Archives September 2021

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.

As a landlord, knowing the various kinds of property managers helps. After studying the different types of NRI property management companies, you can make your selection. You must understand that the services and charges of varying property managers vary, too. Keeping your budget and requirements in mind, you can hire a property manager that ticks all the boxes.

What are the different types of property managers?

The five different kinds of property managers are as follows.

• Individual Agent Property Manager

Hiring an individual agent as your property maintenance services manager may not be a good idea. They are not professionals and do not have much to offer. Neither they operate legally, nor they are insured. Merely having a license is no guarantee that they provide expert services. Instead of hiring sole agents, you are better off managing your property on your own. Such property managers handle between 1 to 50 homes.

• Side business Property Manager

A side business rental management company does not focus much on managing properties. Many times, they appoint one or two administrative staff to oversee the management of the property. They also allocate an individual agent who may help you out in leasing, but such appointees are not actively involved in the day-to-day management of your property. Usually, a side business property management company manages about 50 to 200 homes.

• The Lonesome Ranger Property Manager

Lone ranger property managers are professional, communicative, and well-trained in managing properties.  Like any professional rental property management company, they adjust to your needs and develop creative solutions to reduce your costs. Although they may be expensive, they perform a good job.

The downside of hiring lone rangers when you rent your property is that they cannot be around all the time. When they become sick or go on a vacation, you do not have anybody to supervise your property.

Compared to the specialized rent management companies, lone rangers may also not get vendors speedily for repairing works and at discounted rates. Lone rangers have portfolios within the 30 to 100 range.

• Average-sized Portfolio Property Manager

Working with a small to medium portfolio property manager is a hassle-free experience; they are consistent and reliable. For example, a prominent property management company in Delhi NCR has one man as your only point of contact and an admin backup team.

A reputed average-sized property management company in Delhi controls between 100 to 500 houses, with individual managers handling 100-200 portfolios.

• Large-sized Property Management Company

National brands managing between 500 to 1000 portfolios come under this category. By hiring a large-sized property management services Gurgaon, you do not end up spending a lot. Such companies use their size for increasing efficiency.

On the flip side, such property manages are not flexible because they have to coordinate with many departments. Moreover, there is less accountability as the blame (in cases of mishaps) falls on more than one department.

Although departmental property management companies provide a single point of contact for homeowners, coordinating with several departments is time-consuming.

FINAL THOUGHTS

When looking for a property manager, you must do your research well. Know about the different kinds of property managers and what they have to offer. One of the essential advantages of property management companies is that you do not have to worry about anybody breaching your property. Therefore, only know what to expect from the property manager that you’re hiring. Importantly, take a balanced decision after you consider all the related aspects.