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Globalization is driving India’s fast urbanization. Metropolitan urban agglomerations, cities, and towns are already contributing more than two-thirds of India’s GDP. Amidst this sweep, the Real Estate sector has just begun to come out of slumber. Thus, seeking property maintenance services from professionals seems a great idea.

Investments are pouring into purchasing and the renovation of the property in the hotbeds of India’s urbanization. Big cities like Delhi-NCR, Bengaluru, Mumbai, Pune, Hyderabad and Chennai are leading the way, but second-tier cities like Jaipur, Ahmedabad and, Raipur etc. are in no mood to lag behind either.

Why let your home depreciate lying in neglect when Real Estate is picking up?

The Real Estate sector has begun to tick again. However, the dynamics of globalization are pushing an increasing number of people into becoming absentee proprietors.

The reasons are simple.

The enticing rate at which the value of properties is rising is enough discouragement for NRIs to sell them. It is also not uncommon for professionals and entrepreneurs alike to be compelled to stay away from their home soon after investing their hard-earned money into buying a new residential property.

NRIs and absentee homeowners living in India can now heave a sigh of relief.

Now that the Property Management companies are taking root, the glad tidings are that their residential properties will no more have to suffer from reckless tenants or physical obsolescence.

Why hire professional Property Maintenance Services?

Professional Property Management companies are set to gradually replace one of the chief functions of local property dealers and brokers.

That is – finding the right tenants.

However, there is plenty else that a Property Management company can deliver than just assuring that your residential property does not lie vacant.

Maintenance, Repairs and Renovation

Your home will lose value if it is not cared for.

Regular maintenance saves repair costs. Occasional renovation makes sure that your property stays in-demand in the rental market by keeping with the latest trends of interior designing and external looks.

Property management services for NRI homeowners maintain contacts or have in-house maintenance workers like plumbers, electricians, carpenters, etc. Besides, they also help you link with contractors, vendors and suppliers in case you wish to directly involve yourself with the repairing and renovation work from a remote location.

Paperwork and Additional Charges

This can be a real pain in the neck!

Soon after buying a new home, you would need to pay a number of property pre-possession charges. These are often hidden until very late in the deal and come as an unpleasant surprise from the developer.

These may include, stamp duty, holding charges, labour welfare charges, GST and connection charges for water, LPG, electricity, etc.

Besides, you need to get your property registered with the government. If you are already a homeowner, it has to be ensured that the maintenance charges and bills are paid in time.

Finally, it has to be routinely checked that your property complies with property laws and different local, state-level and national regulations. Residential Property Management companies cut this hassle by taking care of it all.

Maximize Rental Income

Rents rise as development projects progress and the housing market surges.

However, all owners compete to make the most out of it. Ensuring that your residential property derives you the rent it deserves and you maintain a steady flow of rental income is a challenge.

This is where professional property managers step-in. Their rent management tactics ensure that optimum rents are set for your property even as vacancy rates are kept in check.

Besides, they also ensure timely payment and collection of rents.

Find Responsible Tenants

No one would want their property to go into wrong hands in their absence.

Property management companies carry out strict security checks before renting your home to ensure that tenants do not possess a criminal background.

Their experience counts in ensuring that your home is used in a responsible way, for good purposes, and it does not lose its charm.

They often carry inspections and represent the owners in case of conflict.

What services can you expect from Property Management Companies?

Residential Property Management companies employ dedicated teams to save your time and money whether you are a new buyer or already a homeowner.

Their income depends upon saving your money; thus, they will put in maximum efforts to ensure that your property’s value keeps on rising slowly yet steadily.

This is a win-win situation for both the company and the homeowner. Typically, the services they offer include:

1. Pre-possession and Registry formalities: Property registration can be frustrating and time consuming and yet you might end up having incomplete or improper documentation. Besides, most people also end up spending extra money for lack of guidance.

A Property Management company ensures that all the documents that you would need as an owner are obtained in time.

These include, encumbrance certificate, allotment letter, no-dues letter, land-use certificate, registry (with the government), sale agreement, mother deed, completion and occupancy certificates, no-objection certificate, transfer certificate, property tax receipts and deed of conveyance.

The company also checks that the quality of doors, windows, construction, bathroom and kitchen fittings, switches and electrical fittings and tiling, etc. is in accordance with the commitments made by the seller/builder.

2. Property Maintenance and Interior Designing: This involves keeping your home in good shape and comfort-level in accordance with the latest trends.

You would be communicated of the maintenance needs of your home, and if needed, you would also be informed about the suppliers and contractors, besides the maintenance tasks carried out at regular intervals.

You would also be given a choice of interior designers and designs so that you can remotely participate in transforming your home the way you like it.

With Property Maintenance services, you no more need to keep a track of bills and charges. They would pay it on your behalf. They would also send you pictures, reports, copies of bills and other necessary documents so that you can keep a track-record of your home.

Some companies even allow real-time tracking with a client portal. All you need to do is log-in to your account and get all the details, bills and other critical information.

3. Renting Services: These include rent evaluation, marketing of your property so that it does not remain vacant, conveying tenant demands and expectations, rent agreements, security checks, inspections, providing tenant choices and bargaining for rents that your home deserves.

Thus,

Managing your property is not a mean task even when you are around. But it is next to impossible if you are far away.

There are plenty of tasks to ensure that you extract unhindered income from your property while also augmenting its value. This could be too much to be left for the family members and relatives.

Professional Property Maintenance services providers do that for you at very reasonable rates to save your precious time and money.

It is time to say goodbye to home-repair checklists, brokers and local property dealers!

Get in touch with our property managers to get benefited.

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

Overview

The case study details the problems and our solutions for a NRI customer of LuXia LLC. It shares what services the client used and how we helped the client to save money and time.

Customer Details

The client is based in Australia and has a property in Gurgaon (Delhi, India). For this reason, the client has a limitation of not being able to travel to India frequently to fulfill the the various needs of his property. As this would cost him quite a lot in terms of money and time.

Property : the client has a 1900 sq ft  3 BHK  Apartment with Gurgaon’s top builder.

Client’s Requirements

The client was looking for a NRI property management company in Delhi NCR – India to cater to his end-to-end property management requirements. He was facing issues with the builder he had booked his property. Hence, needed experienced property managers who could handle the legal matters, interior designing, rent management and overall property maintenance; so that he does not have to fly to India to get it sorted.

He needed the results to be fast as he was losing the money he invested since the property builder was delaying the possession. And he was not able to get the expected returns on investment by starting with the rent cycle.

Here’s what he needed from a NRI property management firm in India.

Pre-possession requirements:

• The client wanted the property managers to fastrack his property’s possession since the time promised by the builder had already surpassed. And the builder was not honouring his commitment.
• To get the registration done for his property without having to travel to India.

Post-possession requirements:

• To get the interior designing done of the property.
• To find a tenant and get the property on rent so that the property is able to generate rental income for the client.

How LuXia’s Gurgaon team helped the client

Pre-possession and registration of the property without the need of the NRI owner to travel to India

LuXia saved the time, effort and money of our Australian client by managing their property from end-to-end, and also handling their legal matters. We further benefited our client by giving them complete assurance of his property management which gave him peace of mind .

The client did not have to travel to India to get the matters sorted as LuXia’s team was on ground on their behalf, completing all that was required from the client.

Just as the client got in touch with LuXia’s property managers in Gurgaon for the pre-possession requirements, our team was on toes to help the client. Our in-house legal team worked with the builder to get the possession of the property, without having to call the NRI owner from Australia.

Along with this, team LuXia also got the registration done of the client’s property without the client having to travel to India which normally can be quite challenging for an NRI.

LuXia saved multiple trips of the client to India which could have costed him quite big in terms of his valuable time and money to get this resolved. Our property managers in Gurgaon made the possession and registration process seamless and efficient for the client.

Interior Designing

After the registration of the property, the client wanted to get the interior designing done so that he is able to generate rental income.

Hence, LuXia’s in-house interior team got elegant designing done of the complete house right from living room, to bedroom, kitchen, bathroom etc. Our interior designers maintained the aesthetics and functionality of the house just as our client’s demand.

Tenant Screening & Rent Management

Finally, LuXia started with the marketing of the property through various channels to find an appropriate tenant for the client’s property. From the multiple tenant applications, LuXia chose the one suitable tenant after careful screening.

Our NRI property management team also took care of the police verification of the tenant which is a mandate before keeping a tenant in India. We also shared the real-time online portal for landlords with our client so that he can keep a track of the monthly rent and other important information related to the property.

LuXia’s value-added services that made our NRI client smile!

• Guaranteed Assurance – all our rental management services come with an assurance of maximum Return of Investment and peace of mind.
• Dedicated Property Manager – the client got personal attention by a single point of contact for all their property related concerns.
• Law & Regulations Compliant Rental Property – we made sure that landlords property is compliant with the property laws and landlord tenant laws in India.

Get in touch

You too can save a lot of your time and money and get high Return on Investment (ROI) on your property. All you need to do is get in touch with our NRI property management company in Delhi NCR and we’ll handle 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

As landlords or property owners the most challenging part while renting out their property is to decide the right rent amount.

When the NRI landlords or other property owners decide to rent out property, they aim to:

• Cover property mortgage, or
• Cover taxes. Or
• Cover maintenance costs, or
• Save money for their retirement, or
• To maintain positive cash flow.

Basically, the aim is to make some profit by renting your property to tenants.

But again, the problem hinges on the question: what is the perfect rent for a residential rental property for landlords.

If the landlords set the rental price too low then they lose out on profit. And if they set the price too high then there are very good chances that the rental property remains vacant for a very long time.

In fact, if the rental price is high then even if the property gets occupied but as soon as the tenants find a similar place at cheaper price, they may vacate it. Resulting in revenue loss.

Landlords are mostly drawn towards increasing the rent price in order to capitalize on the cash flow, but that approach can backfire. A high rent amount could push away prospective tenants. Especially if it doesn’t match with the neighbourhood leading to the disappointing vacancies.

If you lose on tenants for even a month, your profits will drop.

Vacancy is the top reason landlords lose money on rentals, so make sure you set the rent of your property competitively.

Factors that influence rental pricing

Major Factors

1. Joint-family or single family or single person
2. Number of rooms
3. Area of the property
4. Amenities
5. Location and proximity to schools, malls etc
6. Duration of lease
7. Pet friendly
8. Safety

Minor Factors

1. Laundry facility
2. Power backup
3. Furnished/Unfurnished
4. Lease clauses
5. Cleanliness
6. Parking space
7. Garden
8. Neighbourhood

Here are a few tips to nail the rental price equation and gain maximum profits.

Rental rate

The essential thumb rule of setting the rental rate is:

Rental Price = 2.5-3.5% of the market value of property

For example, if a property is valued at Rs. 40 lakhs, then it’s rental price will range between Rs 10,000 to Rs 14,000 per month.

Having said that, the estimation may vary depending on the demand and supply equation. If a property is in high demand then the rental price can go up to 3.5%. But if the demand of the property is low then the rental rate stays at 2.5% of the total property value.

Study the competition

When you are trying to set the right rental price for your property then the first thing should be to study the comparable. This includes considering the market rate for similar properties in the same area as yours. The price may vary depending on:

• Number of Rooms – higher the number higher the rent
• Number of members as prospect tenants – rental price for single families will usually be higher than for joint families
• Age of the property – rental price can go up if the construction of your property is new.

How to study the competition market

There are various ways to study how the property rentals vary in your competition market, some of them are:

• Newspaper and Online Ads – Websites like magicbricks.com, 99acres.com etc can give you insights about the property for rent in your area. Likewise, local newspapers also run ads for property on rent. All you have to do is keep an eye on the flats that get rented fast, those that decrease their prices and those that have been listed for long.
• Ask the landlord – You can even ask the landlords directly for the rental details and compare them with yours.
• Get a property management company’s opinion – nothing beats the opinion of professional property managers. They will guide and even manage the complete rental pricing, tenant acquisition and rent management process.

Adjust the rental price as per the amenities

The landlords should not set a standard price for the properties. The price should vary depending on the amenities and how desirable the property is.

Set the rent depending on:

Property essentials

An apartment with an attractive view, updated appliances, well maintained floor and ceiling, bigger space, extra storage facility, balcony and windows gains more attention from prospect tenant.

Apart from these points if your property is in a multi-storey building then higher the floor, higher the rent.

The only exception to this is if the building has 4-5 floors without lift, then as you go high the landlord will have to decrease the rent.

 Market value of the property

Market value determines the current value of a property with respect to the core factors. There are many elements that may affect your property’s market value; like an infrastructural development.

For example, the development of a metro link, a flyover, or a school can positively increase the market value of your property. But, the development of a dumping ground near your property can decrease its market worth.

Thus, it is crucial to identify the current market value of your property to correctly set the rent. If you face some difficulties in quoting the correct property worth, then take help from property maintenance services provider in your area to know the exact cost of your property.

Existing rental rate

Real estate advisors believe that it is important for the landlords to consider the rental price charged by other landlords in your area. And make sure that the rent you charge for your property is in sync with the existing rental price for similar property in your area.

Too much difference between the existing rental price in your area and the rental you ‘demand” can dissuade the prospect tenants and move them to other low-priced options.

Understand the regular cost of mortgage, taxes, repair and maintenance which you have to pay while the property is vacant and appropriately decide upon the rental rate.

Change the rent as per the evaluations

A very crucial understanding for the landlords is that they can/should change the rent amount as per the assessments attached to the property.

Ideally the homeowners must re-evaluate the rental price after every year or at every lease expiration to gain maximum ROI. As landlords your objective should be to increase the rental price as much as possible over time without losing the tenant as vacancy can cost you time and money.

“Lower the rental prices if you get few calls/visits on advertised property. On the contrary, increase the rental prices if you receive many calls/visits on your property.”

If you have any difficulty in setting the rental price for your property then get in touch with our property managers and they’ll take care of the entire process; saving you a lot of time and cost.

contact@theluxia.com |   +91 9810505543

Are you looking to invest in a residential rental property? As much as the profit prospects of the investment are quite high. But a little diligence and research is appreciated from the owners before making the purchase.

Real estate market is a tough to crack; hence the buyers and sellers are advised to come prepared for the dealing or your one mistake can wipe-out your returns.

Here are the 10 most significant features to consider while buying a residential rental property.

Top 10 features to consider when searching for a profitable residential rental property

1. Study the neighborhood

Do not neglect the neighborhood in which you plan to buy your rental property. This is because you get to know a great deal about the types of tenants acquiring your property and your property’s vacancy rate.

For instance, if you buy a property near a school or a university, then there are very bright chances that college students will take over as potential tenants and you may have to deal with vacancies every year.

2. Calculate property taxes

Property taxes tend to differ widely across your target area. So, you must be cognizant of how much property tax you will be paying to them. Although high property taxes are not a bad thing in a goof neighborhood which attracts long-term tenants. But some second-rate places too charge high taxes, which is not a profitable decision to make.

You can discuss the taxes with your property management company or he municipality’s assessment officer or you can even talk to other homeowners in the society.

3. Schools in nearby location

The value of properties which have reputed schools in their nighborhood is quite high. Hence you must consider whether or not the society has a good school in the localities.

Having a good school in nearby location ups the value of any residential property, both in term of monthly rent and also when you plan to sell it in future for excellent returns.

4. Safety arrangements of the area

In today’s world or even otherwise safety is the priority for almost all. Just check the arrangements made by the society to fix the crimes. The very basic is to have a CCTV camera installed and a guard to monitor the premises.

Apart from this also check with the local police for the crime statistics in the locality. Also check the rates for vandalism, serious crimes, and minor crimes, and note if criminal activity is decreasing or increasing over time.

5. Job Place

Locations which have increasing employment opportunities are tend to attract more tenants. It is an excellent idea to invest in a property which is in a location not far from companies’ hub location.

Having said that, it is also important to keep in mind that while a good business increases a property’s value, a not-so-good business in locality may have the negative impact and bring down the property prices.

6. General amenities

Take a tour of the neighborhood and check out the local markets, kid’s parks, eateries, gyms, public transportation and all the other benefits that attract renters.

7. Future developments and projects

The local municipal department has all the information about new ongoing and projected developments in the area.

If you see major constructions in the vicinity of your prospect rental property, then it is most likely a good growth area. Pay attention to any new developments that could cause a drop in the price of surrounding properties.

8. Quantity of listings and vacancies

If an area has an oddly high number of listings, then it signals two things – either it is a routine seasonal cycle or a locality is decaying.

As a real estate buyer your job is to find out which of the two signals is rights. In either scenario, high vacancy compels the landlords to lower rents so as to attract tenants. Whereas, lower vacancy lets landlords to increase rental prices.

9. Setting the right rent

Rental income is what you look for the most which buying a residential rental property. Hence, you need to enquire about the average rent rate in your prospect area.

Just ensure that any property you consider to buy returns you enough to take care of your mortgage payment, taxes, and other regular expenses. Research the locality thoroughly and calculate its position in the coming years.

10. Natural Disasters

The returns you get from your rental property are not inclusive of the insurance you buy for your home. Hence be very careful in choosing the area to buy your rental property.

Do not invest in an area prone to flooding or any other natural disaster to save your rental income by heaps.

The Bottom Line

​You may find a lot of properties for investment in the city of your choice. But before finalizing your rental property you have to do your due diligence and a lot of footwork to get the max returns on your rental property.

This may seem quite overwhelming, but you can always use the help of professional property managers in your area.

If you are looking to buy a property in Delhi NCR then our property management services in Delhi NCR will be very helpful in the entire process.

Get in touch now!

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

Own a rental property? This case study can help you understand how our property managers at LuXia can help you save Rs. 40 lakhs!

How it all starts

An NRI customer owns a rental property in Delhi, India and decides to rent it. For this, he get in touch with the local real estate agents, friends and family members and ask for support.

Finally, finds a tenant for his rental property through a local real estate agent (who obviously took a hefty amount from both the sides).

The problem

Since the landlord rented the home through an unverified broker, therefore he did not look after the property’s maintenance, after renting it. And, the tenants too did not pay much attention to the cracks, leakage and wear-and-tear on the property as they were not going to stay for long.

As soon as the first tenants vacated the property within just 7 months, the brokers informed the owner about it. Further, the broker made up a scenario of finding new tenants.

But, the broker played with the owner’s trust by renting out the property to his acquaintance and quietly filling his pockets with the unauthorized rent.

The owner gets to know about this and had to make a rushed visit to India. He also had to involve police and the legal system to get the house vacated.

Result – Not only did this cost the owner in terms of money, but also cost him a lot of hassle in handling and settling the issues. Due to the negligence of the broker and the tenant a leakage in one of the water pipe grew big and caused damp walls. This further resulted in high loss of money in terms of monthly rent, brokerage fees, legal fees and the maintenance cost.

Cost incurred so far:

Rushed ticket cost – Rs. 1.5 lakh

Monthly rent loss for 1 year – Rs. 5 lakhs

Maintenance cost – Rs. 2.5 lakhs

Tickets cost to fly back home and return to India – Rs. 3 lakhs

Police and legal activities – Rs. 2 lakhs

The final loss

Due to the hassles of police and legal actions, the NRI owner gets fed up and decides to sell his property in distress. Hence making a sale loss of around Rs. 26 lakhs on his rental property.

Total loss – Rs. 40 lakhs

Hence, not only does he suffers financial loss, but also loses a rental property which he had bought for his retirement plans.

How can LuXia can help you save Rs. 40 lakhs

LuXia LLP offers property management services for NRI landlords, thereby helping them save time and money on their rental property.

Our property managers make sure we hire tenants only after proper screening to check on their backgrounds, tenure of their stay etc. We also prepare all the legal paperwork before leasing or renting the rental property to the tenant to ward-off any chances of treachery.

Apart from renting, we also take care of property maintenance by making timely visits to the property and fixing any issues that require attention. This way the NRI landlords need not make emergency visits to maintain their property and save lakhs of their hard earned money.

Another advantage of hiring our property management company is that we put in efforts to minimize the vacancy period so that the NRI landlords can enjoy the monthly rent coming their way.

We have a real-time client portal for our landlord clients. In this portal we share updates for rent collection, scheduled visits and other important updates. Hence, the landlord stays informed and updated about all the happenings on his rental property. Thus – no deceit.

Get in touch

Save your money and get high Return on Investment (ROI) by hiring our property mangers for your rental property in India.

contact@theluxia.com |   +91 9810505543

Considering the benefits of hiring a property management company, it is a great decision for landlords who stay away from their properties.

A good property manager makes certain that your tenants are happy and satisfied; that you receive a consistent rental cash flow, and that your property is properly maintained.

Therefore, look for the below attributes in a property management company to get high returns on your investment:

• Robust tenant screening process
• Solid rent payment collection
• Timely inspections of your rental property
• Follows a maintenance and repair policy

As a property owner, you will also need to consider a few more things like:

• competitive property management fees,
• excellent communication between you, your tenants and your property managers, and ,
• proper documentation of all the paperwork of your residential rental property by your property manager.

If you are looking to hire a professional property management company near you, keep reading to know how to find one nearby that will achieve all of your property management requirements.

Finding a Property Management Company Near You

1. Look Online

The first and the trending way to to look for a local property management company is to type in “property management company near me” in Google. And you will have the results in front of you in less than a second.

After you have shortlisted the prospective property management companies near you from your search results, finalize your search with further investigation.

If the company has a website (which they should in today’s era of digitization) then take a look at it and see if it has these information:

• A detailed list of landlord services they provide including, but not limited to: property registration, tenant screening, rent collection, maintenance schedules, financial reports and property inspections.
• Arbitration policy and privacy policy for property owners and website users
• General information regarding the company
• Areas served by the property managers
• An online portal for the landlords
• Testimonials from existing property owners
• Contact details (address, phone, email – all three)

You might think of the above information as very obvious. But many property management companies may not mention these on their website.

In fact, the way a company represents itself online, speaks volumes about it. A good property management company mentions all the possible information for the property owners. So as to give them a better insight and to help them make an informed decision.

Since the management company is transparent about their information and practices, hence, the property owners see them as a reliable investment.

Apart from the website, also check for any online reviews available for the company. You can do this by typing in the exact name of the company and look for any reviews on the leading websites. The reviews may be too negative or positive due to discrete situations. So, its better to take these with a grain of salt.

2. Get a Local Referral

You must be having friends, relatives or acquaintances in your circle with rental property in your local area. There are very good chances that some of them use property management services from a local company. And they can share honest, unbiased reviews of their experience with a management company.

Since the review comes from a referral whom you know personally, therefore, there is no chance of any hidden truths, or misleads.

People generally prefer asking referrals for home services, particularly in case of income properties. If a property manager has a bad reputation, the word about it will spread fast in the real estate circle of property owners and other industry professionals.

Likewise, property managers with exceptional work portfolio and good reputation will have clients coming their way by happy and satisfied referrals.

Bottom line is that reviews can be helpful. But nothing beats the trust gained from hiring a property manager referred from someone you know personally.

3. Check Out Local Ads

One of the task of a property management company is rental marketing. This means to handle the marketing and advertising of your rental property in order to find tenants for vacant properties.

This is a very convenient way to find local property managers.

Just look for the rent ads in your local newspaper or online classifieds. These resources are usually employed by local property management companies. So as to share that a rental property they manage is available for rent.

By following the advertisement trail you can shake hands with some best operational property management companies near you.

There’s another hidden advantage of looking in to local ads for finding a property management company in your local area. You get an idea of  how they advertise vacancies and whether you are impressed with their advertising skills.

4. Talk to Current Renters

In the real estate web, the chances of you knowing someone who lives in a rented apartment are quite high.

Just reach out to the tenants and ask them if they are in direct contact with the landlord for rent payment or for addressing any issue. Or a property management company is the point of contact for them.

The tenant will definitely share their honest experience with you about their property manager.

Bottom line

It’s not hard to find a property management company near you. But, to find the right one is crucial and challenging. Go for the one that has high working standards, competitive fee structure and a good reputation in the real estate community.

If you own rental property in India, LuXia LLP has all the attributes and necessities of an exceptional property management company.

With strong community bonds, a huge network of professional relationships, and a passion to manage your rental property at fair prices, we at LuXia work to provide you with the best experience. Right from the pre-registration complexities, to tenant screening  to managing the eviction process – we handle everything to make your real estate handling hassle-free.

Allow us to manage your rental property, keep your tenants happy and satisfied, and generate you the monthly rental income you’re looking for.

contact@theluxia.com |   +91 9810505543

As owners of rental properties you must be well aware of the fact that renting out real estate properties takes a lot of time. Particularly, if you have multiple properties then managing the tenants, rent cycle, maintenance etc. can be a tad overwhelming.

Although many landlords may start with managing their property on their own or by an employee or through a relative or friend. But, eventually, the whole process and the tenant concerns, get exhausting and baffling. The property management is even more strenuous when you have other important tasks to handle rather than managing your property. Or, when your property is in a different country or a different city.

So what does a Property Manager do exactly?

A Property Management Company maintains and manages your rental property end-to-end.

The property managers will work directly with your prospects and tenants, so as to save your time and worry over managing your rental.

Property management services include:

• marketing your rentals,
• tenant screening
• complete legal documentation
• rent collection
• handling maintenance and repair issues,
• responding to tenant complaints, and
• tenant eviction

Moreover, a good property management company will bring along its know-how and experience to your property, thereby giving you the peace of mind that only comes when you know your investment/property is in good hands.

Finally, a property management company is an independent contractor. Therefore, you pass the troubles and perplexities of being an employer.

The three scenarios which define your need of a property manager

Below are the three scenarios which briefs some of the common situations. You can place yourself in either of the scenario to learn whether or not you need property management services.

Scenario 1 – When you definitely need a property manager

• If you are an expat or a Non Resident Indian (NRI) and you have your rental property in your home country, then it is definitely important for you to hire a good property management company.
• If you have multiple properties to manage, maintain and rent out. Because then you’d need a professional company who would manage your rental without any hassle.
• When you do not have enough time on your hands to handle tenant concerns, rent management etc.

Scenario 2 – When you should consider hiring a property management company

• If you expect to earn good returns from your real estate portfolio then using property management services is a good idea.
• If you wish to increase your property value over time then a property manager can help you with this.
• Also, if you are keen to save some extra money by spending less on repairs and maintenance work then hire a property manager. Since, they have contacts with local vendors, they can get the repair work done in comparatively lesser price.

Scenario 3 – When you don’t need a property manager

• If you enjoy being a landlord and you have the time to manage your rental property efficiently.
• If managing properties is your passion, and you have a hard time trusting third parties, then you should manage them directly.
• And, if your property is located close to your current location then it makes sense if you’d like to manage your property all by yourself.

A property manager would still assist in your objective and remove all complexities of dealing with the tenants and managing your property. Basically, the choice is yours.

About LuXia LLP

LuXia LLP is a property management company in India dedicated to serve the NRI landlords and homeowners who live away from their rental property.

Get in touch with us to increase your property value and find the right tenant for your property.

contact@theluxia.com |   +91 9810505543