Insights into Standard Operating Procedures of a Property Management Company

Real estate – time and time again has proved to be a great investment choice on the long run. Whether it’s having multiple properties that you rent or lease out or keep your own personal property occupied while you live overseas. 

As with any investment, from mutual funds to stocks and shares – if the investment is not monitored and tracked, you may not end up making the ROI you intended to make or could have made. 

Being away from your property makes it harder to stay updated on the local market trends, take more urgent immediate actions in turbulent times such as this pandemic. 

A property management firm is a one stop solution to take away the burden of these tasks from you. At Propadis we follow a set of standard operating procedures that ensure we keep your property and you up to date at all times. 

1. Perform market analysis: Metropolis cities such as Bengaluru have an ever growing real estate market. As experts in property management, we run thorough analysis and do an exhaustive market analysis of various locations to keep up with the changing market value and trends. Based on where your property is located – even before you sign-up – we  give you a clear insight into the best ways you can fully monetize on the location of your property. 

2. Upkeep and maintenance: If you have had a property and no one to look after it all these years or have bestowed the responsibility to a relative who no longer has time – it’s time to start considering a property manager. Our firm has a team of professionals and dedicated property managers. 

On onboarding with us – we start with the basic inspection of the property to get an understanding of its value in that locality and how we can best help you get a good ROI for that property. Following this, based on whether it’s a new or older property that was already previously occupied – we follow a protocol of deep cleaning and identify any necessary repair and maintenance required. 

By keeping your property damage free and looking after its maintenance actively, we ensure that the market value of the property is maintained. If the property does not have good upkeep – it’s more likely to lose its value sooner, resulting in depreciation vs appreciation of your investment. 

3. Marketing and advertising: A vacant property is a loss in the making. To make the investment worthwhile you need to ensure that the property is occupied as long as it can be and not left vacant. 

While there are numerous tools and platforms that you have at the tip of your fingers to advertise and list your property – advertising to the right target audience and getting a responsible tenant is also essential. 

Advertising and listing is a major task when it comes to ramping your property on the listing site so you find a tenant sooner. 

At Propadis we have a dedicated marketing team that evaluates the best platforms to list your property, keeps a track of incoming queries about the property and keeps your property at the top of listings. 

Having a property manager will relieve you and that relative you left in-charge the hassle and back and forth of setting up times when a potential renter wants to see the property. We have managers dedicated to your property who promptly show leads to the property.

Furthermore, we run background checks and verify occupants to ensure that you get reliable tenants. 

4. Open houses:  If you have invested in several properties and are aiming to have them occupied at the earliest, as your property managers we ensure we find the right target audience for you and host Open Houses where potential tenants can all visit in a single day. 

We take care of everything from marketing the property and the Open House to closing the deal! 

 5. Agreement: Once we find the right tenant, to avoid any legal issues or conflicts that could arise in the future, we carefully draft precise agreements that cover every aspect of the responsibilities the tenant would have while they occupy your property. 

The agreement is one of the most important documents as if conflict arises, the agreement will define exactly what terms were agreed upon during the signing and onboarding of the tenant. 

A well made agreement not only protects you from any legal affairs but it also sets clear expectations for the tenants. 

For example, a locality may have a trend of appreciating value of 10% YoY and you intend to increase the rent by 10% according to that trend. The agreement would cover points such as this where you would clearly state the time-frame in which you would increase the rent and by how much. 

This makes the agreement transparent and also allows your tenants to plan for such financial changes. 

6. Tenant management: Once the property is listed, advertised, a tenant is found and the agreement is signed. The task of managing the property does not stop there. 

Being an NRI in a different time zone, you obviously will not have time to send constant reminders about rent payments, attend to any problems a tenant may be facing or have to communicate some damage or repair that’s required. 

In our end-to-end solution for property management, we cover all this for you. As managers of your property we ensure the rent collection happens in a timely manner, we are available on call if the tenants needs to reach out or have any urgent concerns with respect to the property and we also tend to any repairs and maintenance.

If a tenant is moving out, we run an inspection to evaluate the condition of the property and based on the terms in the agreement carry out the off-boarding of the tenant accordingly. 

7. Documentation: When it comes to a property, there are several important documents that have to be accounted for. 

Some example of essential documents include: 

  • Sales Deed: Establishes ownership of title of the property. This has to be registered in the Sub-registrar’s office of the area where the property is located. 
  • Khata: This is important for the registration of a new property. This document is proof that the property has entry in the local municipal records and the construction has been done according to an approved plan.
  • Occupancy Certificate: They are the government approvals for electricity supply, water supply, etc. the builder needs to have before he can start construction. These approvals are mandatory to ensure that all the required government approvals are in place.
  • Completion Certificate: A completion certificate from municipal authorities is required to show whether the building complies with the rules relating to permissible building heights, distance from the road, etc. It ensures that the building is constructed according to approved plan.
  • No due Certificate: A no due certificate from the Apartments Owners Association is required to ensure that the owner has cleared all his dues. This is also required in its original form.
  • NOC: A no due certificate from the Apartments Owners Association is required to ensure that the owner has cleared all his dues. This is also required in its original form.
  • Property Tax Receipts: The local municipal authorities assess the value of every property and accordingly levy a proportionate tax on the same, which would be payable on an annual or semi-annual basis. It’s important to have the tax receipts to ensure there are no pending dues. 

The above mentioned are just a few examples of the documents involved and necessary when it comes to protecting your property from all legalities. 

8. Communication: Last but not the least, we make tracking and monitoring your property accessible at the tip of your fingers. Via our App and emails, you will have constant all and updates with respect to the status and condition of your property. 

We also assign a property manager for on-call support for any queries and concerns that may arise. 

A property is a great investment in the long run and it’s essential to look after it to reap its benefits. However, to ensure maximum ROI for your property you have to also look after and maintain that investment. 

With Propadis you can leave all the hassle to us and enjoy the ROI for your investment!

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