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.
14 Comments
We all wish for a Genie to magically find us a comfortable house without wanting to go house hunting surrounded by middle men and paperwork.
Finding a suitable property owner in a peaceful neighborhood especially without a judgemental next door aunty is our goal for this century Property Managers are the Genies we are looking for ...How you may ask ? Continue reading to know how Property Management Companies make our life so much easier ... Most of us know Property Managers as end to end service providers to property owners. They provide a wide range of services from maintenance to tenant management, So don’t you think it's a good place to find a suitable house ? 1. Wide Range of Properties Property Management Companies have a wide range of properties under their ambit. Whether you have a large extended family or just planning to move in with your buddy there is a high chance you will find a suitable abode. 2. Condition of the property Most of us might have come across properties which are not well maintained, and the effort that goes into it to make it livable ...Ufff! I don't even need to start talking about that ... But property managers on a regular basis ensure that the property is in good shape, hence you can always walk into a welcoming home. 3. Verified Owners Isn’t it biased that only tenants have to be verified ? It’s a concern for every tenant to have a verified property owner as well ... Recent instances of tenants being duped by fraudulent property owners is an issue to be addressed. Property Management companies verify owners and ensure they possess correct title deeds to the property before signing them up 4. Tenant Support As tenants we need to reach out to our owners on a regular basis for different queries be it relating to maintenance requests or any documentation work such as name/ address change. Property Managers come to our rescue, it's much easier to reach out to them. The turnaround time is considerable less keeping in mind their professional expertise in solving our queries 5. Security of Deposits Security deposits are given to property owners as a measure of security and are used to pay for any damages or loss of property. Though it safe guards the owner’s interest, the tenant's position is in a bit of a dilemma - whether he will be able to recover this big sum ! Property Management companies put this dilemma to rest. As they are the point of communication between tenants and owners they ensure that Security deposits are given back to tenants on time and ensure that unreasonable deductions are not made. 6. Offers and Free Services Property management companies often put up offers or provide free services such as maintenance requests, sanitisation and many more. It not only makes it light on the pocket but it also adds joy in enjoying free services. 7. Rent Receipt Many of us may not know that rent can be claimed as a deduction from income while filing for our Income Tax Returns, but there is a small catch to it …. It requires a rent receipt. Asking owners to provide a rent receipt is far fetched, but Property Management companies as part of their process provide rent receipts. 8. Single point of contact Renting a house isn't easy business, we need to communicate to multiple stakeholders, be it brokers to find a house or an agent to complete the legal paperwork and not to forget the owner. Property Management companies cut down all this hassle. We need to only contact one person for all our services from start to end. 9. Trustworthy Property Management companies have a reputation to maintain in the market and they take this very very seriously. And that is good for tenants as we can be rest assured that they won't go back on their word …. But can we trust an individual owner the same?? 10. No Judgment Handling prejudice owners is an agonising situation and everyone hopes to not find themselves in such situations. There is constant hesitation in the minds of tenants about the misconceptions some owners may have be it regarding their profession or lifestyle. But gone are the days when we need to worry about being judged. Any reputed Property Management Company will have 0% tolerance 11. Realistic Rents It’s the owners right to ask for appropriate rent for their property, however many times they do not reflect the market rates. Even after some serious time consuming negotiations deals fall through Property Management companies actively keep tabs on the market trends. Their rent analysis gives them a cutting edge to ensure that properties are let out at win-win rents Property Managers keep in mind the paying capabilities of tenants and the intention to provide maximum return on investment to the owner. Hence they always arrive at an equilibrium figure. Is it possible to avail all these benefits for absolutely free ? YES ! and it only happens @ 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 Mumbai, similar to Bangalore, has a significant number of NRI investments. These increased drastically as the city expanded. With properties belonging to absentee owners, arose the need for professional property management, and a few players sprung up. Besides PropertyAngel, the others to note who are serving this market are PropertyProctor, Azuro, Simplelease among others. Here is a lowdown on the way most management companies in the city operate: Service List: Some management companies, like us - PropertyAngel - provide best management services in Mumbai. We do not do sales or other commission based services. However, several companies in the city provide regular brokerage services alongside. Understanding this difference will help you gauge the level of professionalism in management, as well as focus that you can expect. Scope of Property Management: The general scope of property management includes:
Some of the companies provide the entire gamut of services, where as several others provide primarily tenant placement services. It is important to understand what scope of services the company will provide before you shortlist one, and ensure that it matches with your expectations. Charges: Most property management companies charge a management fee which is usually 30 days of rent per year, with the following difference
Responsibility & Ownership: You should be able to gauge the level of responsibility when understanding the charges. If the company charges primarily for tenant placement, then they act as brokers and the level of professional management you will get will be less compared to a focused provider. However, if the company charges for an ongoing management, and you are looking for more than just a tenant, then this might be your best bet. For example, a good question to ask is who is responsible for collecting rent? If the company collects the rent, then they undertake the additional responsibility of following up with the tenant to ensure payment of the same. However, if they simply collect rent cheques and deposit the same in the owner's account, then who takes responsibility in case of a bounce? These are important questions to ask upfront. Who is the customer? You would think and expect that for a property management service, the owner is the primary customer. In this case, a good question to ask is whether the company charges the tenant? If they do, then there is a conflict of interest. You want to work with a company that will protect your interest against all odds.
|
Archives
September 2022
Categories |
RSS Feed