Getting into property management can be difficult. In both commercial and residential property management, there are many rules to learn and challenges to overcome. It isn't always easy to overcome these property management challenges. Many first-time property managers (PMs) waste time and money making mistakes.
Here are two examples of potential hazards that new property managers may face:
Legal Issues with Renters: There may be cases where a first-time property manager/landlord violates a code or breaks a law they were unaware of, resulting in a court case. Even if there is no actual violation, disputes with renters can end up in legal battles where the manager may need to hire a lawyer.
Losing Money on Rental Property: Many first-time property managers/landlords underestimate their actual costs and lose money on a property. Also, they may have difficulty filling vacancies, leaving them with no steady income.
Here is an easy guide to property management to help first-time property managers avoid such issues.
Guide to Property Management
This short guide won't cover all the details of managing residential and commercial properties because it is meant to teach new property managers the basics.
Here's a scenario that some new property managers may face: The entrepreneur has found a great home or apartment complex for an unbelievably low price after searching for days, weeks, or even months. They don't give the specifics of the building much thought as they rush to buy it before others do.
Despite being affordable, the property was not a good fit for its market, as the aspiring residential property manager would have realized if he had thoroughly investigated the property and the market.
One of the basic property management challenges is finding a good property that fits the market where it's located. Before even looking at properties, it's important to gather market information like:
Local Employment Statistics. People need stable employment to pay their rent. High rents won't do well in areas with high unemployment and few opportunities for steady, well-paying employment.
Average Household Size. How big are families in the area? Are most of the population unmarried, "nuclear" families with two parents and children, or large extended families? This will greatly affect the rental properties. For instance, a multifamily building with two or three bedrooms will usually do well in areas where families are more common. In contrast, studio apartments are better for areas with a lot of singles (such as near college campuses).
Rental Market Rates. How much is the average rent cost in the neighborhood? If the average is too low, it may be difficult to attract budget-conscious renters looking for cost-competitive units without cutting into profits.
Occupancy Rates. How many rental units are vacant in the area? If long-term rental occupancy rates are low, there might be a problem in the neighborhood preventing renters from moving in. This is a sign to stay away from such a market.
Know the Local Laws
State and even local regulations can quickly become one of the biggest property management difficulties that PMs will ever face. Even seasoned property managers can break a rule or law they were unaware of, especially when moving to a new market.
Property managers can learn about property management rules and local laws in many ways. Here are a few:
The second option is the most effective because a lawyer specializing in residential or commercial property management will most likely be well-versed in the laws that PMs must follow.
Know Your Property Management Metrics
Property managers, like any other business or investment, must thoroughly understand their key performance indicators (KPIs) to achieve consistent long-term success. Some key property management metrics to monitor include:
Occupancy Rates. It is important, especially in multifamily property management, to understand how many units are currently occupied vs. the total available. Comparing this property management metric to the larger market scope can help analyze overall performance. Property managers must aim for this figure to be as close to 100%.
Property Maintenance Costs. In property management, property maintenance is a necessary expense. Keeping track of property maintenance spending and which maintenance issues are the most common is important for accurately estimating a property's profitability (and identifying potential problems).
Renter Turnover. At the end of a lease, how many renters leave? (or, worse, before the lease expires) each quarter or year? While some renter turnover (also known as renter churn) is inevitable as people's personal lives change. However, high turnover rates may point to a problem. Given how vacancies drain any property manager's bottom line, identifying the source of the problem is important.
Need a Property Management Company in Bangalore?
When you want your property managed by a professional, turn to PropertyAngel. Our team has the education, experience, and attention to detail to see problems before they cause trouble for tenants or owners.
If a problem does arise, our property management in Bangalore team can resolve them quickly and effectively. Contact us and let our team help you with your property management questions.
In simple terms, an apartment property management company helps property owners maintain and rent out their apartments. If you're thinking about hiring an apartment property management company as an apartment owner - to make that decision, you'll need to know how much they cost, what benefits they offer, and how to look for the best apartment property management company for your needs. Let's take a look.
Apartment Property Management Company: Why You Should Hire Them
First, think about whether you might benefit from hiring an apartment property management company. New investors and long-term property owners may believe they want to "go it alone" and make no mistake, and this is certainly an option. However, you may find that managing your apartments becomes overwhelming before long. Here are a few instances where hiring a property management company would be wise.
Your Time is Limited
Many property owners and landlords treat their apartments as a secondary source of income, managing their property, besides working a full-time job. This is too much for a single person to handle. Hiring an apartment property management company can save you a lot of time and stress. They can handle the routine tasks related to apartment property management while you are at work, spending time with your family, or on vacation. Plus, if managing your rental isn't your main job, why would you want to answer emergency phone calls at midnight? Allow your apartment manager to handle that for you.
You Don't Live Close to Your Apartment Property
It won't be easy to handle maintenance requests or show your property to potential renters if you live away from your apartment properties. In an emergency, having someone nearby is important. An apartment property management company can handle everything for you, turning your apartment into a source of passive income. Also, they will be familiar with the rental market and will know how to price and market your apartment effectively.
You're an Investor in Multiple Properties
Owning multiple properties can be highly rewarding and profitable. However, with more properties comes more responsibility, and it can be difficult to manage each property individually. Working with an apartment property management company would be a good fit here as well. They can also help you increase the profitability of your real estate portfolio. Also, some companies offer consultative services to help you grow your investment portfolio.
What Does an Apartment Property Management Company Do?
Suppose one of those previous scenarios applies to your situation. You may now find yourself saying, " It's OK." But what exactly is the job of an apartment manager? " The short answer is the responsibilities of an apartment manager can differ depending on the needs of the property owners. However, an apartment manager is usually in charge of the day-to-day operations of maintaining an apartment. These tasks may include finding renters, responding to maintenance requests, and managing office duties related to leasing properties. Tenants occasionally face legal issues. Apartment managers can also handle such situations.
So You Want to Hire an Apartment Property Management Company… Now What?
Once you've decided to hire an apartment property management company, finding the right one is important.
Costs to Consider
The cost of apartment property management depends on the location, property type, and the company itself. Most companies charge a percentage of occupied apartment rent in general. On average, this can range between 6-12%. You should absolutely negotiate the terms of your contract with your prospective company, but remember that working with an apartment property management company should increase your profits in the long run.
PropertyAngel charges 9% of the rent as monthly management fees. There are no yearly or hidden fees to worry about. Also, you will not be charged a monthly management fee until your property is rented.
Experience Level Matters
While your budget may decide the apartment property management company you choose, don't sacrifice the experience level to save money. An inexperienced company may overcharge for repairs or fail to attract tenants on time. The cost of hiring an experienced company will be well worth it.
PropertyAngel has 8 years of experience in apartment property management.
Find Out How They Use Technology
Property management software improves the entire process of running a rental property—especially the communication surrounding it—from leasing your property to receiving your monthly rental income. Such software also improves the renting experience for your tenants. Your renters can make rent payments easily and directly contact your property manager for maintenance issues using their resident or tenant portal. This software can also help you access various accounting and leasing or maintenance reports in a portal designed for your needs. Having quick access to such information 24/7 will help you, as the property owner, ensure that your investment is profitable and on track.
Likewise, at PropertyAngel, we practice tech-enabled property management services with our online dashboard feature.
Interview Multiple Companies
Interview multiple candidates as you would for any other job interview. Inquire prospective apartment property management companies about their policies and procedures, the rental process, and fee structure. Inquire whether they specialize in any particular property type and how many properties they currently manage. Through this interview process, you'll have a clear idea of what companies in your market have to offer and at what cost.
If you need help managing your apartment, PropertyAngel can help you increase your property's profitability while reducing the time and energy you need to commit personally. Feel free to get in touch with us at (91-80-47095974) or (91-7406484455).
Are you having difficulty finding proper tenants for your residential or commercial property? No worries. PropertyAngel is the one-stop solution for NRI rental management services, with a professional property manager who keeps your rental property in good shape. We are one of the most reputable NRI rental management services in India. We take complete control of your rental property, from finding tenants to renting, collecting rent, managing payment accounts, inspecting, repairing and maintaining the property, and negotiating rental agreements.
PropertyAngel has fixed prices that are always the same for all NRI customers. Thus, there is no possibility of fraud or bias in our rental management service costs. We focus on building robust and healthy relationships with our customers by providing the best, and we do that through two-way communication. Another important benefit of using our platform is the customer service PropertyAngel provides, which can help you with any issues related to NRI rental management services. PropertyAngel handles all aspects of end-to-end NRI rental management, including Tenancy Management, Home Improvement and Repairs, Encumbrance Certificate, Property Tax, Electricity Bill Name Certificate, and Rent Brokerage & Listing. For a better customer experience, we always guarantee the best NRI solutions related to various property management services such as Encumbrance Certificate issuance, Tenant Screening, Rent Collection, Home Maintenance and Improvement, Property Taxation Management, and Online Electricity Bill payment.
PropertyAngel is the only NRI rental management company that offers a one-stop solution to all your property needs. We stand out from other companies in commercial, residential, and general maintenance because of our excellence in services and never-before-seen revolutionary ideas and solutions.
NRI Rental Management Services In India - Benefits for Property Owner
Are you an NRI, a Person of Indian Origin (PIO), a property investor who lives far from India, or are you too busy? You may need the services of an NRI rental management company to manage the rental of your residential, commercial, flat, office, or apartment while ensuring high returns on investment. People prefer us because we provide 100% transparency, accuracy, and on-time delivery with 100% customer satisfaction. It is easy for us to complete all these property management processes.
We start with customer approval and work our way up to signing the rental agreement terms and conditions to avoid disputes or prevent a property owner from filing illegal charges against the rental property. Now we start looking for a reliable tenant and conduct thorough background and credit checkups to learn about the rental history. Next, we allocate him rental property and manage the collection of monthly rental fees for regular inspections of your property. As an NRI property management company in Bangalore, we handle all aspects of rental management, including collecting monthly rent, resolving tenant disputes, photographing the property, repairing and fixing it, making it rentable, managing property account statements, and paying maintenance and electricity bills.
Are you an NRI? Understand The Importance of Hiring NRI Property Management Services?
Want to landscape your garden at home while you're in the United States, the United Kingdom, or the Netherlands? PropertyAngel, a professional and dependable rental management service, comes to the rescue. Our main goal is to provide A-Z services to those who want to manage their home, even if they live elsewhere with their family. Our property managers have firsthand knowledge of NRI rental management.
Why Choose PropertyAngel for Property Management Services?
House owners may request to repair or rebuild the house for new construction of garages, outdoor sheds, and playhouses for their children. PropertyAngel has 8 years of experience in rental management for NRIs. Our property managers send pictures after repairs for concealed wiring, clogged sinks, and electrical failure. For repair works, they create a task, schedule it based on available resources, and get back to you as soon as possible. Also, we handle the unpleasant side of the property management business—tenant evictions—politely.
Why Have NRI Rental Management Services in Bangalore Increased?
Investing in real estate gives you a good return on investment. The South Indian market has seen a big increase in e-commerce and IT businesses, with Bangalore providing outstanding returns on investment.
In the past, people had no idea what to do with their property to make it more useful. NRIs used to return to India and meet with real estate consultants. Property management in Bangalore is becoming easier day by day, thanks to property management service providers like PropertyAngel.
With the country's financial conditions improving, many experts, businesspeople, and non-resident Indians are choosing real estate as their preferred investment. However, running a property requires time, effort, and commitment.
PropertyAngel - NRI Rental Management in Bangalore
PropertyAngel is the leading O2O (online to offline) property management company in Bangalore, providing professional property management services for villas, individual apartments, and houses. PropertyAngel has 8 years of experience in property management in Bangalore, and we have a proven process to provide you with the best results.
When you hand over your keys to PropertyAngel, we become your second landlord. Simply put, if you hire PropertyAngel, you won't deal with property management issues. Similarly, we look for tenants who commit to staying in your home for at least a year. We do not consider tenants who plan to stay for a short time.
At PropertyAngel, there are no yearly or hidden fees to worry about. Also, you will not be charged a monthly management fee until your property is rented. We are stubborn that we shouldn't make any money until you do as part of our property management in Bangalore. PropertyAngel aims to generate the most interest in your property as property management leaders by posting pictures and videos on the website, social media, and real estate portals. We always make sure that your tenants abide by state and local regulations. When a tenant vacates the property, one of our inspectors will inspect it and provide estimates for any repairs or improvements.
Property is a huge investment that needs constant monitoring and protection. Unattended property can attract trespassers and miscreants since it's not always for landlords to monitor it because they are thousands of kilometres away from home or maybe due to other problems. Whether it is vacant or rented, it always requires protection and supervision. So, property management in Bangalore is here to help.
Property management in Bangalore, or monitoring refers to the expert knowledge of operating, proactively controlling and maintaining property. This includes the overseeing of residential, commercial, and land real estate. It is similar to business management practices. Property management in Bangalore typically includes the following services:
Why Should You Hire a Property Management Company in Bangalore?
Here is a list of the benefits of hiring property management in Bangalore to care for and manage your property:
Management of tenants
Property management in Bangalore includes screening tenant records, collecting rent, sorting conflicts or disputes, and resolving issues between tenants and other people. As this job demands a lot of patience, property management companies in Bangalore must be friendly, calm, and gentle when dealing with these issues.
Meeting tenant necessities at odd hours
It is possible that property keys or other essential items, such as water blockage or scarcity, will be demanded at odd hours. In addition, the tenants may be caught up in the problem and thus request assistance to get out. One of the most common problems that tenants face is a circuit breakdown. Property management in Bangalore helps you resolve such issues.
Property preservation and maintenance
The most obvious reason for hiring property management in Bangalore is to ensure that owners' fixed assets are repaired and maintained on time. In addition, the renovated or fully furnished property attracts potential tenants willing to pay the desired rent. So it's worth having an expert on your side who can handle everything from meagre crack filling to plumbing needs.
Managing daily requirements of tenants professionally
Tenants may have to deal with intermittent deliveries of commodities or groceries to their door. Tenants may consider moving if services are not provided on time. As a result, some property management in Bangalore comes in handy when dealing with these issues by utilising their good contacts with reputable vendors, retailers, or suppliers.
Makes an effort to find the best-fitting tenants
When accommodating any property with tenants, an innovative and effective digital marketing strategy can play a significant role. For example, property management in Bangalore can easily invite tenants at the best rental rate using social media and search engine local ads. Here, one can capitalise on the cosmetic improvements to the property in the advertisements to maximise the rental income.
Managing property taxes is a difficult task that experienced property management companies can easily complete. With industry experience, property management in Bangalore can provide expert advice on claiming deductions and obtaining the supporting papers and forms to file tax returns.
Increases your asset's value
The property is something which has a constantly increasing value over time. Property management companies in Bangalore will consult on this matter as soon as possible. They are aware of the local market and know the exact value of how much it has increased and the scope of the increase in its value. Inquire about their thoughts on how you can improve the rental income or overall value.
We offer expert advice on how to improve your home at PropertyAngel. With your approval, we go above and beyond to decorate and equip the house with necessities. Also, we take preventative actions to save your property from potential hazards and future issues.
Fills the void between the tenant and the landlord
People frequently hire property management in Bangalore, so they don't have to interact with tenants. Property management in Bangalore can conveniently represent the owner over the phone or in person to listen to their real-estate concerns and issues. They can prevent tenants from making false excuses or creating emotional reasons to postpone or delay rent payments.
After all, hiring property management in Bangalore is all about delegating property responsibilities. So when you hand over your property keys to PropertyAngel, we become your second landlord.
Brings rental benefits hassle-free
Any form of assistance is a blessing. Property management in Bangalore is likewise, as they monitor property owners' passive source of income (rental income). Despite the difficulties, they deal with problems while overseeing residential rental and maintenance. Moreover, they are legally responsible for crediting the rent to the owner's account and quickly accommodating the new tenancy on the vacant property.
About PropertyAngel - Property Management Company in Bangalore
PropertyAngel Management Pvt. Ltd., also known as PropertyAngel, is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company that offers professional property management for villas, individual apartments, and houses.
We are completely transparent about everything. For example, our standards and SLAs specify when a specific transfer will occur, how much and what both the parties (landlord and tenant) will pay for, and so on.
In addition, we have customers in 95 countries, manage over 1.5 million square feet, and have a 100% on-time rent distribution record since November 2014.
Choosing the best property management company in Bangalore or a property manager can be difficult. Perhaps you've never managed before and aren't sure what to look for.
Depending on your needs, there are benefits and drawbacks to hiring a property manager or the best property management company in Bangalore.
Pros of Hiring the Best Property Management Company in Bangalore
Experience in the industry
A property management company has years of experience in home management. They have a defined process depending on how long they've been in business. Also, some companies post each step of the process on their website. You can ask them if they don't.
They've dealt with tenant disputes, roommate changes, lease breaks, evictions, and other issues over the years. These are often overwhelming for an average landlord, especially if you have never managed a property before. Fortunately, the best property management company in Bangalore has dealt with these issues and knows the best ways to deal with them.
Frees up your time
Managing a property on your own is time-consuming. You have to be on call 24/7. Also, you have to take care of payments, lease issues, etc. Thus, it can quickly become a second job.
Hiring the best property management company in Bangalore frees up a lot of your time. You will no longer be responsible for repairing broken windows or leaky pipes. Also, there will be no more paperwork piles or tenant disputes to deal with. You can rest assured that your property management company will handle everything.
Shorter Vacancy and Tenant Retention
People assume that once a tenant signs a lease for your property, the difficult part is over. However, that tenant will not stay forever, and you will have to find a new one at some point.
Long vacancy periods can quickly reduce your profits when managing your own property. When the present tenant vacates, you want to find a new, qualified tenant as soon as possible.
The best property management company in Bangalore is skilled at preparing the home for rent and doing so on time. They are used to tenants leaving (even at short notice) and will start marketing the home and getting it ready for rent as soon as the previous tenant vacates.
They are also good at keeping tenants. Both you, the owner, and the company want the tenants to be happy and safe. They will more likely renew their lease if they have a positive experience in the home.
Cons of Hiring the Best Property Management Company in Bangalore
Property management is a paid service, and the initial cost can put off people who believe they can do it themselves. The best property management company in Bangalore charges a monthly fee, usually a percentage of the month's rent. In some cases, there may be a leasing fee. This fee goes toward marketing your home, such as listings, photos, and videos.
Depending on the company, there may be additional fees — some charge a cancellation fee, additional maintenance fees, renewal fees, etc. Keep an eye out for these surcharges. Some companies claim to have low management fees but charge additional fees on the side that other companies don't.
Lack of Involvement
Some property owners prefer to be involved in all decisions concerning their property. Hiring the best property management company in Bangalore can be challenging for them since such companies work best with a hands-off approach. They won't involve you in minor tenant issues, maintenance issues, etc. This is because they are prepared to deal with such things and have learned the best methods for doing so.
Pros of Hiring a Property Manager
You save money in the long term.
Hiring a dedicated property manager will save you money and will help you protect your investment by keeping track of maintenance issues and avoiding expensive repairs. Property managers also help you maintain a positive cash flow by enforcing on-time rent payments and quickly filling vacancies.
You save time.
Many people find investing in rental properties is a good way to boost their income, but it is rarely their full-time job. In other words, in addition to their day job, many landlords are in charge of communicating with tenants, collecting rent, fulfilling maintenance requests, preparing for showings, and other responsibilities. Hiring a local property manager allows you to focus on other aspects of your business or life rather than spending endless hours handling the day-to-day responsibilities of owning rental properties.
You can reduce tenant turnover.
Successful property managers are responsive and accessible, addressing questions and concerns as they arise and providing tenants with the best possible experience. Local property managers can help landlords reduce tenant turnover and avoid vacancies by providing a great tenant experience.
Cons of Hiring a Property Manager
While property management contracts differ depending on who you hire, read the fine print before signing. When entering hiring negotiations, landlords should always be aware of their property manager's after-hours work policy, tenant screening criteria, and renewal policies (among other things).
PropertyAngel is the leading O2O (online to offline) property management company in Bangalore, providing professional property management services for villas, individual apartments, and houses. PropertyAngel has over 7 years of experience in Bangalore, and we have a streamlined process to get you the best results.
If you own multiple properties, congratulations: you have a lot on your plate! However, it's important to remember you can actually do it with little planning and communication. So here we bring you 9 tips on how to manage them all.
You must have an overarching theme if you want to manage multiple properties at the same time. You must ensure that when people see any of these properties, they see a unique brand. A solid marketing strategy will ensure that you have few vacant properties at any time.
Choose your target market and find out where they will look for a home. If you're in an older market, your tenants might not be interested in the newest listing sites. They could be using a local newspaper you've never heard of.
Make sure your strategy includes all potential advertising channels. Older people, believe it or not, use Facebook far more than younger people. On the contrary, if you want to market to a younger audience, you may need to sign up for an app, create a website, or start promoting your properties on real estate portals and Instagram.
It's important to match your strategy and brand with your audience. Figure out your USP and capitalize on it.
Maintain Your Properties
Your properties must be able to speak for themselves. Visitors who come to your properties and neighborhoods should feel that you take good care of them.
Whether you want to sell, rent, or work with investors, you must show that you prioritize repairs and maintenance. The key is to deal with them as soon as you identify the problem. When managing multiple properties, you need to be savvy to survive.
Screen Your Tenants Carefully
Before allowing anyone to sign a lease, you should conduct a thorough tenant screening. If you do not screen your tenants, you risk attracting new tenants who damage your property. Unwanted candidates will not pay on time, tear up your floors, and invite vermin into your buildings.
While pets can defend against mice and rats effectively, an uncared-for pet can cause more harm than good.
Be aware of how many people will be living in your spaces. Renting to individuals is easy, but your problems multiply when they start having children or cohabiting with roommates or partners. That's twice as many people causing stress on your plumbing and electrical outlets.
If the thought of people making your properties their own bothers you, maybe you're in the wrong business. Even renters want to feel at home in their rental properties. When screening tenants, remember to keep an open mind.
Stay Friendly With Tenants
Building tenant relationships is even more important than screening them. These connections will pay off in the long run. If they believe they can come to you with problems, they will more likely keep your properties in good condition.
Your tenants will not be willing to do it if they feel harassed or irritated whenever they contact you. They'll try to find cheap or ineffective solutions to problems that could become foundational.
You must also stay civil and kind to tenants you dislike while respecting their legal rights. Any discrimination against tenants is also against the law, so remaining friendly means following the law. Keep things professional, and you won't have any problems with your tenants.
They may also inform friends who are looking for a new place.
When managing multiple properties, your calendar is everything. When you manage more than a handful of people, they easily get lost in the shuffle.
If you're just starting out, it's important to visit and inspect your properties on a regular basis. Successful real estate investors use a specific schedule to track what's happening, even at properties that are in good condition.
Many investors value the presence of management. It also allows landlords to communicate directly with their tenants. This prevents small problems from becoming big ones and proves to tenants that they can resolve small issues directly with their landlords.
While you may be a DIY type, don't be afraid to get the help of professionals. Taking care of small issues is wise because most professionals charge by the hour. However, installing complicated systems on your own can cause more harm than good.
When you own property, there are many legal issues to consider. Being prepared, properly insured, and up to code benefits your tenants and protects you from lawsuits. Getting some lawyers on your side is the best way to protect yourself.
Go High Tech
There are many new methods for you to complete a lot of tasks that come with owning property. There is no need to deal with mailed checks, key exchanges, or even traditional signing events. Most of these errands can be completed online and in ways that will keep you more organized than ever before. You can use productivity tools to ensure that the work that needs to be done is properly managed and completed in the right order.
Focus on Customer Service
While being a landlord isn't like working in any other service industry, you do provide a service to your tenants. You're providing them with a place to live and helping in its upkeep, so they don't have to worry about the details. Renting is more expensive than owning because repairs are covered in the rental fees over time.
Also, you'll deal with people who consider your property their home. While you legally own them, they have a right to feel at ease in the renting space.
If you can't always be available to your tenants, you should have a phone number they can call. Also, you must return to their messages.
The best way to deal with your tenants is to provide them with a 24-hour phone number. They will feel heard if they speak with a live representative instead of leaving an answering machine message. Human contact is important even if that person is responding from a remote location.
If you find it too difficult and time-consuming to manage multiple properties, contact PropertyAngel. PropertyAngel is the leading O2O (online to offline) property management company in Bangalore, offering expert property management services for villas, individual apartments, and houses. We will keep your tenants satisfied by delivering the most promising results.
An Overview of the Property Market in Koramangala Bangalore
Property Management in Koramangala | Locality Info and Surroundings
Koramangala, undeniably Bangalore's most popular neighborhood, thrives and is in high demand. It occupies 2.82 square kilometers in Bangalore's south-eastern pocket. Koramangala is divided into eight blocks, with the third and seventh being major commercial hubs.
It is primarily cosmopolitan and serves as the hub for many important roads, including the Inner Ring Road (which connects the Airport Road with Hosur Road and Electronic City), Sarjapur Road (which leads to the Outer Ring Road, the IT corridor, and beyond), and 80 Feet Road (leading to Viveknagar and MG Road at the heart of Bangalore).
Koramangala was once an arid, unwanted, and unused area, with even the City Corporation showing little interest in the area. In search of some peace, senior citizens in the city decided to form an association in an attempt to revitalize the area. Koramangala now has tree-lined boulevards and well-paved avenues, making it a prime residential neighborhood with high-rise apartments, posh bungalows, and modest PG accommodations.
There are many eateries in Koramangala and pubs and bars to unwind after a day at work. There are a few malls and a plethora of cineplexes. Also, there are plenty of basic amenities such as ATMs, fitness centers, banks, and department stores.
Education institutions abound in Koramangala, the most notable of which are Jyothi Nivas College and St John's Medical College. Nearby medical facilities include St John's Hospital, The Apollo Clinic, and Beams Hospital.
Koramangala is also home to major business and software firms such as Infosys, Wipro, and Flipkart, India's e-commerce company.
Property Management in Koramangala | Connectivity and Transit Points
Koramangala's reputation as a premier residential and commercial district is influenced by its well-established connectivity to other parts of the city.
Every block has a bus depot, and BMTC (Bangalore Metropolitan Transport Corporation) buses transport commuters to all major parts of the city, from Brigade Road to Electronic City to Kempegowda International Airport.
Every other corner has an auto stand, which provides convenient intra-city transportation.
Bangalore City Junction, the city's main railway station, is 9 kilometers away from Koramangala, and Kempegowda International Airport, though 41 kilometers away, is easily accessible via KIA buses.
Property Management in Koramangala | Major Landmarks
Property Management in Koramangala | Koramangala Block 3
Koramangala Block 3, the Billionaire street of Bengaluru, is a well-known commercial and residential neighborhood in south. The surrounding areas include Koramangala 1st Block, 2nd Block, KSRO Block, and ST Bed Layout. The presence of corporate offices of companies like Toshiba and Flipkart and excellent civic amenities are key drivers of residential growth. Multi-story buildings dominate this area, showing the locality's vertical growth. Some major residential projects in this area include Embassy Tranquil, Raheja Residency, Prestige Philadelphia, and Avant Garde Confluence. The office of PropertyAngel is on Koramangala Block 3.
Bungalows at Koramangala Block 3 starting rental is 5 lakhs/month and upward. Sale prices are starting at 30,000/sft and upwards.
PropertyAngel is the leading O2O (online to offline) property management company in Bangalore, providing professional property management services for villas, individual apartments, and houses. PropertyAngel has over 7 years of experience in property management in Koramangala, and we have a proven process to get you the most promising results.
When you give PropertyAngel your keys, we become your second landlord. In other words, if you hire PropertyAngel, you will not have to deal with property management issues. Similarly, we seek tenants committed to staying in your home for at least a year. We do not consider tenants who intend to stay for a limited time.
Thus, there are no yearly or hidden fees to be concerned about. Besides, you will not be charged a monthly management fee until your property is rented. We are stubborn that we should not make any money until you do as part of our property management in Koramangala. As property management leaders, we aim to generate the most interest in your property by posting pictures and videos on our website, social media, and various real estate portals. We always ensure that your tenants abide by state regulations. When a tenant vacates the property, one of our inspectors will inspect it and provide estimates for any improvements or repairs.
Evictions are an unfortunate situation, but we can make it less painful by:
PropertyAngel is always eager to hear from you to respond to any questions or business inquiries. Our main office is open by phone and in person.
You can also contact us via email. Google Maps makes it easy to find our physical address and location.
Additional Benefits of Choosing PropertyAngel
Premium Tenants: Comprehensive screening methods ensure you shortlist only the most trustworthy tenants. Our tested methods attract tenants who pay on time, stay longer, and cause fewer issues in the unit/living community. PropertyAngel has experience deciphering the facts and warning signs for good versus bad prospective tenants as part of property management in Koramangala.
Shorter Vacancy Periods: Your PropertyAngel property manager starts three tasks to fill vacant units as part of property management in Koramangala. First and foremost, we always try to improve the property by recommending aesthetic improvements that maximize revenue. Second, we negotiate the best possible price for your properties, ensuring you never lose money. Finally, we employ our real estate knowledge to properly advertise your home to attract more applicants in a shorter period. Because of so many prospects, PropertyAngel can close deals quickly and successfully.
Less Legal Disputes: PropertyAngel stays updated on landlord-tenant laws to protect you from unfavorable lawsuits. Landlord-tenant laws include a variety of state and local rules relating to:
PropertyAngel, as part of property management in Koramangala, has the knowledge and experience to take your properties to the next level. We use modern technology to help you view accounts, billing histories, maintenance, and other information more effectively.
Fill out our Property Management Inquiry Form or call us today at (91-80-47095974) or (91-7406484455). We are excited to start working for you!
In 2030, Indian real estate is expected to reach $1 trillion. One of the reasons this figure is so big is that many people choose to manage multiple properties, multiplying their earnings in the industry. However, things can go wrong as you progress to the next level. This is where property management companies come to save the day.
You might not understand what a property management company does if you've been managing your own rental property. Sure, they manage your property, but what does that mean? What are their methods?
Managing multiple properties requires organization and competence. Thus, hiring a property management company saves time while remaining confident that your manager will take good care of your property. Most take care of everything from tenant screening to maintenance and repairs, so you don't have to.
Before you consider hiring a property management company, you should understand their services and how they handle issues such as rent collection and tenant disputes. In this article, we will explain how PropertyAngel manages your property effectively.
Marketing and Leasing
When you hire PropertyAngel as your property management company, we conduct an initial assessment of the property and make recommendations for repairs and updates. These suggestions are made to improve your home to attract better tenants and reduce the likelihood of long vacancies. It may also include repairs to make your home move-in ready.
PropertyAngel will also handle the marketing of your home. This includes posting photos and videos on the website, social media, and various real estate portals. Also, we set reasonable rent for the area in which your home is located. As part of property management in Bangalore, PropertyAngel conducts a rental analysis to estimate the amount your home should rent for and why. Once your home is posted and receives applicants, we select the tenant and draft the lease.
Screening And Selecting Tenants
PropertyAngel will screen potential tenants. To find the best tenant for your apartment, we typically run credit checks, contact rental references, conduct background checks, etc. As part of property management in Bangalore, PropertyAngel will choose the best qualified tenants from many applicants.
Besides, PropertyAngel creates written rental criteria that summarize what they look for when choosing a tenant. We believe it is important to have this document written down because it allows the owner and the tenants to see why they were not chosen. It also reduces the possibility of housing violations if a property management company can point out why an application was denied.
Consequently, PropertyAngel drafts the lease and makes changes as needed. We typically have a standard lease that all tenants must sign as part of property management in Bangalore. You can also include special provisions in the lease, such as what utilities or services (landscaping, pool cleaning) the tenants are responsible for.
Rent Collection and Accounting
We deduct 9% of the rent as management fees and other miscellaneous charges once the rent is paid (such as a repair that occurred during the month). There are also no yearly or hidden fees to be concerned about. Moreover, you will not be charged a monthly management fee until your property is rented. We are adamant that we should not make any money until you do as part of our property management in Bangalore.
Other Management Duties
PropertyAngel inspects all the fittings, fixtures, furnishings, etc., before handing over the property to the tenant. Also, we coordinate with the owners about anything needed to upgrade the property, like interior works, and get the work done by our vendors.
Also, PropertyAngel would advise on whether a lease should be renewed and how to raise the rent to market rates. With the complexities of rent-controlled cities, PropertyAngel can advise you on how much and how frequently rent can be raised.
PropertyAngel can also modify the lease if necessary. Common lease modifications may include changing roommates, adding a pet, and allowing tenants to make changes to the property, such as repainting the walls or installing a satellite dish. We will start searching for a new tenant when the tenant gives the notice to vacate.
PropertyAngel was founded to serve homeowners with the best property management services Bangalore while minimizing maintenance and property management hassles. Since our onset in November 2014, we have been dedicated to providing all real estate property owners the best services and experiences.
Because our commitment keeps us focused, we have implemented transparency and timely reporting measures to ensure that our clients receive a reasonable ROI on their real estate and assets. PropertyAngel, one of the leading O2O (online-to-offline) property management companies in Bangalore, combines world-class service with traditional trust and transparency values.
We are developing a scalable progressive network that will bring together homeowners as we plan to expand throughout India.
PropertyAngel has the knowledge and experience to take your properties to the next level as part of Bangalore's best property management services. Fill out our Property Management Inquiry Form or call us at (91-80-47095974) today (91-7406484455). We would be glad to work with you!
Property management companies serve as a link between you, your property, and your tenants. Property owners rent out their property to earn extra money without adding to their stress. Tenants rent property hoping to find a quiet and reasonably priced place to live. The job of property management in Bangalore is to ease the stress of the rental property owner while providing a peaceful and inviting environment for tenants to live in.
Although property management in Bangalore is responsible for many areas of rental property management, such as advertising and marketing the property, tenant screening, and application processing, the most important duty is to provide exceptional customer service.
These 8 customer service tips will provide a guide for property management companies to offer the most effective client support:
Make a Fair and Understandable Rental Agreement
A fair and agreed-upon rental contract is the foundation of any successful tenant-landlord relationship. Property management in Bangalore makes sure tenants understand everything written in the contract so that nothing is left to their imagination or question. The clearer the contract, the more at ease tenants will be when they sign on the dotted line. Uncertain or ambiguous contracts not only invite interpretation, but tenants may consider them dishonest.
Create a Formal Process for Tenants to Submit Suggestions and Complaints.
Property management in Bangalore understands that over time, tenants will have both suggestions and complaints about their property or unit. Thus, creating a formal process for giving and receiving suggestions and complaints is best to provide the best possible support. Tenants should know where to go to file a complaint or make a suggestion, and property management companies should review those submissions on a regular basis. This enables tenants and property managers to be active in resolving issues.
Create a Formal Process For Emergency and Routine Maintenance and Repairs
Tenants will likely submit maintenance and repair requests in addition to suggestions and complaints. To handle routine maintenance and emergency repairs, property management in Bangalore has an in-house maintenance crew or a list of trusted contractors. Property management companies, similar to a formal process for complaints and suggestions, should have a place on their website for tenants to submit requests like this (or a 24/7 emergency hotline for repair needs). This assures tenants that they will always be taken care of when needed.
Be Accessible 24/7
It's never fun to answer the phone at 3 a.m., but it's your job as a property management company to be available (or find someone who is!) when an emergency arises. Whether it's morning, evening, or the middle of the night, tenants should know they can call or email if they have any questions or concerns.
All Communications Must Be Replied to Within 24 Hours.
While 24-hour availability is ideal, we recognize that not every call and email can be answered immediately. However, providing excellent customer service needs you to respond within 24-48 hours if you are unable to respond immediately. Tenants who could not reach property management companies by phone at 10 p.m. but received a call back the next morning will believe the property management team in Bangalore prioritizes them. Tenants develop trust and gratitude when they work with a responsive property management company.
Set Clear Expectations
Not keeping promises is the quickest way to sour the tenant-landlord relationship. Make sure that expectations are clear on both sides, and if property management companies say they will do something, they will do it (or communicate why they will not be following through).
Interact Regularly With Tenants
Aside from requests, suggestions, and complaints, it is important to interact with tenants on a regular basis to build a strong relationship and understand their issues. For instance, property management in Bangalore can provide coffee in the office once a month, hold Q&A sessions, or simply walk around and greet each tenant they meet. In any case, tenants and property management companies should not only communicate when something is wrong. The goal is to establish a relationship in which issues can be discussed before they become a serious problem.
Tenants should have faith that their property management in Bangalore is competent. The team should be familiar with the contracts, website, maintenance and communication processes, and property. Tenants will respect property management companies for their work if every request and question is answered quickly and accurately.
Property management can be a highly competitive industry. Excellent customer service is the foundation of a successful property management company, and it can set a property manager apart from the other teams competing for more business.
PropertyAngel is a leading O2O (online to offline) property management company in Bangalore, offering professional property management services for villas, individual apartments, and houses. PropertyAngel's team has over seven years of experience in property management, and our tried-and-tested methods ensure you get the best results.
When you give PropertyAngel your keys, we become your second landlord. In other words, if you hire PropertyAngel, you will not have to worry about property management issues. Similarly, we look for tenants who commit to staying in your home for at least a year. We don't consider tenants who plan to stay for a short period.
PropertyAngel is always eager to hear from you to respond to any questions or business inquiries. Fill out our Property Management Inquiry Form or call us at (91-80-47095974) today (91-7406484455). We are very excited to start working for you!
Your property is most likely your most valuable asset. It requires skilled and attentive management to grow. Choosing a property management company in Bangalore that is competent, honest and licensed is vital. It is to ensure that your property is in good condition and that its value does not depreciate.
It can be challenging to select a property management company in Bangalore. Numerous questions may arise, for example, about their level of expertise, regulatory standards, and the company's fees. This post will finally put all of your concerns to rest.
Let's look at the top seven things to consider when selecting a property management company in Bangalore.
Experience in Property Management
Words can never replace experience. A property management company in Bangalore with more years of experience in the industry will always have an advantage. Simply put, experience is a great predictor of a company's potential.
It is crucial to review the company's client list, which is often available on the internet. It will tell whether the firm has previously served clients with similar needs. Or whether it has experience responding to the changing and distinct needs of real estate customers with various property types.
Since November 2014, PropertyAngel has managed over 1.5 million square feet, has a customer presence in 95 countries, and has a 100% on-time rent distribution record.
Check Online Reviews
Reading online reviews is another excellent way to determine the type of property management company.
Real estate clients often evaluate online reviews to decide whether a property management company in Bangalore meets their requirements. It is necessary to research independent reviews from clients with whom they work and have worked and comments on social media sites. These tools are helpful when comparing multiple companies at the same time.
You can also gather information about the property management company's job quality by contacting professional or personal references. It is a tried-and-true method for assessing the abilities of a property management company in Bangalore.
Compare Management Fees
The fees charged by a property management company in Bangalore must be reasonable. Comparing management fees is one way to know this.
You may take note of a company's price plan on its website. If they don't, contact them for a free estimate. Once you've gathered a few quotes, compare them with their services.
Some property management services may not be high on your priority list. Therefore, it is best to create a priority list of services. It will help you understand which company offers the best price for the best package that meets your requirements.
It's also vital to identify which payment plan to use. It's because some property management companies charge a flat fee, whereas others charge a percentage of the rent collected. Some firms may charge a commission-based fee with other benefits for good tenant services.
There are no sign-up fees or commission-based payments with PropertyAngel.
Review the Property Management Contract
A property management contract explicitly defines the client-property management company relationship. It usually includes brief descriptions of the property management company's services, the owner's obligations, the length of the contract, and the agreement's termination provisions.
The agreement should also include an insurance protection plan and the level of company protection. So, before signing a property management agreement, thoroughly read it and make the necessary changes.
Check the Company's Financial Standing
The finances of a property management company in Bangalore are crucial in making a decision. Selecting a fiscally sound property management company ensures that employees receive their wages and are well treated. Thus, it will boost employee morale, and you will receive better service.
Choosing a property management company with poor financials, on the other hand, indicates that its employees may face wage problems now or soon. As a result, there will be low morale, poor service, inexplicable delays, and other negative characteristics. It is vital to examine a property management firm's
Analyse Business Reports
Reports are most important as part of business engagement. A property management company in Bangalore that provides timely business reports has a better chance of gaining additional business from larger, more compliant real estate firms.
The primary goal of such reports is to keep all key stakeholders up to date on the current situation. The reports also help the company develop a strategy to improve the figures in the short term.
There are several different types of property management business reports. Tenancy reports, for example, include frequent information on turnover, occupancy, and pending notifications.
Profit margins, a breakdown of rent collection, fees, other service costs, and expense management are all included in financial reports. An ad hoc report discusses industry trends and potential disruption factors. These reports make it easier to make quick decisions.
Compliance with the Rules and Regulations
When looking for a property management company in Bangalore, make sure they follow all of the local regulations. Also, the company must have all the necessary certifications, business registration, tax compliance, and insurance certificates. In addition, it should meet other local government requirements.
Why Choose PropertyAngel as your Property Management Company in Bangalore?
PropertyAngel is a debt free, stable and EBITDA positive company. The promoters have a decades long unblemished track record in the Industry. Our conservative, long term & stable approach towards business operations means that you have a solid partner on the ground to manage your property affairs.