Yes, you might have bought a house in India as an investment, but why stop there? There is a great and easy way to monetize your property in India and earn a steady income: through rent! Being in the property management business, we find that most property owners, although very interested in earning via rent, struggle with renting out their property. Some of the common issues they face (which you might too) are:
- It’s difficult to advertise and market the property with limited time and resources.
- When prospects want to see the house, home owners need to drop everything and conduct an open house.
- The alternative, hiring a broker, ends up being expensive and brokers cannot always be trusted to keep the home owners best interest at heart.
- Verifying tenants is a tedious process, and home owners sometimes just settle out of pressure.
- Once rented out, the property needs periodic maintenance and care, and renters make requests that need to be catered to.
If you’re an NRI, the entire process of renting can get to be an even bigger hassle. Luckily, there’s a great solution for property management hassles, for Indians and NRIs, and that is property management companies.
What is a Property Management Company?
A property management company comprises of property experts, who manage your property on behalf of you. Do not mistake this for a brokerage company. Brokers only deal with finding a buyer or renter, whereas a property management company take over all responsibilities you would otherwise execute yourself.
Here’s what a property management does:
- Inspects your property, evaluates the condition and gives you a detailed report.
- Performs repairs and clean-up to prepare the property for renting/selling.
- Fixes a competitive price point based on the locality and current market price.
- Markets and advertises your property, and handles open houses.
- Screens prospective tenants and performs background checks.
- Helps with the transition: with tenant move in in case of rent and property hand over in case of selling.
- manages tenant demands, and rent collection.
- Performs periodic checks, maintenance, and repairs.
In short, a property management company becomes your proxy on ground. We take care of the property like you would. You can get a complete list here: Property Management Services – A Detailed List.
So How Does a Property Management Company Help Monetize Your Property?
in order to ensure you are getting the best out of your property, a property management company does the following:
- Ensures you find new tenants as soon as possible. This minimizes the no rent period giving you the most our of your property.
- Maintains the property when renters are there, which often extends their stay further reducing the chances of vacancy periods.
- When renters move out, the property management company services the house or apartment swiftly, making it ready for renting as soon as possible.
- makes finding renters easy, through their channels of advertisers, marketers and listing portals.
- Ensures you get the best price for your house, by analyzing the current market trends.
Check out this article wrote that will give you a complete idea: Vacancy Eating into Your Earnings? Here Are Five Ways How Property Management Companies Ensure Minimum Vacancy Time!
Do you own a property in India that you’re looking to monetize? Either by way of rent or selling? A property management company can help. It can be tedious to do it yourself, and expensive to do it via a broker. We at Propadis provide a complete 360 degree solution for all your property management needs. Drop in a message through the contact us button and let’s get a conversation started!