Category Residential Rental Property

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.

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

As a property manager, you have to manage routine tasks and staff members and adhere to local property management laws. Of course, the rental property management experts will reveal that you can always fall back upon legal advice to make sure you’re staying within the boundaries of the law.

However, read on to know more about the important considerations when you’re renting properties.

Renting Properties: 6 Do’s and Dont’s

Here we have 6 Do’s and Dont’s for homeowners and property managers to adhere to when renting out properties.

• Don’t: Make a stopover.

If you rent your property, remember that your tenants have a right to their privacy. So, never drop in unannounced. Rather, you should give advanced notice if you have to go over for repairs, inspection works, or maintenance jobs.

Do: Make use of mobile communication tools.

Because dropping in unexpectedly can disturb the occupants, you might want to consider using mobile communications tools (such as sending text messages or emails) to announce your arrival beforehand. By doing so, the residents remain informed and are better prepared.

• Don’t: Follow an irregular screening process.

The renowned rental property management companies adhere to a uniform screening process and avoid discrimination among applicants. Remember that discrimination based on gender, caste, color, among other considerations, is against the law.

Do: Conform to a consistent screening process.

Be consistent when it comes to screening applicants. A top-ranked property management company in Delhi endorses using technology to develop a standardized screening process to make things easier.

• Dont’s: Avoid raising rent charges midway

You’re breaking the law if you’re increasing the rental charges in the middle of the lease period. Only if you’re rendering additional services midway, you have the right to charge higher rent.

As per rental management laws, you can increase the property rental costs only during a new lease or lease renewal.

Do’s: Follow your lease terms.

As part of good rent management practice, both parties should stick to the lease terms. If any party is not adhering to the stipulated conditions, they are liable for punitive action.

• Don’t: Expel lessees to sell your property.

Property owners have the right to sell their homes only after the expiry of the rent period, not before that. A reputed property management company in Delhi NCR will suggest buying the renters out of the lease before the lease ends if you want to sell your property before the lease expiry date.

Do’s: Use online platforms to share information.

The benefits of using an online portal are manifold. Such platforms help to share maintenance updates, lease agreements, and property details.

• Don’t: Withhold the Certificate of Occupancy.

Under property maintenance services, you’re advised to produce a Certificate of Occupancy to the renters to confirm that you own the property. When you do so, you can assure the occupants of a safe dwelling place.

Do: Ensure your property conforms to the local codes

As part of property management services Gurgaon, property managers are required to adhere to all the local codes. These include inspecting the property periodically and executing the mandatory maintenance jobs.

With property management software, you can also check the completed jobs and pending works – all of which ease your workload.

• Don’t: Overcharge for a rental deposit.

Check whether you can overcharge the tenants, depending on where your property is located. In some cases, you cannot charge more than one month’s rent. Always comply with local rules to be on the safer side.

Do: Mention deposits in lease agreements.

To maintain full transparency between both parties, you must mention the rental deposit amount in the lease agreement. Renters are entitled to get back the deposit money when they’re moving out. In case of property damage, landlords can deduct the money from the deposit amount. Here, make sure that everything is in writing to protect everyone’s interests.

About LuXia LLP

At LuXia, we understand how important it is to comply with property management laws. We adhere to the given rules to avoid penalties and other hassles. As a general rule, we ensure all involved parties study and follow the local laws.

More so, we are transparent in our dealings with our clients and follow a regular screening process. Also, we use advanced digital communication tools to keep all parties informed about the latest updates.

contact@theluxia.com |   +91 9810505543

Whether you’re looking to rent a home or buy one, you must base your decisions on your needs. Of course, with property ownership, you can enjoy the benefits of capital appreciation over time. But, conversely, when it comes to renting a home, you have the flexibility of using a property as and when required.

Going by your financial position, you must opt to either buy a home or rent one.

Scroll down to know about the different factors to consider before deciding whether renting or buying is your best bet.

• Consider annual payments

Before buying a home, the average person considers all the related aspects. While purchasing a home is an emotional decision for some persons, others prefer buying property over renting for the convenience benefits.

However, the property maintenance experts opine being financially prudent. They recommended buying a home if that is more profitable for you. On the other hand, you might want to consider renting a house if doing so makes more economic sense.

An important aspect that requires consideration when deciding between buying or renting a home is to compare the annual expenses.

In the case of home purchases, you have to pay a mortgage. A mortgage has two components: interest and principal. Because the principal is part of your savings, you should not include this component when calculating your expenses.

A prominent property management company in Delhi NCR will suggest using the interest component for calculating your expenses. This is because interest comes under your expenses. For example, your costs for buying a home include insurance, maintenance costs, property taxes, and interest (after subtracting the tax shield).

As far as your expenses for renting a home go, your calculations are relatively simple. First, you have to pay a deposit to your landlord. Deposit is not an expense but an interest-free loan, for you get the money back after the stipulated rent duration.

Other than that, you have to pay monthly rent. Here, you may want to incorporate the opportunity cost of your down payment if you’re buying a home. As such, you would earn income on your down payment money if you were not purchasing a home. So, you must deduct this amount from your monthly rent charges.

Thus, you have to compare your annual expenses of renting a home or buying one beforehand to make an informed choice.

• Future annual costs

Buying or renting a home are not short-term decisions. Also, you have to be committed to your choices for many years. So, comparing annual figures for the current year is not sufficient. Instead, it would be best to study your future expenses and cash flow to get an accurate picture of your costs.

Now, the story gets complicated because you cannot judge your property capital appreciation over the years. Yes, supposedly, you alter your capital appreciation by even a small percentage. But, the net present value of your property can change by a considerable amount.

Predicting future property prices is not easy too. So, the property managers tell you to be wary of your future assumptions when calculating your future property expenses for a precise representation.

• Risk for appetite

When concerned with your rent vs. buy decisions, your risk appetite also matters. If you have a risk appetite, you may think of taking a mortgage. With a mortgage, your risk increases because of the interest that you’ve to cough up. In addition, your net worth can change significantly if you’ve taken a mortgage due to market fluctuations. The reason being, a mortgage is a highly leveraged bet.

The rental property management professionals will recommend renting a home on the flip side if you’re not much of a risk-taker. You can always change homes and neighborhoods if rent rates rise in a specific locality.

• Constancy Vs. Flexibility

While owning a home provides stability, renting a house offers flexibility benefits. As a homeowner, you do not have to move homes frequently. And if you’re looking to experiment with different apartment sizes and localities, renting seems a natural choice.

In all, given your requirements, you should decide whether to buy or rent a home.

About LuXia LLP – A Property Management Company

At LuXia, we manage properties of landowners who reside elsewhere. Approach us to know about your various options for renting a home. We are well-versed with the real estate market and can offer houses on rent at competitive rates. Be assured that we will provide you with the best options as per your budget and preferences.

Alternatively, if you’re a property owner looking for top-ranking property management services, you can contact us to know more about how we can help you get the best deals.

As a landlord, you know that different tenants vary in their housing requirements, including their interior design choices.

Now, the terms rent and lease are used interchangeably. However, leasing a property is not the same as renting a home. Of course, the lease rent meaning includes renting accommodation. On the other hand, rental agreements are categorized further into lease contracts and leave & licensed ones. No doubt, the terms and conditions of the lease agreements and leave & licensed ones differ in various aspects.

Yes, both terms refer to two different kinds of arrangements. Of course, both lease agreements and rental ones are legally binding. Even so, if you talk to companies offering property maintenance services, they will tell you they serve different purposes.

Now, depending on your requirements, you should opt either for the rental agreements or lease one. Even so, you must first understand the difference between lease and tenancy.

What is a lease agreement?

The definition of a lease is defined under Section 105 of the Transfer of Property Act 1882. Under this Section, the rent management professionals will disclose that the lessee has rights to enjoy a property for an agreed-upon price, or something of value, paid periodically. Also, the lessee has to pay the landlord as per the terms of the contract.

Rent agreements qualify as leases if they fulfill the below-listed conditions.

• The landlord transfers the rights to use a property to the tenant.
• The arrangement is valid for a stipulated duration or perpetually.
• The tenant must pay the landlord monthly in exchange for the transfer of rights to enjoy the property. Instead of cash, both parties can also agree to the tenant paying via rendering a service or anything that holds value.

Under lease agreements, landlords agree to let out their property for a long duration; the time ranges from 3 years and goes up to eternity.

The rental property management experts will also reveal that a lease agreement must be signed and stamped, and registered. After registration, terminating lease agreements is not easy.

What is a rent agreement?

Rent agreements with a validity of 11 months come under leave & license contracts. Also, upon consulting the rental management specialists, you will know that such agreements are not valid under the rent control laws.

Different states vary in rent control laws; only rent agreements with a minimum of 1-year validity come under the purview of such laws.

The Property management company in Delhi will also explain that owing to the rent control laws. Landlords may not find it easy to review rents and remove tenants.

Key Differences between lease and rent

Here we discuss the lease vs. rent house agreements.

• Parties

The parties in lease agreements are the lessee and lessor. Landlords and tenants are the concerned parties in rental contracts.

• Type of Contract

As seen earlier, rent agreements can be either a lease or a leave & license contract. Nonetheless, rent agreements come under leave & licensing arrangements and not lease ones.

• Ownership

Whereas lease agreements give ownership rights to the lessor, rental agreements retain the ownership rights with the landlord.

• Responsibility for maintenance works

Under lease agreements, the lessee holds the responsibility of maintaining the property. The tenant is responsible for the property maintenance works in rent-based contracts.

• Time

Lease agreements have a long duration, rent agreements, short periods.

What is a leave & license agreement?

The leave & license agreements are detailed under Section 52 of the Indian Easements Act 1882. The Property management services Gurgaon companies will further clarify that under leave & license agreements, the owner has legal possession of the property. Simultaneously, the licensee is allowed to use the premises for specific purposes.

To avoid legal hassles, most landlords and tenants enter into rent agreements valid for 11 months. An 11-month rent agreement, working as a leave and license contract, is not reasonable under the rent control laws. The laws apply only if the rental period is more than a year.

OVERALL

So, we have seen how rent and lease agreements vary. A property management company in Delhi NCR will recommend going by your needs when you’ve to choose between both options.

If you’re looking to rent a home for a short duration, you may want to consider the rent agreement option. Here, besides greater freedom, you can also terminate the contract whenever you want.

According to the companies providing NRI rental property management services, lease agreements are more common in the commercial real estate sector, where the process is more formalized.

contact@theluxia.com |   +91 9810505543

As a landlord, you have to maintain your rental property to generate revenue. For the same, you have two choices. First, you manage all the nitty-gritty stuff by yourself. Second, you can outsource the related jobs to a property services company.

Moving on, here we have listed the three strategies for your rental property management needs. We will study the three areas under rental property management before that.

Three areas of rental property management

Before selecting a suitable rental management strategy, you must know the various rental property management areas.

• Dealing with your tenants

Apart from rent collection, your landlord’s responsibilities include addressing tenant complaints, ascertaining the lease agreements are up-to-date, and checking for any damage after tenants move out.

Aside from that, landlords have also to screen prospective tenants while studying their background.

• Handling the Property Maintenance Works

As part of a landlord’s property maintenance duties, they must maintain the building’s physical structure and ensure that the conditions are habitable for their tenants.

So, when it comes to keeping the premises clean and repairing any leaks and faulty locks, or giving access to the mandatory utilities, landlords have to be in charge.

Also, you have to manage the inspections from your insurance company, lenders, and government bodies. They conduct inspections to ensure that the health and safety codes are being duly followed.

However, you must also think of hiring the services of an interior designing company in Delhi for the home decor needs of your rental properties – to shore up the rental values, that is.

• Finance Management

Managing finances is also an essential responsibility of landlords. As such, they should calculate their monthly income and expenditure.

Under the financial management of rental properties, landlords must record rent payments, insurance charges, taxes, mortgages, and property fees.

3 Strategies for managing your rental property

After understanding the different areas that come under rental property management, we move to your options on managing the various functions.

• Adopt the Do-It-Yourself Approach

If you’re opting for the DIY rental property management model, the entire responsibility falls upon you. Whether collecting rent or filing taxes to maintaining your property, you are accountable for them all.

The pros of the DIY approach are that you’re totally in control and aware of all the related aspects of your property.

The cons of this model are that you’re likely to get overwhelmed with the sheer amount of paperwork required.

So, unless you have previous experience managing rentals, the general recommendation is to work with a reputed rental management services company.

• Combination of Do-It-Yourself and Outsourcing

Under this approach, you can manage the tasks you’re well-equipped in and outsource the jobs you’re not qualified for to a Delhi property management company.

A good strategy is to outsource the legal matters and maintenance works to the professionals. On the other hand, you can manage your rental property’s finances and tend to your tenant issues, for such matters are relatively easy to handle.

Plus, you can outsource the home remodeling jobs to reputed interior Designers in Delhi to win compliments from all quarters.

• Outsource all the responsibilities

Suppose you’re not comfortable managing your rental property and want to invest your efforts only in selecting properties and other investments. In that case, your best option is to hire a property manager or contact the property management services Gurgaon.

The property management specialists are fully-equipped to manage your rental property. Ranging from undertaking the repairs to collecting rent to screening tenants, they can deliver handsomely.

This approach is suitable for landlords who live away from their rental properties or own many rental properties. More so, if you’re a property investor who has a diversified investment portfolio, you can avail this option.

Contact the property management experts today!

So, we have seen that landlords who cannot manage their rental properties can hire property management consultants’ services.

Now, if you’re looking to outsource your rental property management responsibilities, you can contact the renowned NRI property management services companies. Having the support of experienced property managers, property management companies can reduce your workload significantly. Besides, you can avail some attractive deals if you own several rental properties.

More importantly, you must ensure to screen the property managers before you hire their services, for the saying ‘better safe than sorry holds.

Contact us for property management.

contact@theluxia.com |   +91 9810505543

Landlord-tenant laws are framed to serve the interests of both parties. Of course, different states and countries have varying rules, but landlords have some essential duties even then. Your rental property management team will update you on the same. Among your landlord duties, you have to maintain and handle the repairs of their rented properties.

However, here we have listed some general duties and responsibilities of landlords.

• Invest in landlord insurance

Any renowned property management company in Delhi NCR will advise landlords to first opt for sufficient landlord insurance. By doing so, you can protect your rented property and ensure your financial wellbeing.

As part of landlord insurance benefits, you can claim lost rental income owing to renovation works and other damages. The equipment you keep on your property for the maintenance works is covered from damages under landlord insurance.

• Mold Treatment

Your rental management services company will tell you to get rid of mold on your rental property beforehand. Moreover, because mold grows because of pipe or drainage damage, landlords should make sure to undertake the necessary repair works to prevent decay from growing again anytime soon.

• Repairing Works

By opting for timely repairs, you can maintain your rental property efficiently. So, if your tenant is complaining of paints peeling or clogged drains or the air conditioner breaking down, you must call the repairmen immediately. You can then shore up your rental values and maintain a healthy relationship with your tenants.

If you’ve not remodeled your rental property for a long time, you should think of contacting interior designing Delhi experts for the refurbishing jobs. Here again, you stand to benefit from higher rents.

• Smoke Detectors

An essential responsibility of landlords is to install smoke detectors in the houses they let out. In general, as per state laws, landlords are required to invest in smoke detectors.

Now, if you’ve already mounted smoke detecting devices on your rental property, you have also to make sure they are in working condition before your new tenants move in.

• Suitable living conditions

Another responsibility that falls upon landlords’ shoulders is to fix any issues that can cause potential harm to their tenants, as per the rent management system. As such, you have to maintain your rented property in a habitable condition. That said, you must check if your tenants have access to water and electricity.

• Right to Entry

When landlords and tenants sign a rental agreement, the latter is given their right to privacy. This means landlords have to consent from the tenants before entering the homes.

Under rental property management contracts, landlords can only enter the premises for repair work. Or, they can take prior consent to show the property to prospective tenants. More so, they are allowed to enter in emergencies such as fire or natural calamity.

• Security Deposit

Before moving into the rented homes, tenants have to furnish a security deposit, one or two times the monthly rent charges. The landlord has the right to keep the security deposit until the rent period expiry to cover any damages.

If landlords find damage to the property not arisen due to general wear and tear, they can use the repairs’ security deposit money.

• Non-Renewal Intimation

In some cases, landlords might not want to renew their rental agreements with their tenants after the stipulated duration. Here, the landlords have to serve a notice of non-renewal to the tenants. Commonly, the landlords should intimate the tenants 60 days before the rental contract expiry.

• Maintenance Works

Landlords can delegate the responsibility of lawn-care maintenance to the tenants. Even so, the lease agreement should include such a clause if that is the case. Else, the landlord is required for the lawn maintenance jobs.

Other than that, landlords have to burden the responsibility of removing or clearing snow from the pathways if they’re renting a property in places having cold weather.

FINAL THOUGHTS

To be on the safer side, you must discharge your landlord duties as required by the law. Nonetheless, if you’re opting for NRI property management services, you can leave property maintenance tasks and other responsibilities to their experts and breathe easy.

Contact our property managers for more information on rental property management.

contact@theluxia.com |   +91 9810505543

Owning rental property is advantageous in various ways. As such, you can earn more income via rent and increase your net worth. Even so, if you’re a first-time landlord, you must consider hiring a rental management services company to help you get the most from your property investment.

You can also follow some tips to help you make the right decisions.

• Go tenant hunting

To become a landlord, you need to search for tenants. To spread the word about your rental property, you can use the services of apartment listings. You have a variety of property sites to choose from. However, make sure you research the property-related websites before doing business with them.

Under the rent management system, to advertise your property, you have to write a short description of your unit and post some striking photos. Plus, you must give details about the address and the rent costs.

• Select tenants wisely

To gain success in the rental game, you must select your tenants wisely. Yes, you want occupants who can afford to pay rent and stay for a long time or at least about a year.

Importantly, you must conduct background checks and study their criminal history and credit score beforehand. Additionally, you must meet the potential tenants to know about them.

• Maintain a written record

Always follow a paper trail for any dealings with your tenants. Ensure that all agreements between you and your tenant are signed and in written form. Of course, you might be tempted to skip the legalities, but you may then end up losing rent money if they refuse to pay up or move out as agreed upon.

The lease agreement between both parties should contain details about the property, rent rates, and stay duration. The contract must have details about the expenses that the tenants have to incur.

If you need help drawing a lease agreement, you can consult a professional rental property management company.

• Account for your taxes

Some first-time landlords work with tax planners or accountants who have experience filing taxes for landowners. These professionals can guide you in managing your expenses and documents. More so, they can determine if you’re charging rent as per the market standards.

• Determine your working hours

Communicate to your tenants that you’re available at only specific working hours. If they call at odd hours, let it go to your voicemail. Call back only in case of urgencies.

• Do not rent to friends and family.

All rental property management service companies’ general recommendation is to refrain from renting your property to family members or friends. Many relationships have gone haywire when doing so. Evicting strangers is far more accessible, as well.

• Take photos before and after renting.

A good strategy to safeguard your interests is to click photos before the tenants move in. Then, you have a record of any existing issues and can deduct money for any repairs from the security deposit.

• Simplify the payment process

Talk to your tenants about the payment modes that are most convenient for them. With easy payment systems, you’re more likely to receive rent on time. Online payments are the popular payment methods to collect rent. Or, you can avail of the services of a reputed property management company in Delhi NCR for your rent collection needs.

• Hire a Property Management Company

Hiring NRI property management services is beneficial in many ways. Yes, the property specialists offer guidance on managing your rental property. Besides screening the tenants, they can also help marketing your property and rent collection.

• Sell the ultimate living experience.

For attracting tenants, you can work with renowned interior designing Delhi firms to redo your unit with furniture and furnishing items. A beautifully-decorated home can invite many inquiries, and you can choose the best ones from the lot.

Applying a fresh coat of paint, and using scented candles for a sweet fragrance, when they come visiting are other ways of drawing tenants.

FINALLY

As a first-time landlord, you’re bound to make some mistakes. Nonetheless, do not be disheartened if that is the case. If you fail, get back and try again. Remember, life is a learning experience. Only keep in mind to be honest in your businesses with others, which adds to your credibility.

Get in touch with our property managers to get started!

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”.

GulaboSitabo – The Movie

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.

How LuXia could have helped Mirza (The Landlord)

Now, Mirza would have benefited; if he had availed Luxia services that come under the property management of landlords.

Here’s how:

• Upon hiring our property maintenance services, his property would have been well-managed and maintained and, in turn, his toilet wall would not have collapsed.
• With proper knowledge of property legal services and transfer of title, he would stand to benefit by taking the necessary action to save his property
• Property managers would’ve helped maintain the requisite documentation of property papers
• Property management service companies could’ve conducted verification of his property documents
• Drawn a legal rental agreement between the tenant and landlord, mentioning the duration of stay and monthly rent charges
• Been aware of how the tenants were planning to usurp his property and taken steps to thwart their devious plans
• Developed better rent management skills, while charging higher rent, to avoid the tenants taking advantage of the situation
• Hired interior designers to remodel the haveli and, thus, gained from higher rental values
• Through property registration services, and via legal channels, he may have salvaged the mansion

Save your “Fatima Mahal” by using our Property management Services

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.

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Mike Tyson, the renowned boxer, had once commented that “Everybody has a plan until they get punched in the face”. The same rule applies to the real estate sector, including the residential property management industry.

Now, any property management services company will vouch that the real estate sector was hit by three tsunamis. These include demonetization and legislations including the Real Estate Regulation Act and the Goods and Services Tax. As a consequence, the industry became weaker, which was contrary to the noxious highs that were seen during the previous years.

Before the onset of the Covid-19 epidemic, the realty sector was struggling with several issues. Inventory outcropping, various issues of customer resistance, and uncompleted projects throughout the country – all are included in this list.

Not only was the industry grappling from tons of surplus inventory and moderate demand and falling sales and dispirited investors, but also puny balance sheets of several developers, some of whom have vanished. In turn, nobody was availing rental property management services too.

Additionally, the crashing of DHFL and IL&FS piled on to the real industry crisis. As a result, the NRI property management companies also took a hit.

The developers were backed by high-end octane-driven debt financing, which many NBFCs were depending on for the money inflow for refinancing projects. With the collapse of the NBFCs, the party was over.

Also, liquidity was most sought after, resulting in NBFCs scrambling for funds to reduce their troubles.

Several financial institutions were into short-term borrowing and long-term lending, particularly on illiquid realty assets, several of which did not start. Consequently, the NBFCs were facing a huge asset-liability disparity.

The records were suggesting a distraint property market.

Going by the recent reports, real estate developers in seven main Indian cities had unsold stock touching around Rs 3.7 trillion. Further, over 60000 houses were not bought. Consequently, the rental management companies were recording dwindling revenues.

Owing to the Covid-19 pandemic, workers are also leaving the construction sites and heading home due to the uncertainty that plagues the world over.

Deepak Parekh had also pleaded the Reserve Bank of India and other related stakeholders for a one-time loan restructuring plan for revising the non-performing assets recognition regulations to 180 days rather than the prevalent 90 days.

However, the Covid-19 pandemic has presented an opportunity for numerous special situation realty-based funds. They can play the role of catalysts for giving the requisite liquidity boost and stimulus to the real estate sector. Plus, the property management companies in India stand to benefit.

Such special situation funds (SSFs) require restructuring holistically to include the big-bracket private equity funds, especially the ones that have been investing in commercial properties with big corporate developers, who can contribute to executing and marketing projects while keeping their expertise in mind.

With the sponsored vehicles getting the backing of large foreign PE shops and big developers, they can obtain substantial projects that are blocked due to liquidity issues and lack of other resources.

Due to the comparatively low valuations of unsold inventory, the specialized vehicles can adopt stressed projects at discounted rates, which can create sufficient incentives for the economic structures.

For example, large-sized private equity companies (like Brookfield and Blackstone) can team up with renowned real estate giants (such as Oberoi Constructions and Godrej Properties).

The combination of both partners can lead to buying out the current distressed developers’ projects and complete them by providing the requisite funds, with the needed expertise brought in by the development partners.

By doing so, customer confidence can be restored, with assurances of timely delivery. Moreover, prospective customers avail home loans from banks. Keeping in mind the renowned brands associated with the project and assured financing, the banks will be comfortable giving loans too.

Besides, with the finance ministry announcing the suo moto extension to all real estate project timelines by six months, the SSFs have greater incentive and more time to evaluate all uncompleted projects.

These special vehicles can help in reducing the troubles of the large-sized projects that remain stuck around the country.

With the real estate market witnessing an upswing, people who invest in property and live elsewhere can avail the advantages of property management services as well.

A prominent property management company in Delhi NCR can help you to get tenants if buying an investment property too.

Looking Forward to the progressive Real Estate Market

We must not forget that the construction sector stands only second to agriculture with respect to recruiting employees. And by extending the required support, the real estate industry can start booming once again while reducing the unemployment levels. In the process, the country will benefit at large.