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5 Things to know before moving to Bangalore

19/1/2021

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​It’s quite common to feel jitters before moving to a new city. But once you have stepped foot on Namma Bengaluru, everyone feels a sense of familiarity and that’s because Bangalore is an extremely welcoming place. 
 
Are you a fun-loving party person?  Or are you a nature lover who wants to take a calm stroll surrounded in greenery?
 
Bangalore is the perfect place to be.
 
What if it told you Bangalore can be your therapist? It has this magical capability to suit every personality.
 
Here is what makes Bangalore special:
 
Bangalore weather
This might not be the first time you hear a Bangalorean boosting about Bangalore weather. But trust me, once you are here, you will also become an ambassador for its weather.
 
Especially during this dramatic 2020 we had, Bangalore weather is the one thing that has kept all of us sane.
 
It leaves such a therapeutic impact on us, its pure Bliss!
 
Bangalore Social Life
There is no shortcoming for the number of pubs in Bangalore. It has the most number of pubs in Asia.
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​It’s common to have a buzzing lifestyle in cosmopolitan cities, but Bangalore is Top on the leaderboard.
 
Large shopping malls with almost every international brand, drive through theatres, recreational activities and not miss the comedy clubs in Bangalore.
 
It’s the best way to take a break from your stressed lives. 
 
 
Bangalore Gardens and Lakes
Not a social bee? Don’t worry you can enjoy the chirping birds and cool breeze under large trees in the heart of the city as well. 

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Bangalore is also known as Garden City. And to prove this its surrounded by Parks and lakes, best for your morning and evening walks.
 
Some lakes also have boating where you can unwind your week.
 
People of Bangalore
Cultural Diversity is at its peak in Bangalore. As the IT hub of the country and its culture for start-ups has attracted people from all over India.
 
This is exactly why you feel at home in Bangalore. All festivals are celebrated here, all customs are respected here, and you want to break the stereotype - it gives you that flexibility as well.
 
People here are very accepting, you should have no problem to gel into this environment.
 
 
Traffic
With all good things, come 1 negative issue and that’s Bangalore Traffic. I guess, after the Bangalore weather, this is the most talked-about topic.
 
Bangalore Traffic is the reason you should be wise and choose the right place to live.
 
Why it’s important to choose a location
 
Bangalore Traffic can consume a lot of your time, choosing the right place to live in can let you enjoy the city to its best.
 
Though the city is well connected with Bengaluru metro, BMTC bus services and not the forget the Ola and Uber.
 
It can be hectic to spend most of your time travelling.
 
Here are some points to keep in mind before choosing a place to live in

  • Buzzing lIfe  Vs.  Quite Life
            If you want to be surrounded by the most happening place, it’s best you choose areas like Koramangala, Indiranagar, Whitefield, JP Nagar. These places have a concentration of Pubs and hang-out zones and best known for their food.
 
If you want your home to be peaceful, you could choose to live towards the outskirts on Bangalore, where population density is relatively less. Areas that might suit you are Hebbal, Yelehanka, Bannergatta road, etc.
 
If you are the one who likes to have the best of both worlds, you would choose areas like HSR, Sarjapur, Jayanagar, Malleshwaram, Baswangudi etc., These places have quite communities but they are well connected to the most happening places as well.

  • Close to work Vs. Far away from Work
In Bangalore, it’s ideal to choose areas close to work, as daily travelling can really save a lot of your time and not to forget the expense of travelling. Taking a cab can cost you a bomb!
 
Predominant IT areas in Bangalore are Electronic city, Whitefield, Marathahalli, Nagawara - with the population the development also grows, hence you should have no worries about basic essentials, connectivity and social life.

  • Budget
The amount you are willing to shell out for rent finally decides where you end up living and the rule is common, rent increases towards the city centre and places closer to the workplace and IT companies also have a rising trend in terms on rent.

  • Suitable Owner
Beyond all the above factors, ensure you have a kind and trustworthy owner. A property owner has no rights to curb your privacy. It’s important to have a suitable owner to enjoy staying at home.
 
How to decide on the type of house

2 important factor decide the type of house you can rent

1. Family size

If you are moving in with your family, you would require a 2 or 3 BHK depending on the size of your family. However, if you are a bachelor, 1 BHK should be sufficient.
 
If a group of friends want to stay together than you can choose a large accommodation

2. Budget 

Like always money is the deciding factor, It not only chooses where you live but also how you live. Your budget can give you an idea about whether you can choose a furnished/ unfurnished home, home with all amenities/ limited amenities, etc.,
 
Check out the cost of living in Bangalore before you finalise on your plan.
 
Now, are you feeling overloaded with information and confused about where to live?
 
Let me make your life a little bit easy, Let PropertyAngel find a suitable home for you.
 
PropertyAngel is a property management company and a property rental platform.
 
We provide personalised services, where you can just us your requirement and be rest assured you find a suitable property. Don’t waste your time scrolling through 1000s of ad posts on interest and calling a bunch of property owners.
 
We provide Brokerage Free & Hassle-free rentals which you can trust.
 
As a new age property-tech company with 860+ verified properties under our wing, we are a metrics-focused organization with Strong SLAs to measure our performance.
 
We are deeply driven by Customer Happiness & Customer Transparency

  • Benefits of finding a home at PropertyAngel
  • Save money - No brokerage & Reasonable Rental Rates
  • Personal assistance - Personalized Recommendations & visits by Dedicated Rental Manager & Field Assistant
  • Save time - 100+ options of Verified Properties in your desirable localities with Video Walkthroughs
  • Protect rights - Standard rental agreement that protects tenancy rights, with no sudden hikes and/or unreasonable charges or deductions
  • Health and safety - Professionally cleaned and sanitized homes
  • Secure deposit - Secured Security Deposit by 100% transparency on terms of every single deduction & documented handover condition

Moving to Bangalore Common FAQs: 

Is Bangalore a good place to live?

Bangalore has been named the finest Indian city in terms of both living conditions and personal safety. Personal safety rating has been based on internal stability, crime levels, law enforcement efficacy, and the host country's foreign ties.

Why do so many people move to Bangalore?

Bangalore is home to many multinational IT companies and businesses. The city has good schools, reputable hospitals, major malls, and conveniently accessible entertainment centres. Language cosmopolitanism, pleasant weather, and business friendliness are three key reasons people relocate to Bangalore. Unlike other South Indian cities, you may get by with only English and Hindi.

What are the advantages of living in Bangalore?

Recreational facilities in Bangalore have increased dramatically. There are constantly new restaurants, retail malls, complexes, film theatres, gaming arenas, pubs, cafés, bars, salons, and others easily accessible if you live close to the city.

What is the cost of living in Bangalore?

While a normal 1-BHK flat costs between INR 7,000 and 13,000 per month, including groceries, transportation, utilities, and entertainment, a bachelor's living expenses in Bangalore will cost between INR 19,000 and 27,000.

Is Bangalore a friendly city for Millenials?

Bangalore has been named India's most millennial-friendly city! Bangalore has been named the most millennial-friendly city in India, and we couldn't be happier.

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/propertiesforrent.html or call us at  91-80-47095974 / 91-7406484455

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Can you trust your property management company?

9/1/2021

6 Comments

 
​We always take an expert opinion before making an investment and that has always been the general norm in any industry and it’s no different for Real Estate investments.
 
Hiring the right property management company is important as they not only provide an experts opinion but they also help you execute your plans and reap the benefits on your investment.
 
Real estate investments are generally high-value, capital-intensive investments worth in Lakhs/crores of rupees.
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​It makes perfect sense to be wise and hire a team who has the capability to take care of your investment as their own.
 
Here are 7 tips to keep in mind when hiring a property management company:

1 . Avoid Sublet Rights
2. Maximize the security deposit amount
3. Control over the deposit
4. Control over tenant selection
5. Access to tenants
6. Control over expenses
7. All terms in writing. 

These are explained in more detail in a Property Ownership course on Prop.Academy. 
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Answer the following questions and you will be able to rate your prospect Property Management Company or even a property manager out of 5

  1. The company doesn’t want sublet right?
  2. Does the company allow you to control the security deposit money?
  3. Does the company allow you to take part in the tenant selection process?
  4. Does the company share tenant information with you?
  5. Does the company run all the expenses by you?
 
If the answer to all the above questions is YES then you can rate the property management company 5 on 5 and be rest assured that they will take good care of your property.
 
If your answer is no for some of the questions then ensure you retain all legal and financial rights pertaining to your property before proceeding with the company you have chosen.
 
It’s ideal to choose a company that lets you answer yes to all the above questions.
 
Some companies will promise to get you a guaranteed rent every month. However, it would help if you accounted for the fact that in certain circumstances, that might not be possible. This not only leads to the downfall of the company but it pulls you down with it.
 
For instance, the COVID-19 has brought out so much uncertainty, the best way to protect yourself is to minimize risk and maximize control over your property.
 
​The purpose of this guideline is to safeguard your interests and help you understand how you can keep your property safe. We recommend you go through these guidelines before choosing a property management company and reduce the chances of issues cropping up.
 
I can proudly say that PropertyAngel fulfils all the above guidelines.
 
PropertyAngel is a Property Management Company with Strong SLAs to measure performance
 
As a new age property-tech company with 860+ verified properties under our wing, we are deeply driven by Customer Happiness & Customer Transparency
 
Our goal is to maximize your rental income and to minimize your stresses.
 
Benefits of signing up with PropertyAngel:
  • Keep control – You choose your tenants. You control every penny spent.
  • Only pay for performance – You pay as you go and nothing upfront.
  • No hidden charges – All charges are transparent. Even maintenance costs are standardized and shared with customers.
  • Hassle-free – Complete hands-off experiences with a personalized support & field team
  • Verified tenants – Tenants placed only after a background verification & document check
  • Detailed audits and reports – Get detailed reports for rent, expenses, Six Month Property check report, Inventory check Report, Tenant Move-in & Move out Reports, Agreement Renewal Reports.
 
Want us to manage your property?
 
Reach out to PropertyAngel or call us at  91-80-47095974 / 91-7406484455

6 Comments

6 ways to save on your monthly rent

31/12/2020

4 Comments

 
​In 2020, an average Bangalorean spends about Rs.17,926.10 per month as rent in the city centre. Sounds a little overwhelming right?
 
Well, we often come across some common suggestion to reduce rent and I shall take this opportunity to inform you about them as well.
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​Direct Methods:
  • Get a roommate
A roommate to share your rent and your living expenses helps take some burden off your shoulders. This way you would each be able to enjoy a large space and be located in the most happening areas of Bangalore.
 
  • Settle for less space
The smaller the area, the lower your rent would be. But ensure not to cramp yourself up in a tiny space as it would be difficult for you to live comfortably for a longer duration.
 
  • Sacrifice few amenities
Opt for Semi-furnished or unfurnished houses as they turn out to be less expensive compared to fully furnished homes. You could rent out furniture and appliances to meet your most basic requirements.
 
  • Sign a long term lease
Staying in the same palace over a period of time will ensure that your yearly increase in rent is tied down to your base year value. Long term lease also gives you a bargaining chip to negotiate rent as any landlord would want a longer and steady income verses a short span rent.
 
This also reduces the hassle of moving from place to place and getting adapted to new areas or environments often.
 
Indirect Methods:
  • Get a rent receipt
Always get a rent receipt from your landlord as this helps to reduce your tax burden. If your employer makes deductions for Income Tax from your salary, submitting your rental agreement and rent receipt will help you save tax under HRA (House Rent Allowance).
 
  • Pay rent on time
This may not directly help you save on your monthly rent, however, timely payments help build your CIBIL score which can help you avail credit at a lower cost on a future date.
 
All these tips may be suitable for bachelors, but just imagine if you are a newly married couple or a family of 3 members or larger, would you still want to compromise on these essential aspects of a home?
 
Why is that we always need to give up on our comfort to save some money?
 
What if I told you, you could maintain your privacy, have a large place in the city centre and enjoy all the amenities and still save on rent.
 
Now we are talking about the real deal.
 
All you need to do is use your network of friends and family and engage in a referral scheme.
 
I am very sure you all might have come across several schemes like this, but you may not have thought about the impact it might leave on your monthly rent.
 
Sounds interesting right? All you have to do is refer a friend of yours to your landlord and avail a discount on your monthly rent. Find more friends and enjoy a much lower rent. 

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There are certain limitations to this concept, but I won’t leave you hanging, I will also tell you how you can overcome this hurdle.
 
This referral scheme does not exist in the unorganised real estate market and Landlords who own only one property won’t be able to extend such an offer.
 
Make the wise choice of renting from a Property Management Company.
 
A Property Management Company helps you find a suitable home for yourself. They have a large number of properties under their ambit which enables them to provide many offers like the referral scheme.
 
Some referral schemes not only benefit you, but they also benefit who you refer turning out to be a win-win situation to both of you.
 
With the rising cost of living in Bangalore, follow this tip to reap its benefits.
 
Not just the referral scheme, also look out for seasonal offers from property management companies and enjoy the benefits.
 
PropertyAngel offers you one of the best referral schemes in the market. Imagine referring a friend a month and saving up to Rs. 3000 in cash or as gift vouchers every month.*
 
PropertyAngel is a property management company and a property rental platform.
 
We provide Brokerage Free & Hassle-free rentals which you can trust.
 
As a new age property-tech company with 860+ verified properties under our wing, we are a metrics-focused organization with Strong SLAs to measure our performance.
 
We are deeply driven by Customer Happiness & Customer Transparency
 
Benefits of finding a home at PropertyAngel
  • Save money - No brokerage & Reasonable Rental Rates
  • Personal assistance - Personalized Recommendations & visits by Dedicated Rental Manager & Field Assistant
  • Save time - 100+ options of Verified Properties in your desirable localities with Video Walkthroughs
  • Protect rights - Standard rental agreement that protects tenancy rights, with no sudden hikes and/or unreasonable charges or deductions
  • Health and safety - Professionally cleaned and sanitized homes
  • Secure deposit - Secured Security Deposit by 100% transparency on terms of every single deduction & documented handover condition
 
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

4 Comments

Transparency - The most important facet in Property Management

22/12/2020

2 Comments

 
​For a long time, homeowners are looking for the perfect guide to manage their property through a Property Management Company.
 
As a service provider, Property Management Companies come up with new business models to make their services more valuable. 
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​BUT, there is 1 facet that every Property Management Company should follow to gain a sizeable market share.
 
 
101 of letting a Property Management Company manage your property is to have a clear understanding of their scope of work and the control they have over your property, this understanding is translated in the agreement you sign with the property management company.
 
 
NEVER sign a sub-lease agreement with a Property Management Company! 


​What is a Sub-lease agreement?
 
It is a contract between the Owner and Tenant, which transfers the owner’s rights to exclusive possession and use of the property for a specific period of time to the tenant.
 
Disadvantages of Sub-lease
  • Tenant has claim over possession of your property
  • Tenant has the right to sub-let your property
 
In this case, the Property Management Company becomes your tenant and they have control over who they sub-let the property too.
 
There is no scope for transparency and you will remain in the dark about who is using your property.
 
Property Management Companies assure monthly rent in order to attract you to this type of model. However, in recent times, this model is proven to be highly unreliable.
 
You should instead opt for a Leave and License Agreement.
 
What is a Leave and License Agreement?
 
This agreement is governed by the Indian Easement Act. Under this Agreement, you will only provide a license to use your property for a specific purpose and no transfer of right to possession.
 
Advantages of Leave and License agreement
  • Your property can be used only for the purpose mentioned in the agreement
  • A tenant does not have an exclusive right to possession of your property.
 
Under a Leave and License agreement you can clearly set out the purpose of License and therefore there is no scope for misuse of your properties as it is Illegal for the Property Management Company to use it for any other purpose.
 
You can also have control over the choice of tenant.
 
Click here to view a sample Leave and License Agreement.
 
In simple words, you can pass on the headache of managing your property to a Property Manager and retain 100% ownership and control over your property.
 
At PropertyAngel, we ensure to safeguard your rights as a property owner. We sign a leave a License agreement where we obtain the right to only manage, operate, rent and lease your property. 
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​The above flow chart enumerates the process any good property management company should follow, and PropertyAngel does exactly the same.
 
At the Tenant Agreement Stage, after obtaining a No-objection from you, a leave and license agreement is signed between the tenant and PropertyAngel.
 
A leave and license agreement are used as scope for misuse are minimal and its hassle-free for the property owner and the tenant.
 
At every stage, PropertyAngel ensures to keep the owners informed to ensure transparency.
 
Benefits of signing up with PropertyAngel:
  • Keep control – You choose your tenants. You control every penny spent.
  • Only pay for performance – You pay as you go and nothing upfront.
  • No hidden charges – All charges are transparent. Even maintenance costs are standardized and shared with customers.
  • Hassle-free – Complete hands-off experiences with a personalized support & field team
  • Verified tenants – Tenants placed only after a background verification & document check
  • Detailed audits and reports – Get detailed reports for rent, expenses, Six Month Property check report, Inventory check Report, Tenant Move-in & Move out Reports, Agreement Renewal Reports.
 
Want us to manage your property?
 
Reach out to PropertyAngel on call us at  91-80-47095974 / 91-7406484455
2 Comments

Own a Property that is being managed? Urgently read this.

4/12/2020

1 Comment

 

​Are you a Property Owner? This is a must-read for you to ensure you aren't being taken granted by a Property Management Company.
 
Essentially, Property Management Companies perform 2 duties:

1. Maintenance and management of your property Property Managers will ensure that your property is always spic and span. They will ensure that all utilities are paid on time and your property is being safeguarded.

2. Guarantee good returns of investment on your property Property Managers ensure that your property gives you a good return on your investment. Here they handle operations, maintenance, and administration of property rentals.
 
A good Property Manager will charge you on the basis of the service they provide. However, Property Managers bring their expertise in providing you with the second function which is to make sure that your property is not idle and it earns some income for you.
 
There are 3 models under which Property Managers or Property Management Companies work under:

1. Minimum Guarantee Model  

Here, the Property Management Companies assure you a minimum rent for your property.
 
Advantage:
You will get rent for your property even if your property is vacant.
 
Disadvantage:
  • The Property Management Company will ideally ask you to sign a sublease agreement with them where they will acquire the power to sub-let your property to preferred tenants. Here you will lose complete control over your property.
 
  • You would ideally get lower rent than the market value
 
  • It is difficult to ensure monthly payments when your property is vacant, hence the chances of default are very high.
 
Benefit to Property Management Company:
  • They will take a certain amount as Management Fee. It would be 1-month rent or 15 days rent based on the Company and specifics of the property.
  • They will rent out your house at a higher value then the minimum guaranteed value and the difference is also taken by the company.

  2.  Commission on rent  

The Property Management Company takes a percentage of your monthly rent as management fees.
 
Advantage:
  • You only pay management fees when your property is rented out.
  • You will get the best possible rent in the market as the company’s incentive is directly proportional to your property rent.
         
          Disadvantage:
  • You don't earn income until your property is rented out
 
Benefit to Property Management Company:
  • They get a percentage of your monthly income.
 
3. Fixed Fees          

Here, you as a property owner need to pay the Property Management Company for their services of maintaining your property.
 
This ideally works only when you are not willing to let your vacant property on rent but just need someone to take care of your property in your absence.
 
This is an expense from your pocket while not receiving any income from your property.
  
In reality, a property management company uses either of the above models or a combination of 2 models. 

​Besides management fees, owners are required to pay the cost of utilities on actuals. For property repairs, you might have to pay a supervision fee along with the actual cost of repair.
 
Since there is no hard and fast rule on the charges, Property Management companies can also charge you for any other services they provide.
 
Now that you have a fair idea on what charges you might have to incur, it is also important for you to know a few key points that will help you shortlist a property management company that suits you.
 
  1. Ensure you do not lose control over your property
  2. Ensure you get a steady income, even if you don't monetise immediately. Slow and steady if definitely your guiding star here.
  3. Ensure you get a detailed statement of expenses on your property.
  4. For any repairs and maintenance work, the company should ideally give you an option of vendors to choose from so that you are aware of the market rate.
 
PropertyAngel is a property management company which follows the commission basis model.
 
This option provides the maximum benefit to you as a property owner and ensures complete transparency.
 
PropertyAngel does a leave and license agreement, which safeguards your rights as a property owner.
 
Services of PropertyAngel which will interest you:
  • Keep Control – You choose your tenants. You control every penny spent.
  • Only pay on Performance – You pay as you go and nothing upfront.
  • No Hidden Charges – All charges are transparent. Even maintenance costs are standardized and shared with customers.
  • Hassle-free – Complete hands-off experiences with a personalized support & field team
  • Verified Tenants – Tenants placed only after a background verification & document check
  • Detailed audits & reports – Get detailed reports for rent, expenses, Six Month Property check report, Inventory check
  • Report, Tenant Move-in & Move out Reports, Agreement Renewal Reports.
 
To know more about PropertyAngel visit: https://www.propertyangel.in/ or call us at  91-80-47095974 / 91-7406484455


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1 Comment

7 Best Advantages For Local Owners To Opt Property Management Service

18/11/2020

0 Comments

 
Property Management Services are only for those owners who don’t reside in the same city where their property is located….what ??? is this true ?? …. Let me bust this Myth for you !
 
A lot of effort goes into managing a property and you don't need any excuse to avail the services of a Property Management Company.
 
Let me tell you how a Property Management Company can benefit you as a local owner

 
Marketing your property

Gone are the days when To-let boards attracted eyeballs.
 
We live in a new age where everything happens on the World Wide Web, which means someone could be looking for a house in Bangalore sitting right across the globe.
 
In such circumstances, marketing your property to get suitable tenants could be a task.
 
Why put the effort to get a Masters Degree in marketing for a single property when you can reach out to Property Managers to do it for you ?
 
Expertise of Property Managers enables them to judge the right place to attract the highest potential tenants. They can also market your property in multiple platforms to boost your tenant leads

 
Managing calls

Imagine receiving multiple calls from potential tenants -you won't want to miss them ...but you definitely do get tired of reciting the same details again and again to each caller.
 
Property Management companies reduce this burden for you. They attend unlimited calls and shortlist tenants as per your specifications.
 
They also verify your tenants to ensure that your property is in safe hands.

 
Rent Analysis

We sometimes might set the rent of our property too high  or Sometimes we might set the rents too low ….In both cases we lose out, either our property is mostly vacant as in the 1st case or we are constantly under paid as in the 2nd case.
 
Rent varies just like the stock market. Multiple conditions affect them, such as: location , access to amenities, connectivity, development in the surrounding are and not the forget our economic conditions
 
Property Managers have the expertise to arrive at the most optimum rent to maximize on our income and also ensure that your property is tenanted.

 
Managing tenants

Most of the property owners are busy with a day job. Coordinating with potential tenants for inspection and scheduling a convenient time that suits both is a hassle.
 
Property Management companies have personnel who can take tenants for inspections.
 
We don't need to travel from corner to corner, taking an excuse from work to show tenants the house for inspection.

 
Maintenance of Property

As a homeowner we might face maintenance issues especially when the property is vacant.
 
Be it pest or seepage - it’s the responsibility of owners to maintain the property in a livable condition.
 
This task can be handed over to Property Management companies who can get all your maintenance work done and ensure your property is always in its best conditions.
 
They find the best vendors and supervise the work, keeping you tension free.

 
Property Inspections

A property owner is not tension free once the property is rented out, we must also ensure that the property is inspected on regular intervals to ensure that the property is in good condition.
 
Property Management companies schedule regular inspections so you can take a back seat and enjoy your rent and take the inspection burden off your shoulders.

 
Rent Collection

You are lucky if you have a tenant that pays you on time !
 
But most of us are blessed with kind tenants who need a nudge to pay their monthly rent.
 
Keeping a track of these payments could be a bit annoying and at some point it might put you in an embarrassing situation.
 
Don’t want to nag your tenant ? … simply pass on the duty to the Property Management Company.
 
They take up the responsibility to collect your rent and ensure it's in your bank, Ready for you to spend it !
 
 
We all should realise that a property is always a burden when it is unoccupied. The ‘n’ number of maintenance issues and the safety of the property is an ongoing issue.
 
In the current market many homeowners have bought properties for investment on bank loans and the pressure of EMI can only be mitigated if the property is tenanted.
 
Every owner can only enjoy the benefits of their property when it generates some income.
 
When the need of the hour is to wisely manage your investments, then who best can ensure maximum return on your investment than the experts in the area of properties -- Property Management Companies.
 
Now all of you might be thinking if the benefits outweigh the costs ….
 
It is here that we should realise that in performing all the above duties as a property owner we shell out cash more often than we realise - small amounts over a period of time may go unnoticed but they sure do impact our pockets.
 
As the old saying goes - Penny wise, Pound foolish - it’s better to acknowledge an expense than have no control and have unnoticed expenses.
 
The benefits definitely weigh more than the costs and it's best to take aid from a professional to manage your property.
 
PropertyAngel is a Property Management Company with Strong SLAs to measure performance
 
As a new age property-tech company with 860+ verified properties under our wing,we are deeply driven by Customer Happiness & Customer Transparency
 
Few service which may please you as an owner of your property:
  1. Marketing your property in various online/ offline platforms
  2. Transparency in our transactions
  3. Freedom for you to choose your tenants after verification.
  4. 6 month inspections to ensure that your property is in good hands.
  5. Inventory at move in and exit → to ensure your belongings at the property are safe
  6. Monthly rent collection & deposit, and continued follow up for bounced cheques/non-receipts, etc until collected
  7. Owner privacy, where we do not share your number with anyone, including the tenants, without your consent.
 
Our goal is to maximize your rental income and to minimize your stresses.
 
To know more about us please visit our website: https://www.propertyangel.in/
Reach out to us on: 91-80-47095974 / 91-7406484455 OR
​hello@propertyangel.in


0 Comments

11 Reasons For Your Next Rental Home To Be From a Property Management Company

12/11/2020

2 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

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Renting Models & Rental Agreements

3/8/2020

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In this blog, we will talk about the different Property Rental models and types of Rental agreements. The idea is to educate the tenant and londlord about what options are available and what to be wary of. 

Now, before we speak of legal agreement formats, lets see what are the rental models in India today: 

Monthly Rental: In this model, wherein the tenants pay the homeowners a fixed amount every month. In the case of leave and license and rental agreements, homeowners have the freedom to change their rental rate. When it comes to leasing agreements, the rental rate is fixed for a particular period. However, in all these cases, the homeowners receive a monthly rental income.
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One-pay lease: A single-payment lease is when tenants pay the entire leasing amount upfront, to get rid of monthly payments. At the end of the lease period, which is typically 5-10 years, the parties can choose to do the same once again, or break off their relationship. At the termination, the entire upfront lease amount is returned to the tenant, without interest. Landlords who are business owners usually use this option if they can use the funds in their business, without having to sell the property. Tenants use this option when they need stability. 

Rental Agreement Formats
Now, there are 2 widely known standard rental agreement formats - Leave & License agreement and a Lease Agreement. While the One-time lease can be signed using the Lease agreement, there are 2 options for those use in the Monthly Rental Model:

Lease Agreement:
In the lease, the landlord and the tenant mutually agree to fixed terms and conditions, such as the rent, rules regarding pets, and duration of the agreement. Neither party can change the agreement without written consents from others. 

Likewise, the landlord can’t arbitrarily force the tenant to move or raise the rent since it would be violating their contract. Hence, he or she has to wait for the expiration of the lease agreement to negotiate. So the lease offers more long term security to both parties. Such contracts last for a fixed period of time, usually between six to twelve months, and it binds both parties to the lease. These contracts also clearly define the expectations of both parties, helping to protect the best interests of both. 

As per Section 105 of the Transfer of Property Act, lease agreements serve as contracts between the lessee and the lessor regarding the right to possession of a property. They tend to be both transferable and heritable. Also, they are not affected by the sale of the property and lasts until the date of termination. 

Leave and License Agreements
A Leave and licence agreement grants an individual a right to do something within a property for a set duration, activities which in the absence of a license might be considered unlawful. However, this does NOT give the party an interest in the property, as they only have the right to use or occupy the premises. Such licenses come under the Indian Easement Act. The main difference being exclusivity of possession. In case an agreement gives an individual exclusive right to possession, it is a lease. If it only gives the party a right to use the property for a certain purpose or in a certain manner, then it is a License. 
A Leave and License helps solve both eviction and rent-pricing problems and take place between a licensor and licensee. Also, as they do not lead to any transfer of duties, responsibilities and obligations, changing these agreements is very easy. Unlike lease agreements, they do not give the tenant any inheritance or trader right. Also, these come to an end if a property is sold to someone else. Furthermore, it does not require the sending of any notice period, but most licensors end up doing so to make the process fairer.

At PropertyAngel, we use only the Leave & License agreement for all our tenants, as that is most hassle-free. 


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Can you Trust your property management company?

9/7/2020

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When it comes to any investment, the general rule is that they perform better when left under the care of professionals. Right? Real estate investments are no different, and that is why hiring the right property management company is so important.

Real estate investments are usually high-value, capital-intensive investments worth lakhs or even crores of rupees. Therefore, it makes perfect sense to be very careful when hiring a team to look after such an asset.

​Here’s a quick look at the various points you need to consider before handing over the keys of your property to a management company. 
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How Do You Know If You Can Trust Your Property Management Company?

​Here’s a quick look at some of the factors you need to consider before choosing a company to manage your property


1. Does the company have the right to sublet your property? If a management company’s model is to sublet your property, then they can place tenants without your approval, giving them much more control than what is necessary.

2. How much deposit do they plan on taking from the tenant? A good management company knows that the security deposit should cover damages and rent arrears. This could amount to about six months of rent. If the company takes a deposit worth only 2 or 3 months’ rent, you need to be careful because this amount will not be enough in case the tenant causes damage to your property.

3. Who controls the deposit money? If the property management company wants to keep a significant share of the deposit, then you need to be careful. Make sure that you talk to them and retain a majority share of the deposit, to have more control over proceedings.


4. Does the company allow you to take part in the tenant selection process? If the company refuses to have the tenants approved by you, then that gives you very little control over your property. Make sure that you have enough power to veto tenants that you feel can be tough to handle.


5. Does the company share tenant information with you? Even if you allow the management company to find tenants for you, you need to ensure that you have their contact details. In case things go south with the company, you should still be able to communicate with your tenant, and smooth out any issues they may have.


6. Does the company run all the expenses by you? In case the company spends money on the property without your approval and does not send the records over to you, you need to be wary. A good property management firm will always run the financial records by you and get your approval.

 
Some companies will promise to get you a guaranteed rent every month. However, it would help if you accounted for the fact that in certain circumstances, that might not be possible. For instance, the COVID-19 has brought out so much uncertainty, the best way to protect yourself is to minimize risk and maximize control over your property.

​The purpose of this guideline is to safeguard your interests and help you understand how you can keep your property safe as well. We recommend you go through these guidelines before choosing a property management company and reduce the chances of issues cropping up.
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The top real estate Terms and definitions that every property investor should know in 2020

27/6/2020

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To someone starting in the real estate investment sector, the terms associated with it can sound like jargon. They might seem like an unlikely combination of letters to people not used to such investing terms. Starting out in the real estate sector is extremely intimidating, and it can be even more difficult if you don’t understand the complex-sounding terminology that people throw around. However, do not worry, because terminologies and acronyms are not too complicated, and can be understood with ease. Therefore, to help real-estate beginners and property investors out, here’s a look at some of the top real estate terms and definitions you need to be aware of.
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Terms Used in the Decision Process​
  1. Appraisal: The process by which a professional gauges and determines a property’s value by conducting an independent survey, and taking note of the property’s condition, and the value of nearby properties in the same area. 
  2. Class A Properties: Properties that are new, in high-demand, is situated in the best location, are in the best condition, and have the best and most luxurious features. Such properties offer the lowest risk, provide the highest rents, and have a high value.
  3. Class B Properties: Second-class properties that are in demand, are around 10 to 20 years old, requires only little maintenance, and are situated in good locations. These are low-risk properties that provide moderately high rent and have good value. 
  4. Class C Properties: Properties that do not have much demand as they are situated in less desirable areas, are over 25 years old and require a renovation. These have a high cap rate, possess moderate risk, and provide only moderate rent.
  5. Class D Properties: Properties which are in mediocre locations, but are constructed poorly and are older than 30 years old. These require significant repair and replacement to become liveable, and therefore, are high-risk properties that provide low rents, yet high ROIs after proper maintenance.
  6. BHK: An apartment that comprises a Bedroom, Hall, and Kitchen.
  7. RK: An apartment that contains a room that serves as a hall or bedroom and a separate kitchen. The 1 RK is smaller than a 1 BHK.

Terms Used While Negotiating A Deal
  • Open Market Value:  The best-expected price a property can have at valuation at any given time.
  • Bayana: An Indian term that means Token amount, or the money paid to the landlord to prevent them from taking negotiations with another party forward. 
  • Carpet area: The space within the house that is actually used by the people living in it, which essentially consists of the space enclosed within the external and internal walls. Basically, it is the space that can be carpeted and hence used by the residents. It excludes the area taken up by the walls and includes a balcony or terrace area. 
  • Built-up area: The entire area that the house takes up in square inches including space taken up by the walls, and carpet area. It is usually 10-20% more than the carpet area of the house and is also called the plinth area.
  • Super built-up area: The area that includes built-up area and common areas such as the lift, staircase, lobby, and corridors. The entire space is then divided proportionately between all apartments within the complex.
  • Floor space index: The proportion between the building’s built-up area and available, allotted government area.
  • Per square foot rate: The price the buyer has to pay per square foot of the super built-up area to buy the flat, which includes both the carpet and super built-up area.

Terms Used in the Purchase Process
  1. Amortization: The process by which an owner pays off their loan in varying amounts on a monthly basis, allowing the owner to get more equity.
  2. Short sale: A transaction wherein the property fetches a sum that is lower than the mortgage owned on it.
  3. Capitalization rate: The percentage obtained on dividing the NOI with the market value of the property that helps the owner find the expected ROI of the investment without taking the mortgage into consideration. 
  4. Foreign Exchange Regulation Act (FERA): The Act that deals with, regulates, monitors, and controls dealings made with foreign agencies and exchanges.
  5. Foreclosure: The legal process through which a lender recovers the outstanding loan as a result of non-payment by forcing the buyer to sell the property that was kept as collateral.
  6. Cooperative Housing: A housing scheme wherein land is bought, developed, and maintained by a Cooperative Housing Society. After the government allots land to the society, they develop and construct the apartment complex. Once completed, individual flats are handed out to the members of the society.  
  7. Property Tax: Tax levied on a property by a local municipal body, which the owner must pay annually.
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Other general Real Estate terms we should know
  • Assessment: The process by which a property’s value is found for the purpose of paying tax.
  • Property management: Companies or individuals who oversee the day-to-day management, operations, and maintenance of properties.
  • Pugree: The Indian term for a security deposit paid to landlords by tenants, which is refundable once the lease ends.
  • Remote investing: Investment that occurs through investors located geographically away from their investment. In such cases, the owners rely on property management firms to handle the property, see to its upkeep, and handle operations. 
  • Brokerage: The money paid to a firm or individual who acted as a broker by facilitating the buying and selling of property as a commission. 
  • Mattha: A word that describes the frontage a building has with the main road.
  • Encumbrance Certificate: A certificate handed out by the Registrar of Assurances or Sub-Registrar’s office. It is issued after due verification of all documents that prove the property is free from loans, leases, restrictions, and easements.
  • HVAC: Equipment that deals with heating, ventilation, and air conditioning of the building, which helps with temperature control.
  • Occupancy Certificate: A certificate handed out by a legal and local development authority that states people can move in or occupy the flat as all necessary works promised in the plans have been completed.
  • Patwari: A government-appointed official who handles the maintenance and updation of land ownership records and helps with collecting land tax.
  • RERA: The Real Estate Regulation and Development Act, 2016 works to preserve the best interest of both the buyers and sellers. It helps protect buyers, while also making the real-estate industry more credible and transparent by holding developers accountable. 
  • Khata: A legal document that helps compute and file property-related tax returns in the state of Karnataka.  It contains details regarding property size, tax, identification number, location, carpet, and built-up area and owner details. 

Property or real estate investment might be capital intensive, but when done right, it can do wonders for your financial position. The first step towards making the right investment decisions is to understand the market. Using this guide, you will be able to understand the key metrics and terms related to real estate investing. Being able to navigate the market with confidence, will help you make the right decisions and score big. We at PropertyAngel can help you along the way with any query or doubt that you may have. In case you need any help with anything related to real estate in India, reach out to us at PropertyAngel.

Authored by: Dhivya Naresh

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