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.