Assume you are an NRI who owns or plans to own property in India. Are you concerned about how you'll handle the long-distance relationship with your property? Who will be responsible for your property while you are away on business? All of these are legitimate questions.
Having a property in India while living in another country can be challenging. With many headaches, such as illegal encroachments, keeping the land clean, paying taxes on time, and maintaining the property, it is more challenging than it seems.
The dilemma of deciding how to manage your properties can be confusing. Always, there are issues involved in managing, maintaining, and dealing with properties, especially when no one is designated to oversee the assets at home. The emotional decision not to sell an ancestral property may outweigh the financial benefits. However, the truth is that only an NRI property management company can keep and manage the rented property in every way.
At PropertyAngel, we speak with NRIs and help them develop a long-term strategy for managing their assets in India within their risk tolerance.
Why Hire an NRI Property Management Company?
However, hiring an NRI property management company requires thorough research to ensure the best propcare service to manage your asset. Below are the reasons why you should hire a property management firm:
An NRI property management company is always on its toes to amicably resolve these perils, whether screening the tenant's records, collecting rent, sorting disputes among tenants, or solving problems between tenants and other members of society. They do not hand over or rent their property to anyone. They find a good tenant who will respect your property and aim to keep it in good condition.
Property investments in real estate, like any other investment, are subject to changing market policies and regulations. An NRI property management company has trained professionals who handle things like tenant eviction when the tenant fails to pay the rent on time. They also provide legal and liaison services to owners to protect them from administrative hassles. Tenancy management is challenging, especially for NRIs. It offers more reasons to hire an NRI property management company.
One of the reasons to hire an NRI property management company is to ensure that your real estate asset is well-maintained to attract potential tenants. It helps you earn a high rental income. Their property maintenance service starts from repairing a tiny wall crack to plumbing perils. A property manager will ensure that maintenance checks and inspections are performed on time to keep the property looking appealing to potential tenants. Thus, they take care of your property to get the best returns on your investment.
As an NRI, you will not have the time to attend to any emergencies concerning your property because you live in a different time zone. And you have to deal with your own daily life. Suppose if a pipe breaks at home and the tenant wants to move out unexpectedly, or something serious happens, such as a break-in, these issues need immediate attention.
Because an NRI property management company is in the same time zone and the city, it can establish a rapport with the tenant. Also, they can take necessary actions to solve the tenant's problems in an emergency.
NRI property management companies have a marketing team that develops the best strategy for listing and advertising your property to ensure it gets occupied as soon as possible. They leverage innovative and effective marketing strategies to place the best advertisement for your asset, determine the best rent rate, and supervise decor enhancements to maximize revenues. These firms know the market value, where to list, and the listing requirements.
An untimely vendor in charge of supplying goods and services at the door can turn off tenants with their lateness. A property management firm can effectively handle this task because of good relationships with reputable vendors, merchants, suppliers, etc. An NRI property management company maintains a reliable network of vendors and contractors.
A property management company is always familiar with market trends and conditions. For example, the Covid-19 pandemic required landlords to be more understanding and accommodating of rental pricing. Many had to reduce the rent to help tenants support their families. Local area developments create an impact on real estate prices.
An NRI property management company will always be aware of such trends and ensure your property rental reflects the changing conditions. Also, a property management firm can provide feedback and suggest modification upgrades that may bring high rental value while reducing maintenance and insurance costs.
To encourage tenants to stay for a long time, an NRI property management company maintains a good relationship with them. They make your tenants comfortable reaching out to them anytime if they have any concerns. A property management firm serves as a liaison between a landlord/property owner and a tenant, maintaining a positive rapport so that tenants know they can contact them anytime.
For many owners, real estate investment is a passive source of income. However, as mentioned before, the hassle of property maintenance is challenging. Hiring an NRI property management company to oversee the residential rental and maintenance procedure, on the other hand, can provide a consistent income source without the owners having to take on new tenancy management and legal responsibilities.
PropertyAngel - The Best NRI Property Management Company
Managing all the time-consuming tasks related to your property can be difficult, especially if you own multiple properties. That is why, PropertyAngel, a leading O2O property management company in Bangalore, provides innovative property management services with a customer-centric approach.
With over 1.5 million square feet under management, a customer presence in 95 countries, and a track record of 100% on-time rent distribution, the company aims to simplify & secure real estate affairs.
So, if you want to make sure you get the best ROI on your investment, visit PropertyAngel.in and get in touch with us today.