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:
- Allow the NRI homeowners to convert their property into an income-generating asset rather than a liability.
- Manage the various billing, paperwork, legal, and agreements related formalities in the absence of the property owners.
- Ensure good upkeep of the property so that its value gets enhanced gradually.
- 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.