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What is Property Management?
Property management is a comprehensive process that involve overseeing and maintaining real estate properties on behalf of property owners or investors. It encompasses a diverse array of activities and responsibilities, all aimed at ensuring that properties are not only well-maintained but also financially sound and in compliance with local regulations. This multifaceted discipline extends across various categories of real estate, such as residential, commercial, industrial, and mixed-use properties.
Our property owners trust us to work with them to grow their property investment. Our expertise in the Bangalore City region in real estate market offers the insight we need to manage pricing, maintenance and innovative technology while still remaining a personal company dedicated to each individual client.
As the term suggests, property management refers to the process of overseeing residential, industrial or commercial real estate assets. Generally, landlords and developers involve third-party operators to handle the operations and administration of their properties.
Real estate management companies handle three of your immediate demands: Better returns on your investment, efficient rental management, and maintenance.
From investors and technicians to tenants and landlords, property managers interact with many stakeholders. Alongside leadership and organisational skills, they possess certain competencies that help them juggle between multiple tasks. So a good property manager will know how to manage unruly tenants while handling the maintenance work of the concerned asset.
OUR MANAGEMENT SERVICES
How IT Works?
Sign Management Agreement
Inventory check & Video
Property Marketing
Tenant Screening
Tenant Agreement & Move-in
6 Month Inspection / Maintenance
Exit Check or Renewal
Tenant Replacement
While looking through the classifieds to see what other landlords are charging for similar properties is a fine way to ballpark your rent price, a good property management company will conduct a through market study in order to set a rental price for your property, ensuring that you achieve the perfect balance between maximizing monthly income and maintaining a low vacancy rate.
If you've ever worked in a billing department, you know that securing payment from clients can be difficult, not to mention awkward. Property management companies have efficient, tried-and-true systems in place to effectively collect rent and maintain on-time payments. You'll find this particularly important if you have a limited number of properties, and collecting payments on time is crucial to maintaining your cash flow.
Through long experience, a property manager will know exactly where to market your property and how to craft compelling advertising materials---a significant advantage when it comes to filling your properties quickly and avoiding long vacancies.
Experienced property managers are experts at finding good tenants, and will take care of all the details, including the securing all criminal background and security checks, running credit reports, verifying employment, and collecting previous landlord references.
In addition to finding good tenants, a property management company will manage all aspects of the tenant-landlord relationship. The property manager will handle both routine and emergency maintenance, take care of routine inspections, and manage any situations where conflict resolution is required.
Property management companies have relationships with maintenance workers, tradesmen, contractors, suppliers, and vendors that it's almost impossible for an independent landlord to duplicate. Not only will your property manager get you the best work for the best price, they'll oversee any necessary maintenance projects.
There is a multitude of applicable laws and regulations to abide by when renting and maintaining your rental property. These include local and state regulations, as well as fair housing regulations. A property manager can help you avoid lawsuits by keeping your property up-to-date and in compliance with these regulations.
If you manage your own properties, you're pretty much limited to investment opportunities within a tight radius of your own home. By hiring a property manager, you can take advantage of investment deals in any location you wish.
By having a property manager take care of the day-to-day aspects of running your income property, you’re free to spend your time identifying further investment opportunities or otherwise furthering your career.
Most property managers charge a percentage of your property's monthly rental rate in exchange for their services. The rate typically runs anywhere from 8% to 12%, which is generally less than the money you save by hiring a professional to take care of your property.
10 Reasons to hire a property manager?
Factors That Influence Property Management Cost
There is no set price that a property management company will charge to manage your property. The fees will depend on a number of factors, including:
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Size of Rental Property: Managing a larger rental property involves more work than managing a smaller rental property, so the fee collected will be larger.
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Type of Property: Property managers can manage all types of investment properties, including single - family homes, multi-family properties, commercial properties, and even vacant properties.
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Condition of Property: Newer properties, or older properties that have been renovated, may have fewer maintenance issues than older properties.
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Location of Rental Property: Property managers may have more to manage properties that are in areas that command higher rents and lower fees to manage properties in areas that command lower rents.
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Extent of Services: The services that the property management company plays a large role in how much they charge. If you are only hiring a property manager to collect rent, you will pay much less than someone who wants a manager to collect rent, fill vacancies, handle repairs, handle tenant evictions and keep financial records for your taxes.
Breakdown of Property Management Fees
- Initial Setup Managment Fee
One time registration fee of Rs: 1999/- chargeable to setup as initial account with the company. The fee includes cost to inspect the conduction of your property as well as to notify tenants, that we will be managing the property.
-Fees
Our Standard fee collection will vary between 8% to 12% on the gross monthly rent. Company will charge a lower percentage between 7% to 9% for property with 10 units and above, and a higher percentage of 9% and above for smaller residential properties.
Sales
Residential and commercial property for re-sale deals through transparent communication.
• Our Fee*: 1 to 2% of the Sale value + GST (House/apartment)
• Our Fee*: 1.5 to 2% of the Sale value + GST (land/Plot)
Maintenance Fee
Maintenance fees will be charge as per actual after the approval of the owner. This include keeping common areas clean, taking out garbage and leaf removal. If a specific repair must be made, the cost of the repair will be deducted from security deposit.
Security Deposit
The company retain 20% of the security deposit for emergency repair and to settle the painting and repairs at the time of tenant vacating.
Eviction Fee
If you want a company to handle tenant evictions, you are required to compensate for it. Expect to pay a few thousand rupees for each eviction, plus any associated court costs.
Early Termination Fee
If you terminate the property management contract prematurely, you may incur an early termination penalty. The amount of this penalty can vary significantly depending on the contract terms. It could entail covering an extra month of management fees, or in more severe cases, result in legal action for breach of contract.