Property Maintenance and Rental Income generation

Property Maintenance

Just as the client hired us for using our property management services for NRI, our team was on it for the maintenance tasks. With our expert in-house professionals like carpenter, plumbers, electricians, appliance technicians (for washing machine, dryer , chimney/hob  etc)  we got everything rectified and thoroughly cleaned.

Our team ensured that the maintenance work was done at economic prices, that too well within the pre-committed timeline.

With our maintenance team’s efforts the house was completely transformed from an unused, unkept house; to a modern luxurious apartment.

We gave a live tour of the house to the NRI owner over video conference. And, he was pleasantly surprised with the transformed look of his house. He was very happy that he did not have to spend on the travel expense to maintain his property in India.

Assured Renting

Now, since the house is very well maintained, so now is the time for the house to earn money from a previous dead investment of 10 years.

Therefore, LuXia engaged with top corporate companies and established verified professionals to get our New Zealand client suitable tenant.

From the various prospect tenants, we screened the details of a corporate client who wanted to use this penthouse as their company guesthouse.

LuXia got the deal finalized between the client and the corporate client with a handsome rental of INR 80,000. Our property management company handled all the verification and documentations before handing the keys to the tenant.

This is how we helped our NRI client with our property maintenance services and rent management services to generate a high return on investment.

Get in touch

Gain benefits, and save your time and money by hiring our residential property management services. All you need to do is get in touch with our NRI property management company in Delhi NCR and we’ll take care of all your property requirements.

contact@theluxia.com |   +91 9810505543

The property owners are perplexed between managing their rental property on their own or hiring a property manager for the management.

However, some home-owners can manage the rental property for a single family on their own. But, NRI property owners are best advised to use professional property management services for better ROI.

While property management through professionals can be beneficial to all, but here are some notable benefits for NRI property owners.

Time Saving for NRI homeowners

Non-Resident Indian (NRI) property owners may face extreme difficulty when they try to manage the property on their own. Additionally, they may even incur heavy loss in terms of cost if even a small thing goes wrong.

It becomes almost impossible and expensive for the NRI homeowners to travel every now and then to manage their property in India. Hence, the best and worthwhile solution is to hire a property management company in India and leave all the registration (pre and post), interior designing, tenant acquisition and property management bothers to them.

As they say, “Time is money!”, so, as NRI landlords can save a lot of their valuable time, they can use it to add value to their more important and regular tasks.

Improved ROI for NRIs

The main reason for NRIs to rent their property in India is to keep the cash flow going and make some extra money for investment, or retirement savings or to cover mortgage cost.

Hence, the NRI property owners look forward to an increased return of interest for their property in India. And the most promising way is to reach out to a property management company in India and let the professionals make way for better results for you.

Since one of the tasks of property managers is to maintain your property in the best health, hence you shake hands with a lot of benefits including:

• The improved ROI path starts right from the travel cost. Since the property managers manage their property in India, hence the NRI owners incur no/minimum travel cost. So, low expense, more ROI.
• The property managers make regular timely visits to the rental property to check the overall health of the rental and to inspect the overall functionality of the tenants. Therefore, even if the tenant fails to notify of any damage in the property the property manager assigned to your property can easily locate it early and fix it without further damage at a competitive price.
• Since a property management company has either in house maintenance staff or has contacts with local vendors with whom they regular work. So, the cost at which a professional management company fixes the damages is quite low in comparison to price quoted by direct vendor.
• After you have finalized a property management company in Delhi, the vacancy period for your rental property gets very low. This means regular rental income without any monthly loss. This is because the property management companies acquire tenants only after careful screening process.
• A property management company like LuXia LLP, has a real-time online portal for landlords. This way the NRI landlords can log in to their account and track all the maintenance logs, rent receipts and other important documents from anyplace with an active internet connection.

All the above benefits collectively add up to increase the ROI of the rental property for NRI homeowners who have their rental property in India.

Better implementation of landlord-tenant jurisdiction

One lawsuit against NRI landlords can wipe off the profits they made in years. Hence the understanding of the landlord-tenant laws as per the governing jurisdiction is crucial.

If out of convenience or trust issues an NRI landlord decides to let their friend or relative manage their property in India, then it can hurt them badly in numerous ways.

For instance, vacancy for a long time, misleading information about rent, maintenance mishaps and most importantly loss of money when a tenant files a false lawsuit against the landlord and due to initial negligence or ignorance the NRI landlord has to bear heavy loss.

Since, property management companies in Delhi NCR have a better understanding of tenant-landlord laws as they have been managing the rental properties for several years, therefore the property managers can help you save from false lawsuits by tenants. Thereby saving your precious time and money.

Bottom-line

Renting a house through a property management company is an excellent choice for NRI property owners who are looking to put their property on rent. It not only saves you time and money but also increases your ROI.

Get in touch with our property management company in Delhi to manage your rental property.

contact@theluxia.com |   +91 9810505543

Do you find yourself caught-up in all the legal paperwork?

Does amateur suggestions from relatives, friends and casual legal consultants backfire?

Do you often face issues and violations that are unfair or unforeseen?

Do you feel you are not getting the expected ROI from your property?

Are you spending more on traveling to sort out the tenant issues?

If the answers to all the above questions are YES, then you are most likely involved in self-managing of your property. While it may seem comforting and inexpensive in the beginning.

But it costs a lot; both in terms of money and time.

More importantly its pivotal for NRI homeowners and homeowners who live away from their properties to understand that:

“It doesn’t just take you—it takes a team for property management!”

If self-managing homeowners or property managers are not proficient in the property management, tenant management and rent management then it could lead to catastrophe in terms of costs and more.

“One wrong decision can cost more than quite a few months of management fees. “

If you own a small or family owned property then there are very bright chances of you getting embroiled in the onslaught of the changing tenant-landlord rules and regulations.

Even with best intentions, family members, relatives, friends and inexperienced legal advisers are inept to effectively provide rightest advice because of less knowledge, inexperience, or having not enough time to walk with the ever-changing laws.

How can professional property managers help?

A professional property manager company has a compliance department which is experienced in handling and monitoring complaints, violations and warnings so that nothing goes unattended or unnoticed.

The property managers are well equipped with knowledge and experience to handle violations, property maintenance, rent management and other associated services.

As opposed to self-managed properties, a property management company can help you

• avoid tiring concerns,
• stay compliant with tenant-landlord regulations,
• prevents loss of rent due to tenant vacancy, and many other benefits.

Moreover, with a competent property manager on your side you will be able to save a huge amount time and money. The entire management of property for NRIs particularly is tricky to maneuver successfully with constructive results, but with property management services, it gets seamless and efficient.

How you can save money by using property management services

A professional property management company never stops searching for ways they save money or cut cost for the landlord. Hence, as opposed to the myth of high-cost management services, by hiring a property manager you cave a lot of cost on managing your property.

Here’s a case study to explain more.

A property management company does detailed analysis to prepare accurate budgets for their clients and take measures to monitor them closely. Although many expenses are fixed but for anything they can regulate, they are proactive, diligent and insistent in doing so.

A property manager puts in the time and effort to make timely visits to the property to ensure the health of the property. This also wears-off out-of-the-hand expenses for delayed maintenance. This means – another step towards saving unnecessary money.

Tenant retention

Retaining a tenant is crucial for any landlord. A good property management company will bring in good market rate tenants only after careful screening process. They will also maintain tenant retention to shun downtime and the extra cost of painting and regular upgrades.

Minimizing tenant vacancy is something a self-managed property misses out on. This is because mostly the property owners who manage their property themselves keep random tenant, without knowing their background and screening is just off the plate.

Hence loss of time, money and efforts.

Therefore,

Hiring a property management company is your best bet to manage your property contrary to self-management of property. You save a lot of your valuable time and your hard-earned money by utilizing property management services.

With LuXia LLP managing your property you can be rest assured of getting the best services pertaining to:

• pre-possession and registration,
• post possession & interior design
• tenant acquisition,
• rent management, and
• timely maintenance

Get started for outstanding property management services.

Here’s how you can find a good property management company near you.

contact@theluxia.com |    +91 9810505543