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.
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.
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.