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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.

Small houses are undeniably cozy, albeit the lack of space could get suffocating at times. So, why not maximize your available space? Here, we have listed some space-saving hacks for you to live large even if your house is small.

• Put storage cabinets underneath the stairs

If you’re wondering how to maximize space in a small apartment, you may want to consider adding shelves, cabinets, and drawers under your home staircase.

• Install your TV on the wall

Media consoles tend to occupy a lot of space and are a no-no for small living spaces. However, for your small-sized living room, you can have more floor space by mounting your television set on the wall.

• Invest in a King-Size Bed

This may sound paradoxical, but interior designers opine that adding a large-sized bed is a simple interior design for small house that helps to give the impression of more space.

• Set up a skylight

Among other small house interior design ideas that give a feel of greater space is the option of installing skylights. Besides, you get to enjoy the scenic views of your outdoors with skylights.

• Keep to-scale furniture

Another small house interior design living room idea is to keep furniture items that fit well in the available space. So, beforehand, you may want to measure the furniture – to ensure they are of the desired scale that is. To crowd your living room with outsized furniture is not a good use of your much-loved space.

• Consider the wall desk option

If you do not have room for office space in your small home, then consider adding wall-mounted desks; they do not occupy much space. More so, you can add shelves above for additional storage space.

• Create storage room that extends up to the ceiling

A popular very small house decorating ideas is the option of adding vertical storage. In addition to keeping your things out of your way, this option makes your room look larger.

• Build zones

If you’re living in a studio apartment, you may want to separate your sleep zone from the rest of your space by simply adding an ultra-high curtain and dangling a floating painting for greater division.

With the curtains drawn and the painting in place, you can feel like you’re in a hotel room. Of course, you can entertain too, without seeming like everybody’s hanging out in your bedroom.

• Consider the option of multiple-duty pieces

If you want to know more about how to maximize space in a small house, then the trick is to go with fittings that serve dual purposes or can be shifted with ease or hidden without much ado.

The three-in-one nesting tables serve all these purposes, so you may want to consider adding them as part of your home decor.

Plus, you can go with tables that serve both as a desk and dining table. Or, opt for deep sofas that can be used as guest beds. Or, avail cubes that can function as coffee tables or extra seats when guests come calling.

• Use large-sized (but lesser) fixtures

To lend a grand feel to your small space, the general recommendation would be to outfit with a few jumbo-sized pieces and not a jumble of puny-sized pieces.

Avoid pushing your furniture along the walls too. Rather you must leave space behind the furniture, for the room looks wider than it is then.

• Contract your dining space

Among interior design ideas for small homes in low budget, you can consider opting for small and round tables rather than large-sized ones. Here again, you can have more space in your homely abode.

• Apply mirror magic

Interior designers swear by mirrors for making rooms seem larger, airier, and lighter. The fun convex ones are popular among the crowd, for they add character to your space and that too, without taking up much of your cherished space.

• Go with pocket doors

As part of your small space architecture efforts, you may want to consider the option of pocket doors that have glass windows. Such fixtures not only help in creating separation but also let shared light to flow all about. Besides, you can slide the doors into the wall when not in use, occupying lesser space than swinging doors.

• Give importance to lighting

Never undermine the importance of good lighting, for this aspect can uplift or dampen the appearance of your room. Especially, in cramped spaces (such as bathrooms) with narrow windows, good lighting is an absolute must.

Final Thoughts

In addition to the above-listed ideas for creating space in small homes, a good way of maximizing space is by way of decluttering all your rooms. To declutter, you must designate zones for keeping your different belongings. A good strategy to declutter is also to get rid of items which you do not use or need 80 percent of the time.

You may also be interested to read:

• Selecting an interior designing company: Consider these 8 aspects!
• Interior Designing and Assured Rental – Case Study of our Canadian Client
• Interior Designing with a Property Management Company: Why, How, What?
• 7 Ways Professional Interior Designing Can Add Real Value to your Home
• 2020 interior design trends: All you should know!
• Interior Design Case Study

About LuXia

LuXia is a leading property management company in India focused on providing quality management services to NRIs and Indian property owners. Our services start right from getting your property registration, to talking to your builder for any property possession delays. From their we’ll walk you through your property handover and interior designing services for your home, so that it is ready for you to move in or for you to rent your property.

As a rental management company we’ll find a perfect tenant for you and get your rent cycle started at the earliest with maximum returns. We also have our team of property legal advisors to help sort out any legal disputes. In short we are your trusted partner for assured property management services and property maintenance services.

Schedule an appointment with our property manager today!

contact@theluxia.com |   +91 9810505543

Considering the benefits of hiring a property management company, it is a great decision for landlords who stay away from their properties.

A good property manager makes certain that your tenants are happy and satisfied; that you receive a consistent rental cash flow, and that your property is properly maintained.

Therefore, look for the below attributes in a property management company to get high returns on your investment:

• Robust tenant screening process
• Solid rent payment collection
• Timely inspections of your rental property
• Follows a maintenance and repair policy

As a property owner, you will also need to consider a few more things like:

• competitive property management fees,
• excellent communication between you, your tenants and your property managers, and ,
• proper documentation of all the paperwork of your residential rental property by your property manager.

If you are looking to hire a professional property management company near you, keep reading to know how to find one nearby that will achieve all of your property management requirements.

Finding a Property Management Company Near You

1. Look Online

The first and the trending way to to look for a local property management company is to type in “property management company near me” in Google. And you will have the results in front of you in less than a second.

After you have shortlisted the prospective property management companies near you from your search results, finalize your search with further investigation.

If the company has a website (which they should in today’s era of digitization) then take a look at it and see if it has these information:

• A detailed list of landlord services they provide including, but not limited to: property registration, tenant screening, rent collection, maintenance schedules, financial reports and property inspections.
• Arbitration policy and privacy policy for property owners and website users
• General information regarding the company
• Areas served by the property managers
• An online portal for the landlords
• Testimonials from existing property owners
• Contact details (address, phone, email – all three)

You might think of the above information as very obvious. But many property management companies may not mention these on their website.

In fact, the way a company represents itself online, speaks volumes about it. A good property management company mentions all the possible information for the property owners. So as to give them a better insight and to help them make an informed decision.

Since the management company is transparent about their information and practices, hence, the property owners see them as a reliable investment.

Apart from the website, also check for any online reviews available for the company. You can do this by typing in the exact name of the company and look for any reviews on the leading websites. The reviews may be too negative or positive due to discrete situations. So, its better to take these with a grain of salt.

2. Get a Local Referral

You must be having friends, relatives or acquaintances in your circle with rental property in your local area. There are very good chances that some of them use property management services from a local company. And they can share honest, unbiased reviews of their experience with a management company.

Since the review comes from a referral whom you know personally, therefore, there is no chance of any hidden truths, or misleads.

People generally prefer asking referrals for home services, particularly in case of income properties. If a property manager has a bad reputation, the word about it will spread fast in the real estate circle of property owners and other industry professionals.

Likewise, property managers with exceptional work portfolio and good reputation will have clients coming their way by happy and satisfied referrals.

Bottom line is that reviews can be helpful. But nothing beats the trust gained from hiring a property manager referred from someone you know personally.

3. Check Out Local Ads

One of the task of a property management company is rental marketing. This means to handle the marketing and advertising of your rental property in order to find tenants for vacant properties.

This is a very convenient way to find local property managers.

Just look for the rent ads in your local newspaper or online classifieds. These resources are usually employed by local property management companies. So as to share that a rental property they manage is available for rent.

By following the advertisement trail you can shake hands with some best operational property management companies near you.

There’s another hidden advantage of looking in to local ads for finding a property management company in your local area. You get an idea of  how they advertise vacancies and whether you are impressed with their advertising skills.

4. Talk to Current Renters

In the real estate web, the chances of you knowing someone who lives in a rented apartment are quite high.

Just reach out to the tenants and ask them if they are in direct contact with the landlord for rent payment or for addressing any issue. Or a property management company is the point of contact for them.

The tenant will definitely share their honest experience with you about their property manager.

Bottom line

It’s not hard to find a property management company near you. But, to find the right one is crucial and challenging. Go for the one that has high working standards, competitive fee structure and a good reputation in the real estate community.

If you own rental property in India, LuXia LLP has all the attributes and necessities of an exceptional property management company.

With strong community bonds, a huge network of professional relationships, and a passion to manage your rental property at fair prices, we at LuXia work to provide you with the best experience. Right from the pre-registration complexities, to tenant screening  to managing the eviction process – we handle everything to make your real estate handling hassle-free.

Allow us to manage your rental property, keep your tenants happy and satisfied, and generate you the monthly rental income you’re looking for.

contact@theluxia.com |   +91 9810505543