Property management is crucial for NRI (Non-Resident Indians) for several reasons:
Maintenance and upkeep: As an NRI, you may not be able to visit your property frequently, making it difficult to oversee its maintenance and upkeep. A property management company can take care of the regular maintenance and repair work to ensure that the property remains in good condition.
Finding a property free of any legal squabbles is a significant accomplishment. The frequency of land conflicts has increased along with the real estate sector’s phenomenal rise. Land ownership disputes have been a major cause of project delays on numerous occasions. Although the real estate law, which is being implemented in various phases throughout the country, will improve the situation for property buyers, here is a self-checklist to determine whether the property you are shortlisting is worthwhile investing in or not:
A property should have an unambiguous, transparent title. When purchasing a brand-new home, the construction company should own the land’s title. If purchasing a used one, carefully review the papers or consult a property lawyer to verify their validity.
Your work is halfway done if you are having the bank finance your home. The property is evaluated by banks before they approve your loan. Several banks provide on-site offers for apartment projects, which amply demonstrates that the real estate is legally vetted and has all necessary approvals in place. But be sure to read the fine print before you sign the bank loan contract.
A certificate of encumbrance signifies that a property is legally free of any mortgage or outstanding loan. It also includes the previous owner of the property’s name. To determine whether the previous owner had mortgaged the property and whether all the dues had been paid, this is a crucial document when purchasing a resale property.
Make sure you receive a copy of the approved map from the developer that has been approved by the local authorities if you are purchasing an apartment complex. This can provide you a realistic impression of the locale and any encroaching construction.
Ask the prior owner for the property tax papers if you are purchasing a resale home. This will offer you information on two things: if the colony or region you are buying in is lawful or illegal; and whether the property is properly registered and there are no outstanding debts to the local government.
A recognised society and a resident welfare association ought to be present in every apartment building. This is a legal process in and of itself, and it also provides information regarding the legitimacy of the project and the land you are purchasing.
Before you purchase a house, there are numerous tasks you must complete. You might blow through all of your savings or apply for a bank loan. Therefore, it’s crucial to consider these factors carefully and make a choice that will leave you feeling at ease.
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.
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.
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.
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.
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.
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.
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.
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.
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!
The benefits of using a Property Management Company are manifold. By watching the latest Bollywood movie Gulabo Sitabo, you can learn that how by not hiring property managers, you run the risk of losing your property. More so, you can know how to increase the rental values of your property by availing property management services.
The term ‘Gulabo Sitabo’ originates from conventional glove puppet theatres of Uttar Pradesh in North India. Also, the show has two heroines namely Gulabo and Sitabo. Sitabo is the jaded and overburdened spouse. And Gulabo is the enticing mistress of Sitabo’s husband.
Just like both protagonists Gulabo and Sitabo are constantly at loggerheads with each other, Mirza and Rastogi are wrangling throughout the movie ‘Gulabo Sitabo’.
By using our property management services and with our property manager being a single point of contact for you and your tenant we can help you avoid those uncomfortable conversations and dealing. In fact it helps a lot to use professional services both – as a landlord and as a tenant to avoid any disputes and for a comfortable “renting”.
Shoojit Sircar deserves applause for making people familiar with the intricacies of tenant and landlord relationships through this film.
The movie hovers around Fatima Mahal, which is a dilapidating mansion or Haveli in Lucknow.The owner of Fatima Mahal is Mirza’s wife, Fatima Begum, who is portrayed by Farrukh Jaffar. Amitabh Bachchan essays the role of Chunnan Mirza Nawab, who is the husband of Fatima Begum. And Mirza longs for the death of his wife so he can gain complete control of the haveli.
The rooms of Fatima Mahal are leased to several tenants; most of whom do not pay enough rent. One of the tenants of the haveli is Baankey Rastogi; Ayushman Khurana portrays his role.
However, Mirza and Rastogi are always squabbling. Because Rastogi fails to pay his long-overdue rent and comes up with different excuses for not coughing up the money every time; even though, Rastogi pays lesser rent than the other tenants.
Plus, Rastogi is constantly nagged by Mirza to clear the dues. Then, one day, in a fit of anger, Rastogi kicks the wall of a toilet block that comes tumbling down. This enrages Mirza and he demands Rastogi bear the wall repair charges. Expectedly, Rastogi refuses to meet Mirza’s demands, leading to legal tangles between them.
Now, Mirza would have benefited; if he had availed Luxia services that come under the property management of landlords.
Here’s how:
So, we have seen how Mirza lost his ‘Fatima Mahal’ because he did not avail the benefits of professional property management services. Do not be like Mirza, smarten up and save your property from being taken advantage of.
Call us now and let us discuss how our property managers can help you reap rich dividends with our viable solutions.
Dwindling stock markets amidst the recession is driving Real Estate to the center of investment portfolios. Yet, buying new property or owning many valuable properties might not be enough. Investors and property owners can take full advantage of the shift only with property managers that have foresight.
Often, the absentee owners misjudge the need for NRI property management. They make all the effort and overspend to manage their property but end up frustrated. Not only does their property lose value but, they also miss out on rental income without realizing it.
Professional property management can mean a sea change for your investment plans. Before we look at what is achievable by hiring a Property Management Company, let’s briefly understand what it is!
Imagine what would happen if your home lies in neglect while you are abroad. Its value would depreciate over time. Your property would be at the risk of being used or occupied illegally. It could be swallowed by property sharks. Finally, you would have to spend a lot of money for repairs and renovation when you take back charge.
In short, your property would become a liability of sorts. Property Management is meant to avoid all these and turn your home into a profitable investment! Moreover, it is intended to generate passive rental income besides ensuring gradual value appreciation.
By confiding your property in the safe hands of a property management company, you are ensured that it:
Over the years, property management companies have overtaken the role of traditional brokers in the rental market. In fact, they have added new dimensions to renting. There is little wonder that property management companies are judged by their rent management services.
Rent Management is tied intrinsically to the very logic of property management. It creates a win-win situation for both the property managers and the owners.
How?
Rent management is directed towards generating a regular flow of optimum rental income for the owners. A part of this income is invested in maintaining, repairing, renovating and interior designing so that the property remains in-demand. This also ensures that the property increases its value at a higher rate than it would have without being professionally managed. A fraction of the rental income forms the property manager’s fees.
Your rental income, the income of property manager, and the value-expansion of property are all dependent upon effective rent management.
Rent management is not just about money. It is more than that. It is obvious that income generation from property is the chief concern of an owner and property manager. However, the prerequisites for steady rental incomes are more than just setting the rent and finding a tenant.
The main challenge of rent management is minimizing the vacancy period and finding the RIGHT tenants. It is the right balance between occupancy and rent that matters. It ensures maximum annual rental income.
Property management companies undertake the following tasks to maximize the occupancy period.
High occupancy is not enough in ensuring a good rental income. A lot depends upon the kind of tenants your property draws. Right tenants are those who:
The property maintenance company’s experience in handling and selecting tenants counts!
Property managers lay special focus on tenant experience. They organize walk-throughs, handle everyday issues that arise during their stay, prepare agreements and help them in moving their stuff. This goes a long way in ensuring smoother rental payments.
Is it a good idea to avail rent management services exclusive of other property management services?
Property management services include home maintenance, interior designing and budgeting besides rent management. You can opt for these services depending upon a number of factors:
If your stay outside the city where your property is located is about to conclude, you may only require rent management. It has to do with income, and no one wants to lose out on that! You might prefer to go for renovation, designing and repairs in your presence. Elaborate budgeting exercise would not be needed in such a scenario.
There is no question of changing the interior designs of a new home.
If you are planning to sell your home in the near future, interior designing has to be done accordingly. There is a difference between interior designing for renting, resale and personal use.
There are two types of property maintenance tasks. Routine maintenance tasks include payment of bills, taxes and housing society charges. They may include minor repairs. You have little choice regarding these.
Occasional maintenance tasks include major repairs and renovation, and checking that the property is not overstepping any laws and regulations. These may not have to be carried out every season.
Similarly, interior design should be carried out with tenant needs and net rental income in sight. There are a few thumb rules for that like spaciousness, neutral wall paints, dark floors and strong fittings. You may require renting focused interior designing services when you convert your home into rental property for the first time. Subsequently, interior designing services would be required only once in a few years. To match with the new trends!
Owners of multiple properties and those that seek to retain valuable properties as long-term investments need all property management services. Or let’s say that’s the best option for them! They get maximum benefits as property is maintained and designed season after season with the aim of rental income.
When all management tasks are geared towards single purpose, the results are better. They get income forecasts in advance which helps in financial planning. Moreover, they save precious time, energy and money, while the property value continues to rise in their absence.
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