In 2020, an average Bangalorean spends about Rs.17,926.10 per month as rent in the city centre. Sounds a little overwhelming right?
Well, we often come across some common suggestion to reduce rent and I shall take this opportunity to inform you about them as well.
This also reduces the hassle of moving from place to place and getting adapted to new areas or environments often.
All these tips may be suitable for bachelors, but just imagine if you are a newly married couple or a family of 3 members or larger, would you still want to compromise on these essential aspects of a home?
Why is that we always need to give up on our comfort to save some money?
What if I told you, you could maintain your privacy, have a large place in the city centre and enjoy all the amenities and still save on rent.
Now we are talking about the real deal.
All you need to do is use your network of friends and family and engage in a referral scheme.
I am very sure you all might have come across several schemes like this, but you may not have thought about the impact it might leave on your monthly rent.
Sounds interesting right? All you have to do is refer a friend of yours to your landlord and avail a discount on your monthly rent. Find more friends and enjoy a much lower rent.
There are certain limitations to this concept, but I won’t leave you hanging, I will also tell you how you can overcome this hurdle.
This referral scheme does not exist in the unorganised real estate market and Landlords who own only one property won’t be able to extend such an offer.
Make the wise choice of renting from a Property Management Company.
A Property Management Company helps you find a suitable home for yourself. They have a large number of properties under their ambit which enables them to provide many offers like the referral scheme.
Some referral schemes not only benefit you, but they also benefit who you refer turning out to be a win-win situation to both of you.
With the rising cost of living in Bangalore, follow this tip to reap its benefits.
Not just the referral scheme, also look out for seasonal offers from property management companies and enjoy the benefits.
PropertyAngel offers you one of the best referral schemes in the market. Imagine referring a friend a month and saving up to Rs. 3000 in cash or as gift vouchers every month.*
PropertyAngel is a property management company and a property rental platform.
We provide Brokerage Free & Hassle-free rentals which you can trust.
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
Benefits of finding a home at PropertyAngel
We are your one-stop-shop for all your rental needs - from looking for a suitable property to fulfilling all legal requirements.
To know more visit https://www.propertyangel.in or call us at 91-80-47095974 / 91-7406484455
For a long time, homeowners are looking for the perfect guide to manage their property through a Property Management Company.
As a service provider, Property Management Companies come up with new business models to make their services more valuable.
What is a Sub-lease agreement?
It is a contract between the Owner and Tenant, which transfers the owner’s rights to exclusive possession and use of the property for a specific period of time to the tenant.
Disadvantages of Sub-lease
In this case, the Property Management Company becomes your tenant and they have control over who they sub-let the property too.
There is no scope for transparency and you will remain in the dark about who is using your property.
Property Management Companies assure monthly rent in order to attract you to this type of model. However, in recent times, this model is proven to be highly unreliable.
You should instead opt for a Leave and License Agreement.
What is a Leave and License Agreement?
This agreement is governed by the Indian Easement Act. Under this Agreement, you will only provide a license to use your property for a specific purpose and no transfer of right to possession.
Advantages of Leave and License agreement
Under a Leave and License agreement you can clearly set out the purpose of License and therefore there is no scope for misuse of your properties as it is Illegal for the Property Management Company to use it for any other purpose.
You can also have control over the choice of tenant.
Click here to view a sample Leave and License Agreement.
In simple words, you can pass on the headache of managing your property to a Property Manager and retain 100% ownership and control over your property.
At PropertyAngel, we ensure to safeguard your rights as a property owner. We sign a leave a License agreement where we obtain the right to only manage, operate, rent and lease your property.
The above flow chart enumerates the process any good property management company should follow, and PropertyAngel does exactly the same.
At the Tenant Agreement Stage, after obtaining a No-objection from you, a leave and license agreement is signed between the tenant and PropertyAngel.
A leave and license agreement are used as scope for misuse are minimal and its hassle-free for the property owner and the tenant.
At every stage, PropertyAngel ensures to keep the owners informed to ensure transparency.
Benefits of signing up with PropertyAngel:
Want us to manage your property?
Reach out to PropertyAngel on call us at 91-80-47095974 / 91-7406484455
Are you a Property Owner? This is a must-read for you to ensure you aren't being taken granted by a Property Management Company.
Essentially, Property Management Companies perform 2 duties:
1. Maintenance and management of your property Property Managers will ensure that your property is always spic and span. They will ensure that all utilities are paid on time and your property is being safeguarded.
2. Guarantee good returns of investment on your property Property Managers ensure that your property gives you a good return on your investment. Here they handle operations, maintenance, and administration of property rentals.
A good Property Manager will charge you on the basis of the service they provide. However, Property Managers bring their expertise in providing you with the second function which is to make sure that your property is not idle and it earns some income for you.
There are 3 models under which Property Managers or Property Management Companies work under:
1. Minimum Guarantee Model
Here, the Property Management Companies assure you a minimum rent for your property.
You will get rent for your property even if your property is vacant.
Benefit to Property Management Company:
2. Commission on rent
The Property Management Company takes a percentage of your monthly rent as management fees.
Benefit to Property Management Company:
3. Fixed Fees
Here, you as a property owner need to pay the Property Management Company for their services of maintaining your property.
This ideally works only when you are not willing to let your vacant property on rent but just need someone to take care of your property in your absence.
This is an expense from your pocket while not receiving any income from your property.
In reality, a property management company uses either of the above models or a combination of 2 models.
Besides management fees, owners are required to pay the cost of utilities on actuals. For property repairs, you might have to pay a supervision fee along with the actual cost of repair.
Since there is no hard and fast rule on the charges, Property Management companies can also charge you for any other services they provide.
Now that you have a fair idea on what charges you might have to incur, it is also important for you to know a few key points that will help you shortlist a property management company that suits you.
PropertyAngel is a property management company which follows the commission basis model.
This option provides the maximum benefit to you as a property owner and ensures complete transparency.
PropertyAngel does a leave and license agreement, which safeguards your rights as a property owner.
Services of PropertyAngel which will interest you:
To know more about PropertyAngel visit: https://www.propertyangel.in/ or call us at 91-80-47095974 / 91-7406484455