Just as a bird finds its nest the safest place to nurture its eggs, we all find it safe to invest in our homeland.
If you have an investment in India or thinking about investing in India, read along to know how the industry has made it so easy for you.
Land is and always will be the most lucrative investment. But gone are the days when it can be left unattended. This concern had lead to the development of land - which was to raise buildings - either residential or commercial.
It’s a known fact that land appreciates over a period of time...but is it the same for buildings as well?
No, in reality, the value of a building depreciates and this is a point of emergence of new verticle in the real estate industry.
Renting or leasing initially emerged to recover the cost of the building. Transformations in the real estate and banking industry have made renting/ leasing an essential source of income to meet bank EMIs.
Now through the entire journey, the real estate industry has gone through, you must have realised that the best practice in the industry is to have your property earn rent for you.
Appreciation on your land value is un-realised until its sold, But rent received is the realisable return on your investment.
As a property owner, you must be aware of the hassles involved in property management. Plumbing issues, sewage issue, overgrown weeds are just a few of the top of my head.
In theory property management sounds simple but the amount of man power and specialised skill required makes it complicated. If you are looking to rent a house and don't know where to start, hiring a property management company would be the best decision for you.
Just imagine trying to find a resource who is good at plumbing, carpentry, painting, gardening and well versed in statutory payments …. Difficult to find one right? That’s where the role of Property Management Company comes into play.
The sole purpose of a property management company is to take care of these tedious tasks and ensure a specialised person is put in place to fix them, allowing you to reap the benefits of your property without being burdened with all the stress.
If you find yourself in any of the below situations, you should consider hiring a property management company
1. You live away from your property
Being an NRI, its quite obvious that you are distant from your investment in India.
You might often rely upon your close friends or relatives to keep an eye on your property, but can they take on the complete burden of maintaining your property?
A trustworthy property management company can be your eyes and ears on the property and can execute anything you wish to do with your property.
2. You have a tight schedule and find it difficult to make time to visit your property
If real estate isn’t your full-time job and you have made an investment in a property, its most likely that you don’t have the time to regularly look into its affairs.
Time is money, you will surely love an investment that can grow on its own without interference.
Choose the right property management company and be rest assured that you will receive the best return on your investment and your property is in safe hands.
3. You have multiple properties
If you own multiple properties in the same city or across cities, it could be tedious to ensure all utilities are paid and make note of all property updates
Pass on the tension to a property management company to perform these routine tasks and remain tension free.
A good property management company will also prepare a report to help you analyse the income and expenditure on your property.
4. You are not familiar with managing a property
5. Finding it difficult to find tenants
You may look for certain qualities in your tenants, you might expect them to be a family or bachelor, you might expect them to be able to pay your rent on time and sometimes you might not prefer having pets on your property.
With all these conditions, it becomes difficult to find a tenant.
Just thinking of the number of property visits and handling ‘n’ number of phones call...its just easier to pawn off this duty to a property management company
6. Managing tenants has become a burden
You may feel a sigh of relief once your property is tenanted, but does your responsibility end there?
A tenant looks forward to you to fix all minor and major maintenance issues that may arise from your property and you would have to keep a track and follow up on monthly rent payments.
An NRI property management service acts as a mediator and ensure your tenant is happy by addressing all their need and makes sure you receive your rental payment are made on time without any reminders.
7. Marketing your property is a hassle
Back in the days, word of mouth was the only marketing strategy that existed, later brokers can into the scene, but now with the technological development, we have virtual market places.
You can list on so many e-classified and websites at a minimal cost as well. But with a larger reach in marketing, you receive larger calls and many times depending on where you have marketed, you might receive unverified and bogus prospect tenants.
An ideal property management company will market your property is reliable marketplace and find your verified and reliable tenants.
8. Not aware of the latest laws
With time, the laws of a country change as well. Though we might come across these updates in the news, the real impact of some laws on our investment is often ignored.
A property management company always looks out for these laws or regulations updates and ensures that our investment is law-abiding and keeps you in a legally sound situation.
PropertyAngel is the best property management company and property rental platform in Bangalore.
As a new age property-tech company with 860+ verified properties under our wing, we are a metrics-focused organization with Strong SLAs to measure our performance.
We are deeply driven by Customer Happiness & Customer Transparency
To know more call us at 91-80-47095974 / 91-7406484455
Whether you have already made an investment in real estate or planning to make one in the near future, you must be fully aware of the real estate market trends in order to make the right choices.
PropertyAngel has launched a new series of real estate insights named “Bricks & Barons” to reach out to leading Industry veterans to gain from their rich experience and see what perspectives they can share. This in-house production is presented by our Co-founder, Rahul Pai.
As the 1st in the series, we had a chat with Mr Zahed Mohmood, Co-Founder and Managing Director of Silverline Realty, a leading real estate firm in Bangalore with diversifications in consulting, construction, advisory and investing, founded way back in 1947.
Mr Zahed is a second generation real estate professional who specializes in property investment advisory. At Silverline Realty, Zahed leads the business development, transactions and advisory teams. He is also the regional director of CIRIL – A pan India commercial real estate brokerage company and a founder member on the Board of Governors of Bangalore Realtors Association – India.
Watch the video to know his thoughts on how the real estate market stands and likely to evolve, especially after being affected by the Pandemic.
I’m sure you have many questions in mind…
Is Work from Home here to stay? Is the Government going to increase property taxes? Is Bangalore growing?
Be rest assured, all your queries will be answered.
The future is looking bright, the real estate industry is bouncing back and all the factors seem to be favorable to invest.
Get secret tips from the top pros on where to invest and what to expect in Real estate for 2021!
Insightful right? Stay tuned to the “Bricks and Barons” Series on YouTube for the latest Real Estate Updates from the who’s who of the industry.