In 2030, Indian real estate is expected to reach $1 trillion. One of the reasons this figure is so big is that many people choose to manage multiple properties, multiplying their earnings in the industry. However, things can go wrong as you progress to the next level. This is where property management companies come to save the day.
You might not understand what a property management company does if you've been managing your own rental property. Sure, they manage your property, but what does that mean? What are their methods?
Managing multiple properties requires organization and competence. Thus, hiring a property management company saves time while remaining confident that your manager will take good care of your property. Most take care of everything from tenant screening to maintenance and repairs, so you don't have to.
Before you consider hiring a property management company, you should understand their services and how they handle issues such as rent collection and tenant disputes. In this article, we will explain how PropertyAngel manages your property effectively.
Marketing and Leasing
When you hire PropertyAngel as your property management company, we conduct an initial assessment of the property and make recommendations for repairs and updates. These suggestions are made to improve your home to attract better tenants and reduce the likelihood of long vacancies. It may also include repairs to make your home move-in ready.
PropertyAngel will also handle the marketing of your home. This includes posting photos and videos on the website, social media, and various real estate portals. Also, we set reasonable rent for the area in which your home is located. As part of property management in Bangalore, PropertyAngel conducts a rental analysis to estimate the amount your home should rent for and why. Once your home is posted and receives applicants, we select the tenant and draft the lease.
Screening And Selecting Tenants
PropertyAngel will screen potential tenants. To find the best tenant for your apartment, we typically run credit checks, contact rental references, conduct background checks, etc. As part of property management in Bangalore, PropertyAngel will choose the best qualified tenants from many applicants.
Besides, PropertyAngel creates written rental criteria that summarize what they look for when choosing a tenant. We believe it is important to have this document written down because it allows the owner and the tenants to see why they were not chosen. It also reduces the possibility of housing violations if a property management company can point out why an application was denied.
Consequently, PropertyAngel drafts the lease and makes changes as needed. We typically have a standard lease that all tenants must sign as part of property management in Bangalore. You can also include special provisions in the lease, such as what utilities or services (landscaping, pool cleaning) the tenants are responsible for.
Rent Collection and Accounting
We deduct 9% of the rent as management fees and other miscellaneous charges once the rent is paid (such as a repair that occurred during the month). There are also no yearly or hidden fees to be concerned about. Moreover, you will not be charged a monthly management fee until your property is rented. We are adamant that we should not make any money until you do as part of our property management in Bangalore.
Other Management Duties
PropertyAngel inspects all the fittings, fixtures, furnishings, etc., before handing over the property to the tenant. Also, we coordinate with the owners about anything needed to upgrade the property, like interior works, and get the work done by our vendors.
Also, PropertyAngel would advise on whether a lease should be renewed and how to raise the rent to market rates. With the complexities of rent-controlled cities, PropertyAngel can advise you on how much and how frequently rent can be raised.
PropertyAngel can also modify the lease if necessary. Common lease modifications may include changing roommates, adding a pet, and allowing tenants to make changes to the property, such as repainting the walls or installing a satellite dish. We will start searching for a new tenant when the tenant gives the notice to vacate.
PropertyAngel was founded to serve homeowners with the best property management services Bangalore while minimizing maintenance and property management hassles. Since our onset in November 2014, we have been dedicated to providing all real estate property owners the best services and experiences.
Because our commitment keeps us focused, we have implemented transparency and timely reporting measures to ensure that our clients receive a reasonable ROI on their real estate and assets. PropertyAngel, one of the leading O2O (online-to-offline) property management companies in Bangalore, combines world-class service with traditional trust and transparency values.
We are developing a scalable progressive network that will bring together homeowners as we plan to expand throughout India.
PropertyAngel has the knowledge and experience to take your properties to the next level as part of Bangalore's best property management services. Fill out our Property Management Inquiry Form or call us at (91-80-47095974) today (91-7406484455). We would be glad to work with you!