Local brokers, the hidden heroes of the home quest, have improved and become more inventive. Faced with rising rental rates and an ever-expanding list of eager home searchers seeking for rental properties, these brokers have mastered the concept of innovation. Some have gone above and beyond the standard playbook, recruiting field executives to scour the city for any possible rental properties. These committed property managers scour neighborhoods like modern-day explorers, searching out hard-to-find "To let" signs and updating the inventory with fresh prospects at the end of the day.

The popularity of "housing quests." This innovative approach tries to make the flat search process more enjoyable rather than stressful. Consider personalized tours of available residences, complete with transportation choices and even extra benefits such as trips to nearby attractions. Sunil Singh, Realty Corps' visionary creator, introduces an interactive orientation programme for renters. The package, which starts at Rs 10,000, offers a full experience that includes everything from property tours to seeing the colorful neighborhoods.

These broker-led excursions helped a tech-savvy Bengaluru resident find an ally. She leads a guided tour of five to six suitable properties for a cost ranging from Rs 1,000 to Rs 2,000. Aside from the comfort of transportation, Keerthi obtains an insider's perspective - a seasoned guide who understands the ins and outs of the market.

But what is behind this unexpected spike in innovation? The return of employees to the city is fueling a surge in rental demand. As businesses re-establish in-office operations, a flood of tenants enters the market. What are the ramifications? Rental costs in once-affordable areas like Whitefield have risen by 40%. A 2 BHK that used to cost Rs 25,000 now costs Rs 35,000-38,000, while luxury 3 BHKs in sought-after districts like Sarjapura, Indiranagar, and HSR Layout charge more than Rs 80,000.

Tenants are looking for alternatives as rents rise. Begur and other areas near Hosur Road are rather inexpensive. However, analysts warn that even these sanctuaries may soon see rising costs as demand continues its unavoidable rise.

Brokers have easily withheld the capacity to adjust in this constantly shifting environment. They overcome obstacles by adopting strategies such as treasure-hunting hunts for hidden gems or creating immersive property tours. The ever-changing story of Bengaluru rentals exemplifies human resourcefulness. While renters adapt and brokers devise new techniques, the search for the appropriate rental home continues to evolve, reflecting the dynamic changes in the city's housing market.

So, in the heart of Bengaluru's concrete jungle, the search for shelter transforms into a story of collaboration, innovation, and an unwavering pursuit of that perfect place to call home.
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About PropertyAngel

PropertyAngel is an award-winning second landlord platform and is a leading O2O (online-to-offline) second landlord platform. We are a Bangalore-based property management company offering professional property management for individual apartments, houses, and villas. If you need assistance in managing your property effectively in Bangalore, please contact us at (91-7406484455).

Recent reports highlight the confirmation of this transformative partnership during a real estate digital transformation event. Sunder Jagannathan of PropVR, addressed the audience, throwing light on the potential of this collaboration. Vishesh Kaul, Chief Information and Digital Officer at Prestige Group revealed that the shifting dynamics in real estate transactions triggered by the pandemic, which in turn made way towards this innovative path.

Prestige Group's upcoming new luxury projects are all set for launch within the next few months which will take center stage in this virtual reality environment. With a calculated progression in mind, the initial focus will be on premium offerings and gradually move on to affordable property options.

Kaul's vision for the metaverse extends beyond residential properties, as he envisions the application of this technology to be incorporated at malls as well depending on the taste of people’s preference.

Notably the use of virtual reality in real estate is gaining significant traction among prospective property buyers. As observed by Sunder Jagannathan, the integration of this technology has led to a substantial increase in sales to NRI homebuyers, marking a notable shift in the purchasing landscape.

While this innovative leap holds immense promise, challenges still continue to be evident, as informed by Kaul. He acknowledges the hurdles posed by costs and the process of familiarizing users with these tech systems. As more young people who know about the metaverse are starting to buy properties he is hopeful that this challenge can be mitigated. As they get more involved, the tech should become cheaper.

Dhruba Ghosh of  Provident Group, brings attention to the coexistence of traditional preferences among Indian buyers, while acknowledging the Technological Proficiency of the younger generation. 

To summarize,  as millennials and Gen Z redefine engagement, Kaul envisions a swift shift that will reshape the real estate landscape step by step going forward.

The introduction of Prestige Group into the metaverse marks a pivotal moment in the real estate sector, introducing a fresh perspective for better understanding and encountering properties. This innovative leap promises to reshape the course of real estate engagement, with the metaverse leading the way towards a new era of interaction and exploration.

About PropertyAngel

PropertyAngel is an award-winning second landlord platform, headquartered in Bangalore with an AUM of Rs. 1500 crores. Incorporated in 2014, PropertyAngel's tech-enabled real estate asset management services for individual apartments, villas and houses, have won awards from Zoho, grants from Facebook, and been recognized several times as among the top 10 property management companies in India.​

Streamlined Operations through Automation

Property management companies now use sophisticated software and platforms to streamline their operations. These tools allow them to handle tasks like tenant screening, lease management, rent collection, maintenance requests, etc., more efficiently. By automating these processes, property management companies can save time, reduce manual errors, and provide a more seamless experience for both property owners and tenants.

Enhanced Communication and Tenant Engagement 

Previously, the only means of communication between property managers, property owners, and tenants were phone calls, emails, or physical paperwork. However, Proptech has transformed this aspect of property management. Property management companies now leverage digital communication channels like mobile apps, online portals, social media platforms, etc., to connect with tenants and respond to their concerns. Also, tenants use these platforms to submit maintenance requests, pay rent, and receive updates in real-time, increasing overall satisfaction and convenience.

Advanced Data Management and Analytics

The digital age has also brought forth a wealth of data that property management companies leverage to make well-informed decisions and improve their operations. Using advanced data management systems and analytics tools, property management companies collect, store, and analyse data on property performance, rental rates, market trends, tenant behaviour, etc. By harnessing these insights, they can optimise rental rates, identify maintenance patterns, develop targeted marketing strategies, etc. Data-driven decision-making allows property management companies to adapt to market demands more effectively and provide superior services to property owners and tenants.

Remote Property Monitoring and Maintenance 

The emergence of smart home technology and Internet of Things (IoT) devices has changed how property management companies monitor and maintain real estate assets. Now, property managers can remotely monitor properties and address potential issues with connected devices like smart thermostats, security cameras, water leak sensors, etc. This technology enables real-time emergency alerts, proactive maintenance, and energy-saving initiatives. Hence, property management companies can ensure optimal property conditions, reduce operational costs, and minimise the risk of property damage through remote monitoring and maintenance. 

Digital Marketing and Tenant Acquisition

Traditionally, property management companies relied heavily on offline marketing methods, such as signage, newspaper ads, and word-of-mouth referrals, to attract potential tenants. However, online marketing has become an important part of their strategy in the digital age. Property management companies now leverage digital marketing strategies like search engine optimisation (SEO), social media advertising, and listing platforms to reach a broader audience and attract qualified tenants. Through targeted online campaigns, they showcase property features, highlight amenities, and create compelling content to entice prospective tenants.  

Efficient Financial Management 

Proptech has revolutionised financial management for property management companies and simplified tasks like accounting, rent collection, expense tracking, etc. Advanced property management software offers robust financial modules that automate rent collection, generate invoices, and provide detailed financial reports. These tools also integrate with online payment systems, which allow tenants to pay rent online conveniently. By streamlining financial processes, property management companies improve cash flow management, minimise errors, and enhance transparency in financial transactions.    

Final Words

The digital age has certainly transformed the role of property management companies. It empowered them with innovative tools and technologies to streamline operations, enhance communication, and improve overall efficiency. Through automation, advanced data management, remote monitoring, and digital marketing, property management companies are better equipped to meet the evolving needs of property owners and tenants. As technology continues to advance, property management companies will deliver exceptional services and maximise the potential of real estate assets.    

About PropertyAngel

PropertyAngel is an award-winning second landlord platform, headquartered in Bangalore with an AUM of Rs. 1500 crores. Incorporated in 2014, PropertyAngel's tech-enabled real estate asset management services for individual apartments, villas and houses, have won awards from Zoho, grants from Facebook, and been recognized several times as among the top 10 property management companies in India.​