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