Tag advantages of using property management services

Benefits of property management

The benefits of hiring property maintenance services providers are manifold. First, because property managers add value to your rental property investments, many veteran property investors suggest working with them.

Let us now study the various benefits landlords can enjoy while choosing to go with rental management companies.

  • Trustworthy tenants

With a property management company, you can be assured of the quality of tenants. A property management company in Delhi NCR follows a reliable verification process that helps to sift out tenants who pay rent on time and rent out for the long term.

  • Avoid legal hassles

By working with the top-ranking rental property management companies, you can avoid legal headaches, which is the case if you have bad tenants. The best property managers are well-versed with the property laws and can protect you from getting entangled in legal disagreements in cases of bad tenants.

  • Lower Maintenance Charges

If you work with a property management services Gurgaon company, you can use the firm’s in-house maintenance workforce for the general upkeep of your property. In turn, you save money that otherwise you would end up spending on hiring an external maintenance team.

  • Assured Rent Collection

Another benefit of working with a property management company is that you need not worry about rent management and collection. The property managers have you fully covered with the power to apply lease policies in cases of difficult tenants.

  • Retain the value of your property

A well-established rental property management company helps to maintain the value of your property, too. Property managers have several years of expertise and can help in detecting maintenance problems during the early stages.

Now, by conducting the mandatory repair works on time, you prevent the issues from worsening. In the process, you save expenses of more extensive and costlier repair works that you otherwise would need to complete at a later stage.

Preventive maintenance is key to maintaining and raising your property value when you rent your property. As part of preventive maintenance services, property managers carry out maintenance checks and inspections regularly and report efficiently.

The best NRI property management companies also provide valuable suggestions on whether you should opt for upgrades or modifications to increase your potential rental values.

  • Representative for tenants

As a landlord, you do not want to deal with tenant issues. Here, you have to appoint the property management company in Delhi to deal with any tenant issues on your behalf.

Besides handling tenant complaints, property managers give detailed reports to the landlords. As a result, you do not have to get directly involved in the process and can get more free time to devote to other, more important matters.

  • Reduce tenant turnover

One of the advantages of property management services also lies in the fact that property management companies can help in reducing the tenant turnover rate. Tenants may also be willing to pay higher rent (if the landlord demands) if they are sure of the quality of services.

About LuXia LLP

We at LuXia have been managing properties of NRI and other clients for several years now. So, if you want to save yourself the trouble of scouting high-quality tenants and property maintenance jobs, only approach us.

We have a reliable screening process to get you good tenants who do not cause much wear and tear to your property or pose undue problems.

Contact us today to know about our best property management deals!

contact@theluxia.com |   +91 9810505543

How can a Property Management Company help homeowners?

It is not debatable that owning a rental property is an awesome source of earning additional income. Having said that it becomes quite a task for the NRI homeowners to oversee property upkeep, maintenance and letting and marketing. This is where you can explore the benefits of hiring a property management company.

Professional and experienced property managers can add significant value to your property. This is the reason why many leading real estate investors recommend homeowners to use property management services.

Here are a few ways that a good property management company earns their keep:

1. Tenant Screening

Screening of tenants is like having a drawbridge and moat around your property. Although a good real estate property manager can help you evict a bad tenant of your property. But, not renting or leasing your property to a bad tenant is much more convenient and hassle-free.

By hiring a tenant through proper screening you make complete arrangements fora tenants who:

  • Pays rent on time
  • Stays longer
  • Put less wear and tear on your property
  • Creates/causes lesser issues

An experienced and professional property management services provider company screens thousands of applications on a regular basis. Therefore, they have the aptitude to quickly dig for the real facts about candidates and analyze the information for warning signs. Thereby, avoiding bad tenants, possibility of scams and lawsuits.

2. Less vacancy

Next in the benefits of hiring a property management company is to keep your property vacant for very less time. A professional rental management company knows how to get your home rented and keep it rented for long.

The company will handle everything right from determining the best rental price, preparing your property for rent, thorough marketing, tenant screening, rent management etc. to keep your property occupied for a longer time.

3. Longer Term Tenants

Every landlord wishes to rent their property to good tenants who’d stay for longer term.

Short-term tenants costs more than just money to the NRI homeowners who are looking for more return on investment. Some of the major disadvantages of renting your property to short-term tenants are:

  • lost rent,
  • cleaning expenses,
  • replacing locks,
  • repainting interiors,
  • making small repairs and last but not the least
  • advertising and tenant screening process costs.

Hence, it is quite evident that both time and money are saved with long-term tenants.

The best property managers plan and execute a good tenant retention policy. This is because they understand that an unhappy tenant is more likely to vacate a property sooner.

Hence, a good property management company puts in efforts and takes initiatives to make a tenant happy by keeping good communication, fast response to their issues and making quick repairs.

4. Act as the point of contact for tenant concerns

As an NRI landlord and otherwise also, it is not possible and convenient to answer all the concerns of your tenant over phone or by making personal visits. Hence, a property management company manages it for you.

A tenant can directly contact the dedicated property manager for any concerns related to the property. Therefore, the homeowner can breathe easy knowing that the property manager is there to attend all the issues of the tenant.

5. Market your rental

Property managers are proficient at rental marketing. They have experience in writing crisp rental ads and taking and posting high-quality photos on various sites (online and offline) .

In fact they also have local real estate understanding and which will help in setting up a fair rental price for your property. Hiring a property manager with marketing experience is an added advantage to help fill your property sooner and reduce the vacancy time.

6. Ensure rent is paid on time

Property management companies understand that consistent and timely rent collection is very crucial for homeowners who give their property on rent.

A property management company gives special attention to the rent cycle and also implement lease policies if the tenant is not paying the rents on time. Moreover, if a tenant consistently fails to pay their rent on time (or at all), a property manager will deal with the situation in the best capacity, and/or will issue an eviction notice if necessary.

7. Avoiding Legal Problems

If your property management company helps you avoid just one lawsuit, then it more than pays for the hiring cost.

You must be aware of the situations where one bad tenant raises severe legal and financial concerns. This is the reason why most of the experienced real estate consultants recommend hiring a property manager.

Because of the experience and also because it’s a part of a property manager’s job, they are more likely to know the laws much better than the NRI homeowners.

8. Save you money on maintenance and repair costs

Property managers are more likely to get discounts for regular maintenance services because they routinely work with a local service provider. Moreover, some property management companies employ an in-house maintenance staff to avoid the hassle of vendor availability.

Additionally, since the property managers make regular visits to the property for inspections, they can identify any maintenance issue which needs attention and fix it before it becomes big. This way the cost of emergency repair comes down by big numbers.

9. Distance between tenant and owner

At times tenants put the landlords in a situation where in the owner is expected to make decisions based on emotions. This is not ideal, because the tenant might just be making an excuse to not pay the rent. This can result in monetary loss for the homeowners.

However, a property management company is considered and treated as a professional entity. Therefore, tenants refrain from making fake excuses and pay the rent on time.

10.  Enjoying the benefits of rental property ownership without giving up personal freedom

Majority of people invest in real estate for a passive source of income or as a source of funding for a relaxed retirement.

With a reputable property management company, owners need not stress about their rental property’s maintenance or rent collection or any other concern. Hence, the owners can spend more time with their family or engage in any activity they were not able to explore due to added responsibility of managing the rental property.

11.  Increasing property value

As they say prevention is better than cure, so is with the health of a property. Preventative maintenance can increase the value of your property.

By attending to the maintenance and potential repairing problems early on prevents breakdowns which may lead to bigger and expensive repairs or even replacements.

A property manager ensures regular maintenance checks and inspections to make certain that everything works just as the way it should.

12. Assistance with taxes

Systematic record keeping allows efficient tracking of tax deductible expenses causing lower taxation.

A property management company can assist you in understanding the tax structure, so that you can claim the cash deductions and arrange for the necessary forms and documentation required to make those claims.

13. Handling Evictions

Property managers are well equipped with experience to handle tenant evictions. If required they even hire professional and experienced real estate lawyers to carry out the legal proceedings of tenant evictions.

What next?

Ready to take advantage of property management services? Get in touch with us to experience all the above benefits of hiring a property management company.

contact@theluxia.com |   +91 9810505543