Property managers are hired by owners to handle the operations, maintenance, and administration of their rental properties. Among many other tasks, property management Bangalore must market rentals and find renters, make sure rental rates are competitive while covering taxes and overhead, collect rent, and comply with rental laws.
Their responsibilities will differ depending on the property type, the money they are paid, and the management contract terms. A property manager can play many important roles to help rental property owners.
What Is a Property Manager?
Property managers specialize in running a rental according to the owner's instructions. The goals can be financial, based on providing attractive living conditions, or both.
Corporate property owners may issue mission and vision statements, whereas individual owners may provide verbal guidance on their property's goals.
Property management Bangalore ensures that responsible tenants occupy the property, that payments are received on time, that budgets are followed, and that the rental is properly maintained.
Below, we'll take you through what a property manager does:
Show and Lease Available Properties
It is common for property managers to charge a percentage of the rent each month as the property management fee. However, many contracts are set up based on the amount of rent collected, which makes filling vacant properties a high priority for property managers.
To achieve this, property management Bangalore first develops marketing strategies and advertises vacant properties. When people are interested in the properties, they schedule tours and show the properties to these prospective tenants.
Screen Potential Tenants
A lease agreement goes both ways: potential tenants want to make sure that a property meets their needs, and property managers want to make sure that the tenant will take good care of the property and pay their rent on time. Thus, property managers screen out tenants who are more likely to cause problems in the future by contacting references, checking credit scores, and running criminal background checks. Some property management contracts include a separate tenant placement fee that is refundable if the tenant vacates the house or breaks the lease. This gives managers additional incentive to screen out tenants who might be a problem.
Set, Collect, and Deposit Rent
Generating rental income is a top priority for property managers. They make sure that rent is collected and deposited into the appropriate accounts on time.
Also, property management Bangalore is in charge of setting the rental rates for the property. They analyze the local rental market to determine the prices that will allow them to earn the most profit while remaining competitive.
General wear and tear are inevitable on any property. Appliances will sometimes break, pipes will get clogged or start leaking, walls will eventually need a fresh coat of paint, etc. Landscaping jobs like trimming shrubs, mowing grass, and removing leaves also need to be performed regularly. Keeping up with all of this maintenance is certainly one of the most demanding responsibilities of a property manager.
Thus, property managers inspect properties at least every six months to identify and fix maintenance issues before they become bigger problems. This is especially important for vacant units.
Property managers respond to maintenance requests when tenants occupy a unit as soon as possible. Although some issues do not need immediate attention, others (major leaks, pest infestations, broken air conditioning systems in the summer, etc.) can be a nightmare for the tenant until they are fixed.
Property management Bangalore usually uses in-house maintenance crews to collect trash and clean public spaces. For more complicated jobs like electrical or plumbing work, property managers have an established network of trusted vendors in the area. This is one of the most valuable services that a property manager provides for the property owner.
Manage the Budget Set by Property Owners
Budgeting for an investment property can be difficult, with marketing, staffing, and many other expenses to consider.
Regarding budgeting for repairs, the property owner usually puts the money needed for maintenance into a repair service fund. The property manager may withdraw funds from this account at their discretion, or they will notify the owner when repairs exceed a certain limit. A repair service fund's minimum account balance typically equals one month's rent for each unit.
Represent Property Owners as Second Landlords
Property managers are particularly useful to property owners who do not live in the same neighborhood as their real estate investments. Property management Bangalore with these responsibilities, will often work on-site, which means they will be on-site during business hours to deal with any issues that arise. In fact, if the property manager works at an apartment complex, the landlord may include lodging as part of the compensation package. When the owner requests an update, the manager can provide firsthand knowledge of what is happening with their real estate investments.
At PropertyAngel, we become your second landlord. We are one of the leading O2O (online-to-offline) property management companies in Bangalore. When you hire PropertyAngel, you won't have to deal with any property management issues whether you stay nearby or far away from your real estate investments.
Ensure Compliance with Local Laws and Regulations
Finally, property managers make sure that the property owner's investments are managed following all local laws. Local laws for landlords and tenants can be complicated and vary by location. It's difficult to navigate all these rules and regulations, especially if you're a first-time landlord. This is where property management Bangalore comes in handy. They are well-versed in landlord-tenant laws and can help you avoid legal issues.
Doing business with PropertyAngel will make sure you have a qualified and professional team of property managers whose sole focus is to maximize the profits of your real estate investments. Call us at (91-80-47095974) or (91-7406484455) right away.