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Previously, exclusively transacting high-value assets like real estate assets across digital channels was not a norm. Offline real estate transactions often involved face-to-face interactions with different parties. However, blockchain has made it possible to change this. Assets like real estate can now be tokenized and exchanged like cryptocurrencies like bitcoin and for that, we need to say thanks to the advent of smart contracts in blockchain networks. This method of real estate trading has its advantages and drawbacks. Here are six aspects in which the blockchain has altered the real estate industry. The commercial real estate (CRE) industry has recently embraced and adopted blockchain technology. CRE executives are discovering that smart contracts built on the blockchain will play a far bigger role in their business. Property transactions such as acquisition, selling, funding, leasing, and management transactions may all be transformed through blockchain technology.  1. Marketplaces and Channels
The focus of real estate technology has historically been on listings and linking buyers and sellers. However, blockchain opens up new avenues for real estate trading, allowing trading platforms and online marketplaces to provide more robust support for real estate transactions. 2. No Intermediaries The real estate ecosystem has long included brokers, attorneys, and banks. According to a Deloitte survey, however, blockchain could soon usher in a change in their positions and involvement in real estate transactions. Listings, fees, and legal paperwork are all features that new services will potentially take over. 3. Transparent Real Estate Transactions One of the major issues in the real estate industry is transparency. Because of its decentralized existence, blockchain guarantees that the entire transaction exchange is open to all parties involved. The technology ensures that each property owner or the purchaser has access to information about the desired property, which helps to establish trust. As a result, using Blockchain for transaction exchanges dramatically reduces the risk of fraud. 4. Property Management Since there are so many people involved in property management, it's a complex task. The majority of properties are typically handled using either manual paperwork (offline) or various software systems that are difficult to integrate. The entire property management mechanism is now being handled effectively using a single decentralized framework that uses blockchain-backed smart contracts. Anything from signing lease agreements to managing cash flow to filing maintenance requests is being done safely and transparently. 5. Automated Property Buy and Sell The method of purchasing and selling real estate takes a long time. With all of the challenges, the sector is quickly slipping behind. As a result, smart contracts in real estate will simplify the process of buying and selling homes. In fact, blockchain has the potential to automate the entire home-buying process. Consumers can access a website where potential sellers can showcase their assets. When they've settled on one, they can either go see it in person or take a virtual tour. They just have to set up the conditions and process the payment after that, and they're done. 6. Preventing Title and Deed Fraud The avoidance of deed and title frauds is another blockchain real estate use case. You won't believe how many problems deed fraud has created in the last ten years. In fact, this type of fraudulent activity is on the rise, particularly in the realm of online property sales. People may even sell their properties to a third party without your knowledge, which is frightening, to begin with. However, since blockchain will store all property details, owner information, and legal documents on the ledger, no third party would be able to take ownership of your properties. The democratization of real estate properties is possible due to blockchain technology. It offers potential investors from all over the world the opportunity to try their hand at real estate investment options. If done correctly, this can be highly beneficial to the crypto-space, as it will improve the real-world value of tokens. The frightening part is that we've just scratched the surface of what the marriage of blockchain and real estate will achieve.
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Do you also feel stressed while renting out your property? If yes, this is a good place for you to start. Finding good tenants can be hectic, especially when you are a new landlord with little experience. As a landlord, you want to protect your asset, but you do not want your rental homes to remain vacant for a long period of time because this can damage your profit potential. While you might be curious to rent the property quickly, renting your property sounds desirable however tenants may cause you difficulties. For example, if you end up with a tenant who does not pay rent on time, throws tantrums. Such tenants would be considered as a threat to your property and your image, it can cause a lot of loss for you and your property like in terms of getting more offers from other suitors seeking a good rental home. According to a survey, if you ask a tenant to evict your property, it may take up to 3-4 weeks and can cost you a great deal. Listed below are some of the important things to remember for the best possible results when finding a good tenant for your rental homes.
Advertise through different mediums. Most landlords do not like their rental homes to sit empty for a long time. The more your rental property sits vacant, the more money you lose. Fortunately, we live in a digital era! In today’s time, there are several options and most of them are free. Advertising a rental home for rent is easier than ever! While there are a lot of options out there like online marketing, posters, articles, blogs, and websites that attract suitor’s attention towards the advertisements, social media platforms like Facebook, Google, Instagram, and the likes are other great platforms for advertising rentals. It's important to advertise rental homes offline as well. Share the information that you have rental homes available for leasing with those you know. You never know who is looking for a rental to stay, and it can be a great way to find desirable and qualified tenants before taking your marketing efforts online. Other methods of advertising rental homes could be posting your rental property in the newspaper or creating brochures to send via direct mail or post on bulletin boards at local schools, restaurants, or shops, colleges, a market where it matters most, putting forth the most effort on the platforms that profit the most results.  Make a list of necessities that you will provide to your tenants. Each tenant has different requirements for their rental homes. When they see an advertisement or even when they hear about a place from somebody, tenants want to know the entire package they will be getting from the place. It’s just not about the four walls but also other necessities like water, electricity, security, Good condition of the house, storage space, environment, neighbors, parking and so on. Hence, one of the most important things is to list out all the necessities that you will be providing your tenants along with the property. In that case, what is better than a picture! We all have heard the saying, “A picture is worth a thousand words.” Today’s digital world is all about images. Nobody wants to read out something that does not have attractive pictures. If you look at the statistics for listings that have pictures versus the listings that don’t have pictures, you’ll get the answer. When your rental advertisement includes photographs, you receive 95 percent more views than advertisements that do not have photographs. Tenants who are looking for rental homes will spend the majority of their time scrolling through the photos in your ad. So, it’s clearly important that you get this part right. Here are some ideas for you to include pictures in your advertisement –
The second most important thing while listing out the necessities is that you match the photos with accurate, engaging, and interesting descriptions. The description is what ties your whole story together. It also helps your searchability with great SEO, which ensures your listings are found by potential tenants. The description should include two different sections: the headline and the description or the summary. The headline is the first thing that someone notices when they’re viewing a listing, and many people will decide whether or not they want to keep reading based on the headline. So, it’s recommended that you follow a formula when you’re writing a heading for your rental property advertisement. One suggested formula is – Amount of Rent Price + Number of Bedrooms + Number of Bathrooms + Type of Property + Location + Great Selling Point Though it looks like a long heading, it’s okay because it includes the most relevant information and gives your prospective tenants a good reason to keep reading. Here’s how it would look like if you’re renting a property in Shalimar Bagh Delhi. 7,000/- 1-bedroom 1-bathroom flat in Shalimar Bagh with stunning views. This headline immediately tells prospective tenants whether the home is in their price range, desired location, and target size. Once you’re done with the headline, the summary comes next. The summary section is also important; it allows you to finish telling the story and to tie your headline to your photos. This section of the ad helps the potential resident visualize what your property is like. You should highlight the amenities that are available or the unique features. Include adjectives and describe what the neighborhood is like. Include a map or other important information that will add value to your listing. Also, make sure to highlight the restrictions like no pet policy and so on in your ad beforehand. This ensures that you are not attracting the wrong tenants. Be transparent and share all of the important information a tenant may need to know. Conduct a Comprehensive Tenant Screening with Credit, Criminal and Eviction Reports
A brief conversation with a previous landlord can help to confirm the information on the reports and inquire about things that the reports don’t show, such as:
The biggest landlord pain point is non-payment of rent. While a credit report is a great measure of a prospective renter’s financial history, it is important to verify employment and income. The landlord needs to be confident that the prospective tenant has the means to pay the rent. To that end, running an Income Insights report can determine if the potential renter’s self-reported income needs further verification by analyzing the applicant’s credit behavior and other factors. This can save landlords time and effort having to manually verify income as well as reduce risk. Maintain Mutual Respect to Retain Good Tenants Once you find a good tenant, a mutually respectful relationship will help to ensure the longest possible stay. Just as you expect them to pay their rent on time and keep the property in good shape; they expect you to be up to date with maintenance and repairs. A lease agreement that outlines all of your policies (number of persons in the rental, payment due date, late fees, pets, smoking regulations, renter’s insurance requirements, etc.) can help to prevent confusion and miscommunication down the line.
Yes, you have to do all of these things in order to attract a great tenant. Sounds hard? We know, and hence, we at propertyangel.in can do all of this hard task and more for you. We can maintain and manage your property and get the best of tenants for you. Pandemic has resulted in a lot of ups and downs in the ways we see health, life, relationships, jobs, business, and clients and also in the way we see landlord-tenant relationships. Pandemic was all about uncertain times, insecurities and in these times a lot of people became a safety net for other people to fall on, and that’s how we all tried to go through these rough times together. One major impact was seen in the ways tenant and landlord relationships functioned in these times. Factors That Impacted Landlord-Tenant Relationship In Covid-19
A few of the landlords who chose the best property management services had a greater safety net. However, for landlords who lost their tenants but were living in another property, could sell their other property if they were in dire financial distress. These instances are now re-shaping the relationship between tenants and landlords. What Is A Landlord-Tenant Relationship? An association formed between two people as a result of an agreement in which one person occupies the other's real property with permission and for a fee. The term "landlord" refers to someone who owns property and rents it out to others for a fee. The person who occupies the property is referred to as a tenant. A lease or rental agreement is an agreement between a landlord and a tenant. A lot of times landlords take the help of the best property management services out there to manage their property and find a tenant for them, under those circumstances, the services become a third party however they do not change the relationship between landlord-tenant.  Krishna Thankful To His Landlord For Backing Him Up During Lockdown
Pandemic had hit China and was at its peak in January of 2020, however people of India could not even think that Pandemic would hit the country sooner and a lot of dynamics would change. Krishna was residing in Bangalore in a rented house nearby his office. He would regularly go to his office, have parties with friends on the weekends and everything in his life seemed to work out just fine. But then the pandemic hit, the airports were closed and everything went into a complete lockdown. Isolated from his family, Krishna was stressed out but still had his job. His landlord who lived nearby kept a check on him with continuous calls and made sure he had all his regular supplies, helping him out. However, things became worse for Krishna when he lost his job and could pay no further rent. Since the transportation system was also not working properly, he was stuck in this home without an idea where the next rent would come from. His family too were going through hardships and hence these turn of events left Krishna at the mercy of his landlord. His landlord, however, offered him a solution to this grave situation, he told Krishna that he can pay the rent in installments in the future and still stay as a tenant till the situation becomes better. This came as a relief to Krishna and he was utterly grateful to his Landlord. When the Lockdown was lifted, Krishna managed to find another job and slowly and steadily cleared all his debt. This one great gesture from his landlord in times of crisis strengthened their bond so much that now both of them at times depend upon each other like a family. For his Landlord too, having a trustworthy tenant has resulted in much peace and comfort. With such stories around here’s how the relationship between a tenant and a landlord is going to transform post-pandemic:
Thanks to the lessons of the pandemic, landlords-tenants are evolving more and understanding the true value of each other. More and more Landlords are also opting for the best property management services as they need these services to get a better safety net should another pandemic or any other crisis happen. Best Property Management Services ensure that the tenants are reliable, get the legal tussles done, and manage property in a way that gives the landlords the support they need in such situations. Finding a tenant can be a great hassle, trusting a tenant with your house all the more difficult, more so when it is a person you barely know or have any mutual connection with. We understand that you face so many anxieties and fears while you are looking out for that one tenant you can be carefree with. What if the tenant doesn’t pay rent on time? What if the property gets damaged? What if they party with their friends so much that they barely maintain any hygiene of your house? There can be so many what ifs that can cloud your mind when renting out your own property. These fears and concerns are valid. Though, this world is a nice place and most people looking for a house are responsible citizens. Yet there can be a few tenants that can make it horrible for you to rent your place to. Hence it is in best of your interest that you screen the people you are about to rent your house to.  So here we have listed 5 Red Flags for you to watch out for before you give your house to the said tenant: 1) Their Credit Score is Bad Always take the consent of checking your prospective tenant’s credit score. Do they have bad credit score? Do they have a history of taking out money, maxing credit cards, but never paying back that money? If the Credit score of your prospective tenant is bad, chances are they are careless with money and you can safely infer the fact that getting your rent on time may or may not happen. Such an attitude also shows an irresponsible attitude with money and finances which in turn shows irresponsible attitude in general life. Will they be responsible enough to keep your place neat and clean? Maintenance too can be a problem with such a person. 2) Criminal Record Do they have a criminal record? Did they ever come in holds of authority? If yes, then this can be a big red flag. You want to rent out your space to a law abiding, disciplined citizen not to someone who can be remorseless about any act of breaking law. Studies show that people who have a pattern of breaking the law are often anti-social, sociopathic or psychopathic personalities. You surely do not want to deal with such a person. Also if by any chance this person breaks the law again while putting up at your place, you can even see a loss of goodwill, unnecessary negative publicity and lowering out of rent as per the market rate. You surely do not want to get into such hassles hence it is important to check the criminal record of a person before your rent out your dearest home to them. 3) Prior Eviction If a person has been evicted by a landlord before and they cannot even give you a valid reason for that, then it should definitely raise your eyebrows. Prior eviction can be due to them not paying the rent on time, being into a drug problem, damaging property or anything of those sorts. If possible you must definitely run a background check and get connected with their previous landlord. Talk to their previous landlord and get to the bottom of the matter. Because no matter how eagerly you are waiting to rent your place out, you do not want to do any potential eviction. If their eviction was due to any of the reasons which are not comfortable to you then listen to that voice in your gut and do not give your house on rent to them. 4) Record of Domestic Violence You may have checked the criminal record of your tenant and that might have come clean but what if there are issues with them that were never reported to authorities? You have to watch out for any behavior that may indicate any one of your prospective tenant is abusive. Domestic violence is a serious problem, and if your prospective tenant has had a record of being abusive, chances are they can be violent towards your neighbors or cause you unnecessary troubles. While doing a background check you can ask people associated with the person about whether they are potentially violent or not. 5) Rude or Bad Behavior When letting out your property to a prospective tenant please be on a lookout for any signs of rude or bad behavior. If a person is already very demanding, rude or has bad behaviors towards you, your relationship with your tenant can become difficult for you to maintain. And you definitely do not want to have bad relations with the person who is going to live inside your property. So always be cautious if someone is already exhibiting rude or bad behavior then they might not be the ideal tenant that you are looking for.  We Understand Your Woes
We know the infinite number of difficulties you already encounter while looking for a tenant, and you might not want to expend so much of your energy in screening a tenant, especially if you live outside of India. If you are out of the country in which your property is situated, finding a tenant, renting out your property and maintaining a relationship with the tenant from that far can be a near impossible thing. We at PropertyAngel.in understand these problems that you face. Hence you can depend upon us for all your property management needs. Once you hire us to maintain your property, we treat that property with utmost care and our expert solutions take care of all problems related to tenancy so that you can be tension-free while we manage your property. PropertyAngel - Your Property, Our Priority PropertyAngel.in is a property management company that provides end-to-end solutions for your property management needs. We take care of tenant agreements, renewal management, owner privacy, move in support, detailed exit checks, tenant support, property marketing, tenant verification, broker coordination, negotiation, agreements, seamless tenant replacement, inventory checks, complete interiors, 6 month inspections, move in checks, vendor management, collection of token, deposit, rent, rent transfers, detailed customer statements, bill payments, exit settlements, association payments. 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. 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. A property management company 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 Real Estate Investing in the post-COVID era: A chat with Mr.Zahed Mohmood, of Silverline Realty10/2/2021 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. It’s quite common to feel jitters before moving to a new city. But once you have stepped foot on Namma Bengaluru, everyone feels a sense of familiarity and that’s because Bangalore is an extremely welcoming place. Are you a fun-loving party person? Or are you a nature lover who wants to take a calm stroll surrounded in greenery? Bangalore is the perfect place to be. What if it told you Bangalore can be your therapist? It has this magical capability to suit every personality. Here is what makes Bangalore special: Bangalore weather This might not be the first time you hear a Bangalorean boosting about Bangalore weather. But trust me, once you are here, you will also become an ambassador for its weather. Especially during this dramatic 2020 we had, Bangalore weather is the one thing that has kept all of us sane. It leaves such a therapeutic impact on us, its pure Bliss! Bangalore Social Life There is no shortcoming for the number of pubs in Bangalore. It has the most number of pubs in Asia.  It’s common to have a buzzing lifestyle in cosmopolitan cities, but Bangalore is Top on the leaderboard. Large shopping malls with almost every international brand, drive through theatres, recreational activities and not miss the comedy clubs in Bangalore. It’s the best way to take a break from your stressed lives. Bangalore Gardens and Lakes Not a social bee? Don’t worry you can enjoy the chirping birds and cool breeze under large trees in the heart of the city as well.  Bangalore is also known as Garden City. And to prove this its surrounded by Parks and lakes, best for your morning and evening walks.
Some lakes also have boating where you can unwind your week. People of Bangalore Cultural Diversity is at its peak in Bangalore. As the IT hub of the country and its culture for start-ups has attracted people from all over India. This is exactly why you feel at home in Bangalore. All festivals are celebrated here, all customs are respected here, and you want to break the stereotype - it gives you that flexibility as well. People here are very accepting, you should have no problem to gel into this environment. Traffic With all good things, come 1 negative issue and that’s Bangalore Traffic. I guess, after the Bangalore weather, this is the most talked-about topic. Bangalore Traffic is the reason you should be wise and choose the right place to live. Why it’s important to choose a location Bangalore Traffic can consume a lot of your time, choosing the right place to live in can let you enjoy the city to its best. Though the city is well connected with Bengaluru metro, BMTC bus services and not the forget the Ola and Uber. It can be hectic to spend most of your time travelling. Here are some points to keep in mind before choosing a place to live in
If you want your home to be peaceful, you could choose to live towards the outskirts on Bangalore, where population density is relatively less. Areas that might suit you are Hebbal, Yelehanka, Bannergatta road, etc. If you are the one who likes to have the best of both worlds, you would choose areas like HSR, Sarjapur, Jayanagar, Malleshwaram, Baswangudi etc., These places have quite communities but they are well connected to the most happening places as well.
Predominant IT areas in Bangalore are Electronic city, Whitefield, Marathahalli, Nagawara - with the population the development also grows, hence you should have no worries about basic essentials, connectivity and social life.
How to decide on the type of house 2 important factor decide the type of house you can rent
If a group of friends want to stay together than you can choose a large accommodation
Check out the cost of living in Bangalore before you finalise on your plan. Now, are you feeling overloaded with information and confused about where to live? Let me make your life a little bit easy, Let PropertyAngel find a suitable home for you. PropertyAngel is a property management company and a property rental platform. We provide personalised services, where you can just us your requirement and be rest assured you find a suitable property. Don’t waste your time scrolling through 1000s of ad posts on interest and calling a bunch of property owners. 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
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/propertiesforrent.html or call us at 91-80-47095974 / 91-7406484455 We always take an expert opinion before making an investment and that has always been the general norm in any industry and it’s no different for Real Estate investments. Hiring the right property management company is important as they not only provide an experts opinion but they also help you execute your plans and reap the benefits on your investment. Real estate investments are generally high-value, capital-intensive investments worth in Lakhs/crores of rupees.  It makes perfect sense to be wise and hire a team who has the capability to take care of your investment as their own. Here is a quick guideline on the factors you must consider before handing over your property keys to a property manager How to choose the right property management company: 1 Sublet Rights If your property management company’s model is to sublet your property, then they can place tenants without your approval. This gives them more control than what is necessary. 2. Security Deposit Amount A good management company knows that the security deposit should cover damages to your property and rent arrears. This could amount to about six months of rent. If the company takes a deposit worth only 2 or 3 months’ rent, you need to be careful because this amount will not be enough in case the tenant causes damage to your property. 3. Control over Security Deposit Beware of the property management company wanting to keep a significant share of the deposit. Make sure that you talk to them and retain a majority share of the deposit, to have more control over proceedings. 4. Tenant Selection Process If the company refuses to have the tenants approved by you, then that gives you very little control over your property. Make sure that you have enough power to veto tenants that you feel can be tough to handle. 5. Tenant Information Even if you allow the management company to find tenants for you, you need to ensure that you have their contact details. In case things go south with the company, you should still be able to communicate with your tenant, and smooth out any issues they may have. 6. Control over Expenses In case the company spends money on the property without your approval and does not send the records over to you, you need to be wary. A good property management firm will always run the financial records by you and get your approval.  Answer the following questions and you will be able to rate your prospect Property Management Company or even a property manager out of 5
If the answer to all the above questions is YES then you can rate the property management company 5 on 5 and be rest assured that they will take good care of your property. If your answer is no for some of the questions then ensure you retain all legal and financial rights pertaining to your property before proceeding with the company you have chosen. It’s ideal to choose a company that lets you answer yes to all the above questions. Some companies will promise to get you a guaranteed rent every month. However, it would help if you accounted for the fact that in certain circumstances, that might not be possible. This not only leads to the downfall of the company but it pulls you down with it. For instance, the COVID-19 has brought out so much uncertainty, the best way to protect yourself is to minimize risk and maximize control over your property. The purpose of this guideline is to safeguard your interests and help you understand how you can keep your property safe. We recommend you go through these guidelines before choosing a property management company and reduce the chances of issues cropping up. I can proudly say that PropertyAngel fulfils all the above guidelines. PropertyAngel is a Property Management Company with Strong SLAs to measure performance As a new age property-tech company with 860+ verified properties under our wing, we are deeply driven by Customer Happiness & Customer Transparency Our goal is to maximize your rental income and to minimize your stresses. Benefits of signing up with PropertyAngel:
Want us to manage your property? Reach out to PropertyAngel or call us at 91-80-47095974 / 91-7406484455 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.  Direct Methods:
This also reduces the hassle of moving from place to place and getting adapted to new areas or environments often. Indirect Methods:
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 |
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