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Property Maintenance Services: Maintenance is the top priority to keep in mind if you have a property to manage. This will keep your property operating effectively and help you avoid unforeseen maintenance and repair bills.

In this article, you’ll get a look at all things Property Maintenance Services including:

• What property maintenance entails and why it’s beneficial
• Advice on how to create a team for property maintenance
• Important pointers for maintaining the condition of your property
• How a CMMS can assist you in managing the costs and duration of property maintenance

Let’s get right to it.

What is property maintenance?

The practise of maintaining a residential, commercial, apartment, or hospitality facility and its immediate environs through a number of particular maintenance tasks is known as property maintenance.

Property maintenance is frequently used interchangeably with building maintenance since it relates to tasks that are necessary to keep a structure livable and functional for its residents.

Property Maintenance Services activities include:

• Cleaning the interior and exterior common areas of the building (including drains, roof gutters, corridors, etc.)
• Rodent eradication and management
• landscaping and gardening
• garbage disposal and separation
• replacement, and maintenance of all mechanical and electrical systems (lighting, HVAC, water supply, water heating, etc.)
• security checks (proactive routine inspections of mechanical and electrical systems, fire fighting installations, and safety inspections of the entire premises)

You shouldn’t have to worry as a tenant about problems like a clogged kitchen sink or non-flushing toilets. These frequently call for the assistance of a property maintenance crew. However, tenants frequently handle small jobs like replacing light bulbs on their own.

A property owner wants to make sure that their asset worth grows (or at the very least maintains the same) over time. You don’t want to spend the majority of your time each day dealing with irate tenants, maintenance issues, or, even worse, with liability lawsuits that may result from poor upkeep, code violations, and safety dangers.

(Pro tip: Especially for rental properties, it’s always a good idea to explicitly explain tenant vs. landlord responsibilities.)

Examples of Property Maintenance Services

Assume you work as a multi-family residential property maintenance technician for a reputable property management firm.

You would be responsible for handling a variety of maintenance requests every day for issues like plumbing leaks, doors that won’t close securely, heating and air conditioning problems, damaged garage doors, and slick walkways.

The list of items to maintain and keep an eye on can seem endless at times, but they are all crucial because you play a crucial role in property management overall.

Why should keep your property in top-notch condition

Having a beautiful home is wonderful. However, if the home you’re caring for is a real estate investment, your objectives should go beyond keeping it in good condition.

Here are a few advantages of keeping up with the maintenance of your investment property:

• Save money by paying less for repairs and maintenance.
• Maintaining and raising the value of your property
• Less stress due to fewer unforeseen repairs, disagreements, and tenant complaints
• Maintaining your property in compliance will help you avoid legal issues, obligations, and fines.

We at LuXia LLP render property maintenance services to landowners and NRIs who live elsewhere. As part of our services, we manage and maintain the property and share updates with the owner regularly.

It can be incredibly stressful to spend your hard-earned money on a house, apartment, or other property and not receive it on time. Additionally, when the builder refuses to answer your calls and repeatedly delays the delivery of your dream home, it drains all of your strength, concentration, and tranquilly. You lose money in EMI and rent payments, but you also risk upsetting your family’s peace of mind by going through this mental anguish. Legal battles are tedious and exhausting to fight. You have nightmares about serving the builder with a legal notice.

This ongoing issue has been hurting the real estate industry for years. This was one of the factors that led to the creation of RERA, a sector-specific forum that the government felt was necessary. More than 3 lac home purchasers in Delhi NCR alone are reportedly waiting for possession despite paying 90% of their payment, according to estimates. While you are renting an apartment, it is difficult to continue paying interest to the bank. The long-cherished Indian ideal of owning a home was transformed into a nightmare. It is necessary to have a possession certificate in order to move into or use a property since it certifies that ownership has changed hands.

The RERA has given purchasers more power, but the recent realisation that they can contact numerous forums like NCLT and NCDRC has frightened rogue builders and disrupted the real estate market. However, after the dust settles, buyers will find it simple to own homes and apartments.

This blog post discusses your legal options if the builders unreasonably delay giving you possession of your apartment. “If you purchase a condo and the builder continues to postpone giving you ownership, you may file a formal complaint with the appropriate dispute resolution forum, referencing the cost of your condo or the extent of your losses. According to Advocate, disputes between 20 lakhs and 1 crore can be lodged with the SCDRC, while those beyond 1 crore can be submitted with the NCDRC in New Delhi..

“You can also file a complaint to RERA of your respective state claiming your refund along with the interest or damages,” 

Under the RERA Act of 2016, a buyer may register a claim and provide the builder legal notice of the delay in possession, or they may move their claim from a CDRC to the State Real Estate Regulatory Authority. This Act mandates that a builder who delays the delivery of apartments must pay 10% interest on the property’s worth. Home buyers who are upset can take their complaints to one of three forums.:

·         Real Estate Regulatory Authority (RERA): 

RERA is a court that is specifically designed to handle disputes that arise in the real estate industry. The RERA Act, which was established in 2016, is still being developed. It has jurisdiction over all real estate cases through its appellate body, the RERA Appellate Tribunal. Any claim amount may be the subject of an RERA complaint, but a complaint cannot be lodged if the occupancy certificate has already been issued. It enables purchasers to receive a full refund of their cash plus interest or monthly interest up until the builder hands over possession..

RERA Act clears out each case typically within 60 days and its court fees vary from Rs. 1,000 to Rs. 5,000 for different states with the litigation costs within Rs. 25,000 to Rs. 75,000 (with execution).

·         Consumer Forum:

The 1986 Consumer Protection Act gives consumers the right to protest to the function Object() { [native code] } about “deficiency in service.” With its Appellate Body District Forum to SCDRC (State Consumer Dispute Resolution Commission), SCDRC to NCDRC (National Consumer Dispute Resolution Commission), and NCDRC to Supreme Court, this statute has been successfully formed since 1986. According to this law, purchasers may make complaints in the dispute forum for claims of up to Rs. 20 lakh, in the SCDRC for claims of between Rs. 20 lakh and Rs. 1 crore, and in the NCDRC for claims of greater than Rs. 1 crore. It allows customers to receive a return with interest or delayed possession in exchange for compensation for emotional distress, legal fees, etc..

According to the statute, the Consumer Forum takes approximately one or two years to resolve a matter and charges between Rs. 2,000 and Rs. 5,000 as court costs. The District Forum’s legal proceedings cost approximately Rs. 10,000–20,000, Rs. 30,000–60,000 for SCDRC, and Rs. 60,000–2,000,000 for NCDRC..

·         National Company Law Tribunal (NCLT):

Under the 2016-enacted Insolvency and Bankruptcy Code, the buyer may start insolvency procedures if the builder is unable to complete the real estate project. This well-known statute, which has an appeals body in the National Company Law Appellate Tribunal (NCLAT), resolves disputes for registered firms with poor financial standing that total more than Rs. 1 lakh. By allowing them to collect their share at liquidation and compensating the owner with the company’s dissolution,.

According to the statute, it normally takes 9 to 12 months to get a verdict in a matter. Its court fee is Rs. 25,000, and the litigation costs range from Rs. 60,000 to Rs. 1,50,000 for individuals and from Rs. 30,000 to Rs. 50,000 per person for NCLT Group (10+)..

One of the biggest landlord responsibilities facing any property owner is rental maintenance. In fact, in a national survey conducted by Smart Move, rental maintenance was ranked as the third biggest “pain point” for landlords after loss in rental income and uncooperative tenants.

That’s not surprising. Rental property maintenance requires year-round vigilance, representing a significant amount of time and money. However, landlords can avoid the “pain points” if they follow some simple rules, stay organized and budget accordingly. Below we talk about some of the strategies for managing rental maintenance.

REGULAR MAINTENANCE

Some rental maintenance issues, such as a leaky faucet, often can’t be anticipated or avoided. Other issues can be addressed before they become serious problems by following a regular maintenance schedule. These are the items that should be checked on a regular basis, whether weekly, monthly or annually, such as a yearly furnace inspection. Regular maintenance isn’t just about avoiding costly repairs but ensuring a pleasant living environment for tenants.

The rental property maintenance checklist below is not meant to be exhaustive. Each landlord will need to tailor a regular rental maintenance schedule based on his or her property.  Here are some examples of items that many good landlords do regularly.

1. Check for leaks, especially following strong rainstorms or after significant snowmelt. Water damage is the enemy of every landlord.
2. Replace air filters frequently.
3. Test smoke and carbon monoxide detectors regularly.
4. Check for pests quarterly if not monthly.
5. Re-caulk showers and bathtubs to prevent mold and leaks.
6. Tighten any handles, knobs, locks, faucets, etc.
7. Check fire extinguishers.
8. Flush water heater.
9. Clean gutters.
10. Trim or remove trees on the property threatening power lines or structures.

Landlords should also create rental maintenance schedules for bigger ticket projects, or capital expenditures, such as replacing carpets or repainting walls. The schedule will depend on the general wear-and-tear on each individual unit, but professional property managers recommend doing these sorts of projects (i.e., interior painting, carpet replacement) about every three years unless needed sooner.

REGULAR INSPECTIONS

One of the keys to maintaining your unit is to conduct rental property inspections  on a regular basis. There are four types of inspections landlords can do to help ensure their properties stay in tiptop shape.

1. Move-in Inspection:This walk-through inspection is typically done with the tenant. This provides an opportunity for the tenant to identify any concerns and for the landlord to document the condition of the property when it was turned over.
2. Routine Inspection:Landlords should schedule regular inspections of the property with the tenant, ideally on a quarterly basis. A landlord should provide prior notification before entering the property; often the terms of the lease will specify the particulars regarding these visits, or local law will. This is an opportunity for the landlord to identify maintenance issues or for the tenant to discuss any problems such as that leaky faucet.
3. Drive-by Inspection:Routinely stopping by the unit to observe its outside condition can help spot issues such as the unauthorized presence of a pet.
4. Move-out Inspection: As the name implies, this inspection comes when the tenant moves out. This inspection is not only the time to identify any damage a tenant may have caused but for the landlord to note what normal wear-and-tear repairs or maintenance issues may need to be addressed before the unit is rented out again.

There are plenty of options out there for landlords who need maintenance help. Websites like Thumbtack match professionals to those in need of services such as carpet installation and interior painting. Other companies like The Luxia. Each service call is then charged a flat fee, with a guarantee to either repair or replace the item under warranty.

5 Expert Tips on How to Choose an Excellent Property Manager

Your rental property is an asset that needs to be professionally managed and managed pro-actively in order to be properly protected. Unless, of course, she’s a real portfolio manager, you wouldn’t allow your neighbor’s acquaintance handle your stock account. Similar to this, your property needs a certified, knowledgeable, and accountable investment property manager.

Being a first-time landlord, selecting the ideal investment property manager might be a daunting undertaking. What credentials should you be seeking? How do you distinguish between poor managers of investment properties and those that will look out for your money like it was their own?

By thoroughly screening each of our property managers before designating them as one of our preferred partners, we at Luxia take a lot of the guesswork out of the equation for you. We’ll connect you with a nearby, recommended investment property manager and keep advocating for you to make sure everything goes as planned.

Here are five key ways to tell if an investment property manager is right for you, plus helpful questions to ask:

1. Look for specialized experience

The industry of property management is complicated. An investment property manager who is knowledgeable about current local, state, and federal laws is what you desire. Additionally, you want someone who has a track record of successfully managing the numerous challenges that come with managing renters and properties.

Find a property management company that has a lot of experience with the type of investment you have. Businesses that specialise in managing commercial properties, for instance, might not be prepared to handle residential properties effectively.

2. Verify professional licenses and certifications

A real estate licence may be all that is needed to manage a property in some places, and some states don’t require any kind of licence at all. Proper licensure and professional certificates should be able to support the technical skills of competent property managers and management businesses. To find out if a property manager has a valid real estate broker’s licence, contact the real estate commission in your state. Any certificates and professional affiliations are advantageous.

3. Check reviews and references

Nowadays, it almost goes without saying, but check out a property management company’s Yelp, Google, and Facebook ratings before scheduling a meeting with them. As is always the case with these websites, keep in mind that some reviews (such as an evicted renter) can have a vendetta that has nothing to do with the calibre of the service performed by the business. However, when comparing several businesses, review websites might be an excellent first resource.

It’s also a good idea to look up any complaints or glowing recommendations with more established sources, such the Better Business Bureau and Chamber of Commerce.

4. Examine the property management agreement

The property management agreement defines the working relationship between you and the property manager as well as the duties and obligations of the management team. Given the importance of the contract, it is your responsibility to thoroughly study it and make any required changes before agreeing to it. Verify that it has what you are looking for and that there are no unfavourable provisions.

5. Make sure they have the appropriate insurance

When we inspect the general liability, property casualty, and errors and omissions (E&O) policies of our Luxia-preferred property managers, we make sure they are adequate. Your property management agreement can also require you to have enough insurance, which is good for your own protection. Please feel free to inquire further about the required insurance coverage with your property management company.

It’s crucial to carefully assess prospective property managers, which is why Luxia does comprehensive due diligence when screening its recommended, best-in-class property management services. We look at past portfolio performance, fee schedules, number of years in operation, and much more.

Regardless of your choice—whether you go with one of our recommended property managers or pick your own—we hope the details provided in this article will give you the peace of mind that comes from knowing your investment is in capable hands.

6 TIPS TO HELP YOU CHOOSE THE RIGHT PROPERTY MANAGEMENT COMPANY

Let’s be honest. You are unable to complete everything. Owning and managing a residential rental property can be difficult, especially if you lack the necessary time, expertise, or experience. However, giving control of your property to someone else might be unsettling.

How can you pick a property management firm that would look after your house the same way you would?

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

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

1.

Go local.

You want a company that has in-depth understanding of the neighbourhood market and all pertinent local, state, and federal laws when choosing a company to take care of your home. Additionally, you want someone who has strong ties to the reliable maintenance and repair companies in the area. The finest property management company for you will be a nearby business with strong ties to the neighbourhood.

2. Check out referrals.

Obtaining a list of property management businesses can simply require one conversation with your real estate agent, neighbour, or friend. However, follow up on every referral. Check out review websites like Google, Facebook, or Yelp to learn more and see things from different angles. While it’s true that some people like to complain on review websites after a bad encounter, these sites also provide a quick way to get a fuller picture of a company. To ensure that the business has no complaints, you may also check the Better Business Bureau before accepting any referrals.

3. Decide on a large firm or boutique experience.

There are many different types and sizes of property management firms. It could be only one individual, a small business, or even a bigger organisation. Which one fits you best? You might be concerned that working with an individual won’t provide you access to all the services you require. You could be concerned that working for a larger corporation will reduce you to a number on a list. As a property owner, consider carefully what degree of service you require and make a decision based on your preferences. Choose residential property management firms over those that are more interested in managing commercial properties. Long-term residential rental specialists are likely to have greater experience with the several specialised challenges that come with it.

4. Aim for a full range of services.

Whether you choose a property management firm or a single property manager, make sure you’re receiving the best value for your money. All rental advertising, application vetting, legal paperwork, property inspections, rent collecting, accounting and reporting, and maintenance should be handled by a full-service property management business. Select a company that has experience remodelling and selling investment properties if real estate is your area of interest as an investment.

5. Make sure the property manager is licensed.

California Business and Professions Code 10130 states that a property management company must possess a broker licence granted by the California Department of Real Estate. Property managers who recruit tenants, negotiate leases, or collect rent must at the very least be associated with a broker who manages properties and have a salesperson licence. If you foresee a property manager handling any of those duties on your behalf, make sure they are licenced by the appropriate state agency.

6. Listen to your instincts.

Trust your instincts, as you should in so many situations. Check out the company’s online and offline presences. Will they be able to effectively promote your home and draw tenants if they can’t do it for themselves? Before selecting if a property management business is the appropriate fit for you, schedule a personal appointment with them. Have your interview questions ready and be prepared.

Take the time you need to gauge your level of comfort with the information you’ve discovered after thoroughly investigating the property management firm. Go with your gut. Do you feel at ease leaving your house in this company’s care? Consider the situation from the viewpoint of potential tenants as well. Would you like to rent from this person a house?

Selecting a property management company is a crucial choice that can mean the difference between a hassle-free and problematic experience. Make the extra effort to locate a business that will uphold your rights and protect your property just as you would. You will be glad you did!

Get Legal Advice on Property Disputes by Property Lawyers

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

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

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

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

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

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

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

Legal Problems of Real Estate and How to Solve Them

Every element of our life is impacted by issues, whether they be legal, personal, or professional. The true difficulty is in addressing those issues and finding effective solutions. Legal issues are among the main issues. These issues take precedence in someone’s life because of the legal component. Similar to this, you need to be especially careful because there can be legal issues with your property transactions. Some of the most significant problems that could arise during conveyance are listed below, along with the appropriate answers.

• Property ownership may be accompanied by legal issues. There are those who can fabricate documents to represent themselves as property sellers. Similar to phoney sellers, there are also fake buyers of real estate. Make thorough inquiries before engaging in any real estate transaction to avoid legal complications, or if you encounter a legal issue after purchasing the property, get the advice of an effective legal adviser to resolve your issues..
• Don’t undertake the act of presenting your case yourself as unless you are well-versed with the property laws, you may make a fool of yourself. If you are buying your property, make sure you have all the proper legal documents in place so that you are not a victim of a legal case for selling un-owned or illegal property.
• Before buying or selling a home, confirm that any liens have been paid off. If you are a buyer, be sure to pay off all of your debts on the property because this could result in a case of cheating. Consult a qualified property lawyer to ensure that all of your bills are paid and your property is free of any legal difficulties. He or she will assist you in resolving your financial issues. The same holds true for you if you are a property seller. Consult a real estate attorney before making the purchase so they can examine the buyers’ documentation and assist you throughout the entire process..
• If you are a buyer, make sure to take the help of an efficient property lawyer in verifying the urban classification of the land on which the property was built. If any related problems crop up, always consult a lawyer specializing in these matters who can take you through the process. It is important that you consider these matters before actually finalizing any property.
• The registration of property may lead to legal issues. Make sure all of your documentation are in order before seeing a lawyer who specialises in these issues and who can provide appropriate help in resolving these concerns if you are having troubles with the registration of your newly acquired property..

Consult a property lawyer who specialises in the relevant area and who can help you navigate the full legal process if you run across any of the aforementioned issues.

You probably don’t want to be a landlord if you’ve ever had one: It doesn’t appear that taking calls about over sized bugs and overflowing toilets is the most exciting profession in the world.

However, if done correctly, real estate investing may be profitable, though not spectacular. It can assist diversify your current investment portfolio while also providing an additional source of income. And many of the best real estate ventures don’t necessitate attending to every whim of a tenant.

The problem is that many new real estate investors have no idea where or how to begin. Here are some of the top real estate investment opportunities, ranging from low-maintenance to high-maintenance.

Best ways to invest in real estate

Buy REITs (real estate investment trusts)

Real estate investment trusts (REITs) allow you to invest in real estate without owning the property. They’re companies that own commercial real estate, such as office buildings, retail spaces, apartments, and hotels, and are sometimes compared to mutual funds. REITs tend to offer significant dividends, making them a popular retirement investment. Investors who do not require or desire monthly income might have their dividends automatically reinvested to increase the value of their investment.

Use an online real estate investing platform

You’ll understand online real estate investment if you’re familiar with organisations like Prosper and LendingClub, which connect borrowers with investors eager to lend them money for various personal requirements like a wedding or house remodelling.

These platforms bring together real estate developers and investors looking to fund projects with financing or equity. In exchange for taking on a large degree of risk and paying a fee to the platform, investors hope to get monthly or quarterly dividends. These are speculative and illiquid, like many real estate investments, in that you can’t readily dump them like a stock.

Think about investing in rental properties

When Tiffany Alexy bought her first rental property at the age of 21, she had no intention of becoming a real estate investor. She was a college senior in Raleigh, North Carolina, at the time, and she wanted to attend graduate school in the area, so she believed owning would be preferable to renting.

Consider flipping investment properties

This is HGTV in action: you buy a low-cost home in need of some TLC, renovate it as cheaply as possible, and then flip it for a profit. The approach, known as house flipping, is a little more difficult than it appears on television.

“There’s a higher element of risk,” Meyer adds, “since so much of the math underlying flipping involves a very accurate estimate of how much repairs will cost, which is not easy to accomplish.”

Rent out a room

Finally, you may rent out a portion of your home to get your toes wet in the real estate seas. This type of agreement can significantly reduce housing costs, allowing people to stay in their houses while still reaping the benefits of property appreciation.

This is especially important for the elderly. According to the Joint Center for Housing Studies at Harvard University, a quarter of adults aged 65 and more who lived alone spent more than half of their income on housing in 2016. For elderly persons living with roommates, the percentage declined to 12.9 percent.

Our Property Management Company is a cumbersome and time-consuming process. And it gets a tad overwhelming for landlords who are living away from their residential property to maintain and manage their property. This is where LuXia LLP walks in to simplify property management company of your property.

For NRIs and even for Indian property owners living in cities other than their property our property managers can help tremendously. There are many benefits of using a property company. For instance, to rent a home, property legal documentation, remittance of rental dues and property maintenance entail the requirement to use services of a NRI property management services for NRIs.

In an investing portfolio, real estate is the finest alternative. Wealthy investors have been known to amass vast sums of money in the Real Estate market, and they have always encouraged others to do the same. Despite this, many inexperienced investors and first-time buyers have remained wary of real estate investments. The majority of new investors have been put off by the requirement for finance, but that is changing now.

7 must-know facts about property investment for beginners in India

1. Real estate is locally driven

Local metrics have an impact on property investment. India’s real estate market, for example, is vastly different from that of the United States. Even within India, the real estate markets in Uttar Pradesh and Haryana have distinct characteristics. Further, despite their numerous similarities, the real estate markets of Gurgaon and Sonipat in Haryana are not the same.

2. Real estate is a long-term proposition

Real estate is generally not the best place to invest if you want to generate quick money. In real estate, value appreciation takes time. If you buy a plot in a new neighbourhood, it may take several years before you can sell it for a profit. In real estate, nothing changes in months.

3. Real estate needs legal & financial understanding

While real estate development in India has mainly been unregulated, allowing investors to avoid money on taxes, various rules and regulations have been implemented in the last half-decade to restrict the misuse of real estate investment in India. Beginners who want to invest in real estate and make a fortune must have a thorough awareness of all of these laws. The RERA Act, the Benami Properties Act, and the GST Act are examples of these legislation.

4. Get assistance

While study and development are essential for a novice looking to make it big in real estate, they may not always be enough. Because of the legal and financial complications, a novice investor might benefit from some assistance. It’s just as crucial to seek advice from lawyers, chartered accountants, and property brokers as it is to learn everything there is to know about real estate investment in India. As with any subject, books can only teach you so much; a major part of your knowledge will come from the professionals you meet along the path.

5. You need more seed money in real estate than any other asset class

Low-cost products such as real estate investment trusts and infrastructure investment trusts have recently been introduced. Unlike equities and fixed deposits, however, real estate does not allow you to start with a little amount of money. To accept the risk, one must have a considerable sum of money in their bank account. Although it is difficult to give a precise figure, local conditions are the most important influencers of the initial capital. It’s reasonable to state that anything less Rs. 10 lakhs is out of the question.

6. Be mindful of tax implications

Profits from real estate investments, like any other source of income, are subject to taxation by the government. Gains from property investments may be eroded by taxes. Various laws, on the other hand, aid in the reduction of tax liabilities. Learn about the legal strategies to reduce your real estate income tax liability.

7. Know about additional monetary burdens

Stamp duty and registration fees on property purchases provide a significant source of revenue for states. These taxes raise the cost of property investment significantly. Consider these when determining the amount of money to invest.

Our Property Management Company is a cumbersome and time-consuming process. And it gets a tad overwhelming for landlords who are living away from their residential property to maintain and manage their property. This is where LuXia LLP walks in to simplify complete property management services of your rental property.

For NRIs and even for Indian property owners living in cities other than their property our property managers can help tremendously. There are many benefits of using a property company. For instance, to rent a home, property legal documentation, remittance of rental dues and property maintenance entail the requirement to use services of a NRI property management services for NRIs.

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

Tips on Rental Property Management

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

HANDLING TENANTS

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

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

MAINTAINING YOUR PROPERTY

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

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

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

When to hire a property manager?

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

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

OVERALL

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

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