Good property management companies can be a landlord's most valuable asset, especially if you are a long-distance landlord. First, however, you must understand the processes involved in property management.
Choosing to become a landlord entails a great deal of responsibility. You must ensure that you abide by local landlord/tenant rules, that your tenants pay their rent on time, and that you can manage their maintenance issues (if any). Nowadays, many landlords are uninterested in the day-to-day operations of owning property. It is critical to engage in property management if you reside a considerable distance away. After all, landlord obligations may be time-consuming and unpleasant. Many property owners would rather delegate management by utilizing a third-party property management company.
Working with property management companies in Bangalore makes so much sense, as they can take care of everything. However, hiring the wrong company might cost you a lot of time and money. So here are some pointers on choosing the right company.
Here's how you can find the best property management companies in Bangalore:
1. Know the ins and outs of property management
Learning about the property management companies in Bangalore from scratch is an excellent means to guarantee that you hire the best property management company in Bangalore for your help. You'll understand what needs to be done and how to execute it correctly. Additionally, you'll also be able to identify problems before they become major concerns. Finally, if you manage your property for a few months, you will get significant experience.
What you don't know may often hurt you, so learn about the details before hiring someone else to do it for you. If you don't have firsthand experience managing a property, build on your previous experience as a landlord. What did you like about your tenant as a landlord? What irritated you? Keep these items in mind when you contemplate hiring property management companies in Bangalore for your rental house.
2. Join your local real estate communities and forums on the internet
Another great way to find top-notch property management companies in Bangalore that provide great services is to join a local real estate community. You'll find plenty of other landlords who have already gone through the same experiences. They've already found out which companies hire great employees who are trustworthy. And you'll find other landlords who can help answer questions you may have. In larger real estate communities and forums, you can see Property Owners Associations. These people will be a great resource for you, and you'll find a lot of support by attending their meetings.
3. Gauge all pricing details
When selecting property management companies in Bangalore, less price does not always mean that it is better. Don't make a selection based purely on pricing. Check to see if the property management firm provides a wide range of services in exchange for what they charge. Don't forget to list all costs that the property management company may charge you. Then, make a comparison with different rental management businesses. Before you sign up to work with a property management company, be sure you understand all of the prices you may be charged and negotiate the best pricing for the services they will be providing you.
4. Ask for references
No property management companies in Bangalore will admit that they are over-charging you and will fail to comply with their claims. It is your responsibility to get references. Don't be scared to contact other landlords who have worked with the property management company you're considering hiring. Check with them about the services provided by that property management company. Also, check to find whether they've had any concerns or problems with the property management business and, if so, how they resolved them. You're more likely to hire a competent property management company if you know what you're getting into.
5. List down all your expectations and ask questions
Make a list of your expectations and requirements for the companies you pick to make things easy for yourself and the property management companies you enquired with. There will be no surprises in the future because you have specified what you will be expecting out of them. But don't stop there. Some organizations may not respond honestly, so you'll need to ask a few questions to ensure they know how to address common problems related to property management.
Identifying the finest property management companies in Bangalore is essential for getting the best out of your investment property. First, inquire about the company's screening process for rental candidates. Then, determine how long it may take the rental management business on average to fill vacant apartments and determine a reasonable market rental cost.
6. They must possess good communication skills
Some things are more frustrating than searching for property management companies in Bangalore to hire one who refuses to keep you updated. First, examine how promptly they respond to your calls during the process. Next, inquire about how long it takes for them to reply to phone calls and emails. Finally, check to see whether they interrupt you while speaking.
A property management firm that does not listen to you before hiring them will not improve once you hire them. Instead, select a management firm that prioritizes your demands. If you get the impression that they are more interested in just the payment than in providing the finest service, keep exploring until you discover a property management business that prioritizes you.
Why hire PropertyAngel?
We hope you will consider Property Angel now that you know how to hire good property management companies in Bangalore. We are a full-service property management company in Bangalore that charges reasonable rates, saving you a lot of money than the other property management companies in Bangalore. The money you save will help you make your rental home more profitable. We also handle anything from residential to commercial properties.
Non-resident Indians (NRIs) have traditionally been an important element of the Indian real estate investment community. However, certain prerequisites must always be met for an NRI to invest in Indian real estate. According to the Foreign Exchange Management Act (FEMA), an NRI or a Person of Indian Origin (PIO) can buy property in India as long as it is not agricultural land or a farmhouse.
NRIs are also drawn to Indian commercial real estate, a different type of investment that provides massive returns. The depreciation of the rupee and the present market conditions have allowed non-residents to purchase properties in India at a lower cost.
If you are an NRI seeking investment opportunities in Indian real estate and need some helpful pointers on NRI property management services, here is a checklist of items to consider:
Consider the restrictions on the number of properties for NRIs
There are no limits on the number of properties an NRI can acquire in India. Commercial and residential properties are included in this category. If rented out, the rental income comes with some tax, regardless of residential status. No tax is payable if the property is acquired for personal use.
Know the rules about power of attorney for NRIs
NRIs do have an option to give POA to others to complete the property buying process in India. However, the same must be signed in the presence of two witnesses who should physically be present for signatures in the Indian Embassy. A local notary official should mandatorily attest to the signatures if they are not. After that, the document should be certified by the Indian Embassy, and the registration should be completed within three months from the date of execution. The registered POA can further be used for several purposes such as mortgage, leasing or renting out, managing disputes, and entering into contracts on behalf of the NRI. If you hire NRI property management services, transferring the POA process will be smoothly done by them.
Check if NRIs avail loans for property in India
Home loan is a significant factor affecting property investment decisions. Like all the other normal residents, NRIs, too, are eligible for availing of a home loan in India. However, it needs to be repaid in Indian currency only. This can be done in either of the following ways:
Though FEMA (Foreign Exchange Management Act) requirements govern NRI investments, the RBI has eased the restrictions for non-residents with an Indian passport. Furthermore, an NRI's spouse is entitled to jointly buy one immovable property in India and the ones listed above in this blog. However, this must be done in compliance with FEMA Regulations. Professional NRI property management services can educate you and help you out on this front.
Real estate in India has grown more efficient and transparent in light of the current market conditions with the implementation of the Real Estate (Regulation and Development) Act, 2016 (RERA) and the Goods and Services Tax (GST). Whether a resident or a non-resident, the sector currently provides an environment suitable for property investment.
Why should you consider hiring NRI property management services
NRI property management services are aware of the important rules And regulations For NRIs
Being abroad and balancing everyday life there and back home in India may be challenging. Because the real estate sector is so heavily impacted by local government, it can be difficult for an NRI to keep up with crucial laws and regulations that must be followed. By hiring property management services, you can be confident that you will receive all of the essential updates to help you maintain your property.
Who to hire- Real estate broker or NRI property management services?
When we travel abroad, we may try to delegate property management through close family members; that relative may engage a local real estate broker to do the task. However, neither a close relative nor a real estate broker will have a full-time crew dedicated to manage and look after your investment property. If you have purchased the property as a secure investment – like with any investment – it must be maintained to provide you with the desired long-term profits.
A property that is not well-maintained, for example, in terms of upkeep, tenant management, and vacancy/occupancy, may not yield the desired results. Therefore, NRI property management services should be hired to manage all aspects of your property from start to finish to maximize your return on investment.
NRI property management services have standard operating procedures
What is the significance of standard operating procedures? They are objective, goal-oriented, and specified to get the greatest results. PropertyAngel has standard operating procedures that cover all bases. From property analysis to tenant management, we have you covered. This also makes it simple for you to be informed about the state of your property; you receive timely updates from us, and you are constantly kept up to speed on what's going on with your property in India.
NRI property management services can help you deal with unexpected circumstances
As we all know, the pandemic has thrown the globe into unforeseen and unprecedented conditions. As a result, many householders have not been able to return to India throughout the year when the country was initially affected hard (March 2021). In addition, due to pay cuts and layoffs, several tenants demanded rent reductions, modifications in agreements, and the right to vacate the property without having to serve a notice.
It may not be easy to rely on close family or real estate brokers. Professional NRI property management services are more diligent and prepared to respond to events. At PropertyAngel, we provide the most competent NRI property management services in Bangalore. Our qualified staff operate efficiently, keeping you up to date about your property in India.
Metropolitan cities are expanding, and you never know who will come to rent your property. The individual might be from the same or a different city, state, or foreign country. Can you trust a renter if they don't come with a reference? Indeed, rental management can be a challenging thing.
It's also worth noting that you might be held responsible for not checking on your tenant, especially if they're involved in any illegal activities. As a result, it is typically preferable to do a background check of your prospective tenants before signing a Rental Agreement with them with the help of a rental management company. Here are a few options for verifying your tenant-
Checking of tenants through self-verification
You may also do a quick background check on the prospective tenant. This would take some time, but it does not take much work. You may use this as a major technique for cross-checking your renter because you will require government identity proof for the Rental Agreement.
You can ask the tenant to provide references in the city, or if the person is new to the town, they can provide references from their previous city. You may verify with the organization the prospective tenant works for; if they work for a reputable firm or MNC, the HR department will certainly have done a background check. Credit and criminal background checks may be more difficult to perform independently. But it can be carried out smoothly through a rental management company.
Requesting the tenant for their basic details
It's a requirement for prospective tenants to provide you with all the necessary details. Based on these details, you can determine if the tenant would be the right fit for you. A rental management company can help you determine if the tenant is genuinely based on the following details:
Check if the prospective tenant has sufficient Income
The tenant's Income will determine if they are capable of paying the initial deposit and the monthly rent. There is no consistent benchmark for deciding how much money is sufficient, but a tenant who works in a good company or owns a reputable business will pay the rent and the rest of the bills on time. To verify your Income, the tenant screening can include an employment check. Also, you can demand proof of Income in the form of payslips or bank statements, especially if they run a business or are an entrepreneur.
You can check with the tenant's previous landlords
When you contact the references provided by the tenant, they can give biased opinions about the concerned person. If you wish to be certain about your tenant, you can contact their previous landlords. This is your opportunity to find out a lot of honest information about the tenant. Previous landlords might provide truthful information about the person as a tenant. You may ask them the following questions:
Police verification of tenants
The property owner must usually provide the appropriate tenant information to the police and obtain a police clearance certificate. Landlords in Bengaluru, for example, can get the tenant's police verification application form from the Karnataka State Police website.
To do this, you must be a Bangalore resident, and the address to be checked (e.g., the previous residence of the potential renter) must also be in Bangalore. If there is a foreign national, you can obtain a Police Clearance Certificate (PCC) for Foreigners. There is also a Police Clearance Certificate for Indian citizens. Hiring a rental management company will make things easy for you by doing all the groundwork on your behalf.
Tenant verification through PropertyAngel
If you work with PropertyAngel, you won't have to be worried about tenant verification. Tenant verification is a part of the process carried out for finding good tenants. We have an extensive tenant verification and screening process to ensure that you land with genuine tenants. You have to call us or send us a message, and someone from the team will contact you to discuss your requirements.
Remember that the majority of landlords have encountered some tenant-related fraud. The amount of money lost due to this is believed to be in the crores! Not paying the rent, property damage, and legal expenses are all factors that contribute to this loss. Avoid these headaches by having your tenant checked with the help of a reputed rental management company.
Hiring a property management company can be daunting, especially if you've never dealt with professional property managers before or had a poor experience and don't know who to trust. You want to work with a property management company that is a suitable fit for you and your properties.
Here are five things to consider when looking for a property management company
1. Hire a professional property management company
Experience is important, and investors will search for local and industry experts. Choose a property management company that has managed properties for a long time and knows what works and doesn't. You'll require extensive knowledge of landlord, tenant law, and rental agreements. The company you hire must have extensive experience in safeguarding your interests.
It is also critical that you select a property management company with the necessary expertise and skills for the kind of property you own. For example, using a property management company that specializes in single-family houses is usually not the ideal option if you have multi-unit residences or a place in a commercial complex. When it comes to renting your home and finding tenants, hire a company with the necessary property management experience in all kinds of property.
2. Check the reputation of the property management company
The reputation of a company is important because it shows you what type of experience other clients and customers have had with that property management company. Examine customer reviews and spend some time on the company's website. Do they give informative and important information, or do they charge a management fee?
It would help if you also looked at a company's reputation in the property management business. Speak with people who do work on properties maintained by that firm. Inquire with other investors about whom they work with and what they know about the company.
3. The property management company should have effective systems and processes
When you approach a property management company, they should be able to tell you exactly what they do in almost every circumstance that may happen. They should have a consistent process to handle rental agreement procedures of tenants and landlords. They should also have a proper tenant screening system to ensure that the landlords find genuine and trustworthy tenants. Inquire about what they do when a tenant fails to pay rent and what would be their further plan of action.
You should hear precise plans and feel confident that they have procedures to handle difficulties. Every property is unique, and there should always be an opportunity for flexibility and personalization. A smart property management company, on the other hand, would automate and systemize whatever it can to offer its services efficiently and effectively.
4. Investing in property management softwares improves efficiency
When looking for a property management company, always inquire about what kind of technology and software they invest in. By visiting their website and examining their online presence, you can quickly picture their desire to adopt the technology. Look for a business that has developed cutting-edge software for this sector.
In today’s age, rent can be collected and deposited online. It would help a great deal if the company has an internet portal where you can view statements and reports, especially if you're a Non-resident Indian owning a property in India. Technology and good property management software facilitate communication between managers and owners and between managers and renters.
5. Determine if the property management company maintains transparency
A property management company should adapt to the new ways of working. Various property management software accounting statements should be complete, precise, and simple to understand. Your income and spending should be visible, and everything should be clear. A competent property management company will provide web portals and other tools so you can see how much your property is making you earn and spend on a monthly, quarterly, and annual basis.
These are just five of the qualities you should look for in a property management company. There is a lot more to think about. Please get in touch with PropertyAngel today if you are looking for a property management company.
How to find a good property management company?
1. Ask for referrals in your immediate network
Talking to individuals you know and trust is a wonderful place to start when looking for a property management company. Consult property owners, realtors, friends, college networks, real estate investment networks, and contractors. But don't blindly follow their advice. Instead, inquire about the client’s good and bad experiences about the company. It would help to inquire how many clients they handle and how many hours they can devote to you each week. A self-employed property manager or a broker would not be able to efficiently help you with your queries and problems related to property management. On the other hand, a large clientele of a professional property management company clearly indicates that the company is reliable and genuine.
2. Research about property management companies online
You may enquire with the property management company you're currently thinking about and also learn about new ones. You can identify a decent property management company active in your region. Once you've narrowed it down to a few names, go over each management firm's website, including mission statements. Reading the reviews of the companies on the internet might help you make an informed decision on which company to choose.
It takes effort and research to choose a competent property management company. Your property is your source of income, and entrusting it to someone else may make or break your investment. Referrals, independent research, in-person meetings, and inquiries before signing up may all assist you in selecting a property management company that can safeguard and expand your investment profits on your property.
We understand the innumerable problems you have while looking for tenants, and you may not want to waste too much of your efforts screening a tenant, especially if you live outside of India. Finding a renter, renting out your home, and establishing a connection with the tenant from afar can be hard if you are not in the nation where your property is located.
We at PropertyAngel understand the difficulties you go through. As a result, you can rely on us for your property management requirements. When you choose us to manage your property, we treat it with the highest care, and our professional solutions handle any tenancy issues so you can relax while we manage it.
While many people desire to buy their own houses someday, renting is still a very common and convenient alternative for many. A rented home is considered a temporary measure by some people until they realize that it is time for them to buy a house of their own. Getting a house for rent is crucial in any case. However, just like owning the right place, renting a home is not a 'one-size-fits-all' option. Searching for a perfect tenant and landing with the 'perfect fit' has its obstacles.
There are many different aspects to consider before renting a home, including the location, type of property, number of bedrooms required, your rental budget, etc. Once you've determined all of this, you may begin your search. But, hiring a property management company can greatly reduce the hassle of finding tenants.
Given Below Are Some Property Management Pointers When You Are Looking To Rent A House:
Access To Amenities
One of the most appealing benefits of renting a house rather than purchasing one is the flexibility to move if one property does not work out as well for you. Once you have finalized the budget, it is necessary to narrow down the locations of rental houses based on accessibility to either your workplace or children's school - preferably (but rarely) both. This reduces transportation costs and time, resulting in a better work-life balance.
Life will be difficult if you locate a beautiful property. Still, it is located in the middle of nowhere- where accessibility to important aspects such as schools, markets, hospitals, etc., is not easy. It would help to consider how close stores, supermarkets, public transportation, and health care are to the house you are hoping to rent. The farther you are from these essential commodities, the more money you will spend on them.
If the chosen location is a suburban area, convenient access via private and public transportation must be present. Alternatively, one may wish to reside near the place where their office is(where rents may be higher). This is possible to adjust the commuting expenditures from a distant location with the higher rent in a nearby locality. Depending on your needs, a property management company will help you find the best house.
Assess and select the property carefully
Once the search is completed, the shortlisted homes must be personally visited. The property must be inspected for ventilation, natural light, water, and power supply, if any damage is present, including leakage, stains on walls, electrical and bathroom fittings, etc. Ideally, one should strive to look for damage-free property. Failing to meet these basic requirements indicates inadequate property management.
The tech-savvy people understand well that the option to explore rental houses online reduces the pain of the entire house-renting quest. In reality, several real estate portals display rental housing alternatives in a certain area. Some are posted directly by owners, while most are posted via brokers. If you get a rental home through an agent, you have to pay them one month's rent as their brokerage fee, which can burn a huge hole in your pocket.
Social media platforms such as WhatsApp and Facebook groups have also become an informal and popular means of finding renting choices. For example, to avoid paying broker costs, many owners publish their listing on the WhatsApp group of the relevant housing society, spreading it to a broader network of possibly interested renters.
Such methods of finding rental options can be extremely time-consuming. However, property Management companies like PropertyAngel will thoroughly understand your requirements and help you find the property that suits your financial budget and location convenience in the best possible way.
Ensure that security is present
Aside from determining if the property is in a secure neighborhood, you should also decide whether or not it has enough safety and security systems. For example, look for security guards in the building, CCTV, intercom systems, etc., or see if they have a security management system. In addition, look for window grills, locks on the main entrance, and fire alarms. As a part of property management, the landlord is responsible for ensuring that you live in a secure and threat-free environment.
Check the Condition of the House
How has the house been looked after? If the home is heavily damaged from the inside, it's best to avoid it. The owner may apply a fresh coat of paint to hide cracks and water damage, but you will notice these defects if you examine them closely. If the house hasn't been painted yet, request that the owner should do it. It is common practice to paint the house before new tenants move in.
If the owner says the painting is already done, find out when it was done. If the surface of the walls appears to be sloppy and uneven, it indicates that the landlord's help was not at-par. This might also suggest that the plumbing, electrical wiring, etc., were installed improperly, and property management needs more attention.
Conduct a water check
Check to see if the house has a constant water supply or if there are any water-related problems. It is also necessary to determine whether the water source is a bore well, the corporation's water supply, or water tankers. Next, check the water pressure in the pipes; water from the taps should never be leaking. Finally, check if the residence comes with a water filter or if it needs to be purchased.
Understand how your landlord and neighbors are
Try to figure out what type of person your landlord is when you communicate with him. If he attempts to micromanage everything that happens in his house while you are living there, it is not a smart idea to move there. On the other hand, sometimes you get lucky and get a fantastic landlord, but you're stuck with nosey or loud neighbors! Keep an eye out for both these aspects and make a decision accordingly.
The rental agreement is the final and most important step in property management, acquiring the right rental home, and living in the desired comfort and certainty. Therefore, after negotiating the price, the rental contract information must be carefully studied from a legal perspective.
Termination provisions, contract dates, fines, repair expenses, visitor limits, rent renewal, escalation, etc., are all important considerations. This is critical for financial planning because more expenditures are to be considered while renting a property than simply paying the monthly rent.
Keep a record of the rental agreement's terms and conditions. If you do not understand a contract well, or if there are clauses that you do not agree to, do not sign it. Instead, inform the landlord that the terms are unacceptable and request that they be corrected before you sign this rental agreement and move in; otherwise, it will be too late to change anything.
Learn more about how to create a Rental Agreement here.
Owning a residential or commercial rental property may be an efficient method to generate money, but generating profit from that investment is not as simple as it may appear. There are multiple aspects involved in generating decent revenue from a real-estate venture, and newbie property owners sometimes make mistakes that can cost them a fortune. Professional property management services can be a lifesaver in this regard.
Here are just a few of the many advantages of hiring professional property management services, as well as some important ways in which it can assist you in making the best of your real-estate investment:
1. Property Management Services Help You Choose The Right Tenants
Each passing day that your property remains unoccupied will cost you money, and owning a property—even if it's a very desired one—doesn't guarantee that you'll be able to lease it. It also does not ensure that you will surely get good tenants who give you the best pricing. An effective advertising and marketing strategy is required to find genuine and reliable residents.
Hiring property management services give you access to a team of qualified specialists who understand the market and come with the know-how to properly sell your home to the correct set of people. In addition, they maintain all the latest property listings, promote your property on several channels targeting desired renters, rigorously screen and interview new residents, and proactively deal with all the complaints or maintenance needs. As a result, property management services help you ensure good and loyal residents who rent your property.
2. Property Management Services Help You Reduce Maintenance Costs.
Commercial and residential buildings are not self-sufficient. It is estimated that property owners spend more than 20% of their rental income on maintenance alone. So if you're in charge of the upkeep of an investment property, you'll need to know the right places to go for the correct services and supplies.
If you don't have access to the right resources, you may have to spend more money than required, which reduces your profitability. On the other hand, if you pay too little, you may not get the quality and dependability you want, causing you to solve the same problems repeatedly.
Property management services can assist you in developing and implementing a preventative maintenance plan to minimize total system failure and downtime on your property. As a result, you can extend the life of high-cost maintenance equipment, thereby lowering your overall maintenance expenditures.
3. Property Management Services helps in the onboarding process of new tenants
Property management services will handle all the legal aspects of your deal with the finalized tenant. They will take care of everything on the legal front- getting the rental agreement documents ready and ensuring that the tenant agrees to all the terms before signing it. They are also sure that there lies transparency between both parties.
4. Systematic Rent Collection Process & Property Management System
Many landlords make the mistake of believing that everything will go well once the tenant signs the rental agreement. But will you be able to manage it personally? Property management services alleviate concerns by implementing time-tested processes, tools, and rules to assist in collecting rent and other expenses. They also have mechanisms to increase the rent and convey the rationale to renters courteously.
5. Property Management Services Save Your Time
As the saying goes, time is money. Even if you have a few properties, the obligations of property management, which include screening tenants and dealing with complaints and repair requests, may add up to a full-time job. However, property management services have the necessary structures and resources to lease your property, qualify tenants, collect rent, and handle repairs at affordable costs.
As the saying goes, time is money. Even if you have a few properties, the obligations of property management, which include screening tenants and dealing with complaints and repair requests, may add up to a full-time job. However, property management services have the necessary structures and resources to lease your property, qualify tenants, collect rent, and handle repairs at affordable costs.
Special services and amenities can increase the attractiveness of your property to present and potential renters, but different aspects appeal to various groups. For example, your property management services can offer additional upgrades or strategic enhancements, such as more parking, vehicle charging stations, on-site laundry facilities, or package delivery lockers, based on insights collected from market research and resident surveys. These added additions have the potential to attract more people, boost the value of your home, and increase your revenue stream.
6. Property Management Services Help You Get Higher Quality Tenants
Property management services will be able to recruit only the best tenants for your rental property. This is because they understand the market, the importance of background checks and tenant screening processes, and how to advertise available properties to individuals who are likely to be high-paying quality renters.
As a property owner with no expertise in marketing your property, there is a big possibility you will promote on the incorrect platforms and maybe attract the wrong tenant pool. You may not even know how to properly screen for renters based on their ability to pay monthly rent, which may have serious consequences if your tenant stops paying their rent midway. Again, you can rely on property management services to handle these tasks.
How Can PropertyAngel Help You With Property Management Services?
Managing your rental property on your own may appear to be a fantastic option at first. However, you may not understand when you first set foot in the rental property industry how much work and money is required to effectively manage every part of your tenant's stay in your property. Not comprehending the time and financial commitment associated with maintaining rental properties might invite a lot of hassle.
You may believe that doing everything yourself and not hiring property management services maximizes your income. However, if you do not outsource your property management chores, you may be doing financial harm and making matters worse without even realizing it. Therefore, if you want to become a successful property owner, you should think about hiring property management services to assist you. At PropertyAngel, with our knowledge, skill, and expertise, we help you save you a lot of time and money, and they can make you more money without having to work as hard.
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.
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.