You immediately face one obvious hurdle when investing in property as an NRI: your property is often very far from your residential area. It makes timely visits difficult and staying updated on local developments and market trends. At this point, an NRI property management company can be of great help.
When you live aboard, you are already trying to keep up with your life and may not have the time to follow up on property issues.
Suppose you rented out your home in India and left it in the care of a close relative, and there is a water leak in the house. The tenant is trying to contact your relative but is unreachable, while you are unavailable due to a time difference. What does your tenant do, and what do you do to get that water leak fixed asap?
These situations seem simple, but they may happen frequently. A broken window, a water leak, policy changes, unexpected requests from tenants, and so on all add up. In trying times, a relative may not have the potential to address all these concerns.
Therefore, you need an NRI property management company to manage your property from top to bottom.
An NRI property management company takes care of these small but necessary problems for you. And if your tenant left unexpectedly, they ensure any damages or maintenance work is complete and lists your property in relevant places.
Here we list the benefits you can reap by getting yourself an NRI property management company.
Analyzes your Property and the Real Estate Market
When buying or selling a property, you need someone who can constantly monitor the changing real estate market and make the right move at the right time. You may end up underselling or overpaying for your real estate investment if you are unaware of the local market trends and property value. Also, if you already own a property and are looking to rent it out, you may not be fully aware of the local rent trends.
Hiring an NRI property management company provides you with a team dedicated to locating the best real estate investment opportunities for you.
Pays Attention to Every Detail
NRI property management company will have a dedicated property manager who will be able to visit your property regularly to ensure its upkeep and maintenance. Whether the property is vacant or occupied, it requires periodic inspections for weather-related damage and, if occupied, any unreported tenant damage.
For instance, if your property has been vacant for a while, a property manager will visit it and decide what renovations and fixtures are required and how to prioritise them. It may include broken windows, water leakages, flaking paint, deep cleaning, etc. The next step is buying, selling, or renting the property after a property manager has checked it out.
At PropertyAngel, our team relies on effective marketing to generate high-quality leads when buying or selling a property; while handling all calls, visits, showings, and negotiations. In the case of renting, we ensure that your tenants are verified and meet the requirements you may have for who you rent out your property.
Inform People About your Property
If you are an NRI, you will most likely not have time to keep up with the numerous listings and inquiries from potential buyers, sellers, or tenants. A hectic schedule may cost you money on your real estate investment. But, an NRI property management company has a team dedicated to creating proper ads and listings to find you the best buyer, seller, or tenant. When they find the right person, they take the necessary steps based on the type of lead and the property's intent.
Looks After Tenant Management
An NRI property management company has a team of experts who work on various aspects of your property, like finding potential tenants and verifying them. After you are satisfied and like the potential tenants, your property manager will assist you in the agreement procedures and cover all legal grounds for you and your property. Once your tenant has moved in, a property manager will come by to check on the property's ongoing maintenance. They are available to the tenant for any urgent or unexpected requests/complaints/concerns.
Manages all the Taxation and Legal Formalities
At PropertyAngel, we take complete responsibility for filing property taxes and managing legalities. Thus, you won't have to worry about all these concerns. We also give you regular updates on any changes if required to avoid any legal penalties for your property due to missed paperwork.
PropertyAngel - NRI Property Management Company in Bangalore
One of the vital issues property owners face is, "How do we know this is happening?" That is why, at PropertyAngel, we keep our processes transparent to all our customers. Besides, we maintain a high quality of service by distributing rents on time. Our dedicated customer support service answers all your queries.
PropertyAngel is a leading O2O second landlord platform. We are a Bangalore-based company offering professional housing asset management for individual apartments, villas, and houses. Our larger mission is to innovate, simplify, and secure real estate affairs. Since our inception in November 2014, we have managed over 1.5 million square feet, have a customer presence in 95 countries, and have a 100% on-time rent distribution record.
Today, significant cities such as Pune, Mumbai, Bangalore, Chennai, and Delhi NCR are thriving rental hubs due to the rapid growth of IT Hubs over the years. Seeing a market opportunity, several NRIs and residents are investing in these properties, which provide high rental income and capital appreciation.
However, being a tenant is difficult, especially if you plan to rent out your home. The task seems never-ending, from maintaining an appealing décor to dealing with troublesome tenants' legalities! Several prominent NRI Property Management Companies in India offer innovative end-to-end property management solutions to ease the landlord's job and reduce the hassle of NRI Property Management.