Looking For The Best Property Management Services Company In Bangalore?

property-owner

You have a rental property – a villa or an apartment or an independent house – in Bangalore, and you are looking for a reliable partner for property management of your rental property. If this is true, then you are amongst the thousands who are grappling with a multitude of questions with regards to making a decision and getting on-board a property management company.

We will address the ‘Why’, ‘What’ and ‘How’ of Property Management.

The Why – Why a rental property owner needs to think of hiring a professional property management company to manage his/her property:

Rental property owners are increasingly finding it difficult to manage their properties due to a variety of factors –

  • The paucity of time – already caught up with their ever-growing work & family priorities, owners hardly have time to dedicate to managing their rental properties. Time is a crucial investment at every stage – from effectively marketing the property, acquiring the right tenant, attending to maintenance issues on time, making sure lease agreements don’t lapse, etc.
  • Too much effort involved – managing a property means committing not just time but also effort. Right from showing around the house for prospective tenants to executing rental/lease agreements, tracking rental payments & following up with the tenant for any dues, being able to physically show up for property audits, finding & organizing trustworthy vendors to undertake maintenance work at the property, and the list goes on
  • Lacking professional expertise – Rental property owners who choose to self-manage their properties often end up with some loose ends. Examples include: not making watertight lease agreements leading to disputes with the tenant at a later stage, not renewing lease agreements on time possibly leading to loss in rental revenues, inability to commit time & effort to address tenants’ fair requests resulting in dissatisfaction & churn of tenants, shoddy maintenance work impacting the overall life of the property, etc.
  • Lack of expertise or patience for in-depth research & marketing – A professional property management company will have both the competence and time to undertake detailed market research to determine the right rental pricing and to acquire the right tenant.

The What – Now, knowing the value one would get from hiring a property management company would help in the decision-making process:

Here is the gamut of activities a typical property management or rental management company would undertake:

Marketing & Tenant Acquisition

Where the rental property is vacant, the foremost priority for the property owner and the property management company would be to place a suitable tenant in the property. This will ensure that rental returns start kicking in from the property.

A professional property manager would be better equipped to do solid research on the prevailing rental rates in the locality, give adequate yet cost effective marketing exposure for the property and screen potential tenants.

Legal documentation

What is often neglected or paid little attention to is the process of making a water-tight lease agreement with the tenant. Most owners end up hurrying through this and get into avoidable disputes with the tenant later on issues relating to house maintenance, unforeseen maintenance or external charges, late rent payments or delinquencies etc.

On-time rent collection

Professional property management companies as Easyleases ensure that rent is deposited in owner’s account on time, month after month. System driven processes ensure follow-up with the tenant on any overdues, and a well-drafted lease agreement ensures disciplined rental payments through application of penalties on late payments.

Property maintenance & audit

Again, one of the most critical aspects for any rental property is proper maintenance. Often owners lack the time to inspect and effectively rectify any maintenance issues. Property management companies have qualified vendors are best equipped to resolve maintenance issues.

Now, making sure maintenance issues are addressed in time also goes a long way in ensuring tenant satisfaction & retention.

Tenant management 

It can be overwhelming for the owners to attend to tenant requests on maintenance issues & negotiations on lease renewals, follow up on rent/maintenance dues, etc. All the more where the tenants are demanding and non-cooperative.

Property management companies as Easyleases comprehensively address tenant management needs right from moving into the property to maintenance needs to tenant’s exit.

Refurbishing & ad-hoc work

Owners can rely on most property management companies, as Easyleases, to serve them as a “one-stop shop” for all their needs relating to property management. This includes re-painting, deep cleaning of the property when a tenant moves out, and also ad hoc tasks as payment of property taxes, electricity bills, etc.

And then comes the ‘How’. How does one select the right property management company? Here are a few quick pointers:

  • Understand their scope of service. Make sure that your prospective partner offers full-suite property management services, so that you don’t have to run around for tasks not covered
  • Scrutinize their commercial model to make sure there are no hidden charges. At Easyleases, for example, we only charge when a tenant is placed at the property. There are no one-time or any hidden charges. We also do not charge any commission or brokerage from the tenants
  • Transparency is a key factor for property owners, particularly if one is away from the city. At Easyleases, we assure 100% transparency for property owners. Every owner, and even tenants for that matter, are provided with an online dashboard.  The dashboard lets them view in real time all the rental payments, rental dues falling due, status of maintenance issues at the property, lease agreement renewal dates & status, etc.

Here’s a quick video on the property management services offered by Easyleases

In summary, if you have a rental property, Easyleases offers you amongst the best property management services in Bangalore.

Why Hire A Property Management Company For Your Rental Property?

Property owners often struggle with the decision whether to manage their rental property by themselves or to seek out professional property management companies. The decision, of course, weighs in on multiple factors as the amount of time the landlord has at his/her disposal, rental demand where the property is located, costs involved in hiring a company, etc. This blog hopefully will help rental property owners make an informed decision on if and why they need a professional property management services (PMS) company.

Firstly, it is important to understand what services Rental Property Management Companies can render for you vis-à-vis your needs. There are various companies that will help you find a tenant for your property, but you should look out for those PMS companies offering full spectrum property management services like property furnishing, marketing your property & finding the right tenant, rent collection, day-to-day maintenance, audit, etc.

Here are the top 5 reasons why one should look at partnering with a professional PMS company as Easyleases to manage your rental property:

1. Finding the right tenant for your rental home.

This is one of the most commonly overlooked tasks. In the hurry to get the property rented out, owners often end up leasing out to unsuitable tenants causing problems later. Failure to conduct background checks on the tenants can also lead to serious issues for the owners. A professional PMS company meticulously does these things as part of their well-oiled property marketing processes

2. Quality maintenance of your precious property.

It’s not exactly a cakewalk for owners to undertake maintenance of their property, which involves dealing with multiple vendors and ensuring quality work. PMS companies usually have highly skilled vendors on contract who can deliver property maintenance tasks effectively.

3. Tenant satisfaction & retention

Fulfilling tenant needs can often be demanding. Property owners rarely have the time or the energy to constantly attend to tenant demands, but this can potentially impact tenant satisfaction & in-turn tenant retention. Professional PMS companies have dedicated relationship managers to handle tenant communications, and are better equipped to meet their maintenance needs.

4. Assured rental and minimum vacancy

Monitoring when the rent hits the bank month after month can be arduous for the owners. Some of the PMS companies like Easyleases have a rent assurance policy where they pay out the monthly rent to the owner by the specified date irrespective of delayed payments by the tenant. Also, the PMS companies help in minimizing rent holidays through effective property marketing & tenant retention.

5. Tighter documentation

Lack of proper documentation, including tightly crafted lease agreements, can lead to unpleasant situations & disputes with tenants. Disagreements over paying up for property re-painting/cleaning etc. at the time of tenant exit are not uncommon. A professional PMS company helps not only in sewing up unambiguous lease agreements but also in enforcing them.

Additionally, owners often lose out on rent increments by not renewing lease agreements on time. At Easyleases, the lease renewal process kicks-in two months before the expiry.

Now, what should you look at while selecting your property management partner?Here are a few tips:

#1 Transparency: this is right on top in our list because you should look at partnering with a PMS company for the long term, not on a transactional basis. Ending up with a property management services company that does not value transparency can turn expensive for you.

Transparency is not just about pricing but also about keeping you updated regularly on your property. For example, Easyleases provides you an online dashboard that lets you view in real time your property rental collection, overdues, lease history & renewals, status of maintenance issues raised by you or your tenant, etc. from wherever you are.

#2 Don’t just go for the lowest rate: Property management charge/fee is indeed an important parameter, but it’s not wise to choose a partner purely based on pricing. It is important to check if they offer comprehensive services and if there are hidden charges for rendering additional services. At Easyleases, for instance, we do not charge any one-time fee and there are no hidden charges whatsoever. Visit www.easyleases.in/users/owner for details.

#3 Talk to them: Understand how they plan to find the right tenant for your property, if they undertake tenant screening & checks, what is their rent collection & deposit policy, if property audit is part of the package, etc. Ask for references. Look at the management team’s profile, founders’ background & professional expertise, etc.

In conclusion, the decision whether to hire a property management company to manage your rental property or not totally depends on you – based on the time you have at hand, your expertise & network, etc. But choosing the right PMS partner can go a long way in helping you drive up your rental yield and property lifespan. Just as some fodder for thought – why shy away from property management services for your precious property, when we don’t think twice before securing annual maintenance contracts (AMC) for our appliances & goods?