Blog

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

Or, fill in the form below to get a call back.

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.

Read More

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.

Read More

Making your property a source of rental income as an NRI homeowner is just the beginning. While it can ensure a steady ROI, there are bigger issues that need to be addressed. Experts claim that staying competitive in the rental market is dependent upon a far more pertinent concern. It is the gradual augmentation of the value of your property that matters ultimately.

Whether your property is under constant use by tenants or it is lying vacant, its value will depreciate. Physical obsolescence is the straightforward reason for declining value. However, often the overlooked aspects are aesthetic appeal and comfort. Internal looks of your home, indoor accessories and space-use should not make your property obsolete. No tenant would want to opt for a home that has outdated looks and a sluggish feel!

It is here that interior designing services step-in. A property management company would offer the following services for an internal makeover of your home.

1. Space Planning

Space planning is aimed at making the most out of the space available to you. Residential property management would allow you to have crucial insights into making the space dynamic and efficacious. Space planning involves spatial analysis, feasibility analysis, demographic and lifestyle survey of surroundings etc.

2. Design Modelling

You would surely have a blueprint of the kind of interior designing you wish to have. Everyone has! Property mangers take over from there onwards. They would discuss your ideas and provide you a 3D model of how it is going to look. It is known as conceptual design. It allows you a real feel of the design. You can thus visualize the plan and discuss the changes you would like. This process can do a couple of rounds before you finalize the design to your satisfaction.

3. Detailed Designing

Your residential property is made up of several spaces, each with a particular use. Detailed designing allows you to lay special emphasis on each block and corner of your residential property. In simpler words, it is the designing of each room separately. It works on the consideration that the sum is greater than it parts. Property management services would offer you the following:

• Bathroom and Kitchen Designing
• Living Room Designing
• Bedroom Designing
• Children’s Room Designing
• Balcony Designing
• Hall Designing
• Guest Room Designing
• Store-room Designing

4. Materials Recommendation

Most NRIs wish to invest in some specific materials while going for renovation. Property management services for nri mediate between your ideas, wishes, desires and utility, efficiency and latest trends. They recommend appropriate materials to ensure that your property remains durable, aesthetically pleasing and comfortable. By close consultation with property management experts you are sure to add real value to your home sitting remotely.

5. Furniture Design

If voguish furniture is an essential part your home-interiors aesthetic imagination, there is more good news for you! Property management experts would guide you towards incorporating your imagination into space planning and modelling. Additionally, they would be helpful with bespoke furniture designing, window designing, and soft furnishing etc.

6. Fittings, Wardrobes and More

If you love minute details, there is nothing to worry. You can give regular inputs and decide each fitting that is going to change the living experience. From bathroom and kitchen fittings to door and windows, ultimately you decide the feel and pleasure of living. Latest modular kitchen styles and home automation systems add immensely to your homes functionality. Wardrobe designing and false ceilings take your property towards becoming a design masterpiece.

7. Paints, Colours and Lighting

No matter how particular about interior design details someone is, painting and lighting create the first impression. Choose from an unbelievable number of options. Integrate Vaastu-shastra and Feng-shui insights into the design. Decide the wall-designs for children’s and baby rooms. You can also avail specialised LED lighting and lighting design services. Give your residential space the ultimate vibe with professional interior designers!

Interior designing is a serious investment that you make into your property. You would not want to miss on details. For this reason, the professional property management companies offer you a real-time and periodic visual reporting system. Ultimately, it is your home and you should have maximum control over its look and feel.

However, if you don’t wish to move into your home soon, you can benefit immensely from rent management services. They would ensure your investment creates a regular flow of income for you. Besides, your property would be immune to devaluation. In fact, it can augment its value with professional property maintenance, despite the real-estate market trends!

Rent management is aimed at deriving appropriate and regular rental income from your newly renovated home. It ensures reduced vacancy periods, healthy usage of property, trustworthy tenants, high market value and competitive rents.

Whether lying vacant or due to tenant use, your home would demand maintenance. Property maintenance services offer you:

• Regular Repairs and Inspection.
• Timely payment of bills, taxes and builder maintenance charges.
• Compliance with prevailing and recently changed property laws and regulations.
• Safety and security from property sharks.

In case you have just bought your home, you might require pre-possession services. The list of pre-possession formalities is long. Often, even in their presence, the owners miss crucial details. It could be next to impossible if you are an absentee owner. Pre-possession formalities involve documentation related and on-site tasks.

Documentation includes obtaining of about a dozen certificates, agreements, deeds and slips besides the registry from government. On-site verification means checking the quality of fittings, doors & windows, paints, drainage outlets and construction material. Property managers specially check areas prone to leakages and cracks.

Interior Designing can convert your Property into a lucrative investment!

Owning a residential property is a dream for many. To enjoy the living experience in your dream home in future, you cannot compromise on its comfort and style. If your new residential property is a conscious investment, it has to stay competitive in rental and resale market. Interior designing and property management services from experienced companies assure income flow and value improvements. It is time to say goodbye to interior designing checklists. Just calmly supervise the renovation of your property remotely!

contact@theluxia.com |   +91 9810505543

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

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