If you own a property in India that you don’t live is (because you live elsewhere in the same city or maybe you’re an NRI), you have already experienced the hassles of managing it. In fact, the trouble of managing a property from abroad is what led to the founding of our property management company, Propadis.
If you have no idea about what a property management company does, here’s a short list of services we provide:
- Inspects and evaluates the property to give you a competitive market price (be it for renting or selling).
- Markets, advertises, and handles open houses (be it for renting or selling).
- Screens and verifies both tenants and/or buyers.
- Manages the property transition in case you’re selling, and this includes documentation and legalities.
- Manages tenants and rent collection in case you’re renting out the property.
- Maintains the property, by performing periodic inspections and repairs.
- Enhances the property value, by maintaining it, keeping it secure, and recommending improvements.
This should give you a basic idea of what a property management company does. basically, we take over all responsibilities pertaining to your property from you. We manage it, A to Z, on your behalf. If you’re interested in knowing exactly how, you can check out this article we wrote: Property Management Services – A Detailed List
Also, for home owners looking to find tenants, here’s how a property management company can help: Why Hire Rental Management Companies – On-time Rent with Minimal Vacancy
Now, getting to the crux of this article, we want to give you an idea of why hiring a property management company, is better than managing your property on your own. Believe us, this list is curated based on the troubles our very own customers have expressed to us before signing us on as partners. You are most likely going through the same.
Managing a Property on Your Own vs Hiring a Property Management Company
The only reason you would consider help managing a house is if you don’t live in it, obviously. Chances are, you live far away from one of the properties you own. You could be an NRI, or you could be living in the same city but we know that with the size of metro cities and the traffic, the time taken to reach a property is usually a lot. in such cases, you cannot physically visit the property to inspect it, manage it, maintain it, oversee repairs, collect rent, etc. Home owners sometimes resort to requesting family members, neighbours, or brokers to help them out. None of these people are experts at finding issues with a property on inspection, and frankly none of them care as much as you do.
When you hire the services of a property management company, however, things are different. Firstly, we care as much as you do, because it is our bread and butter.
And, we have on-ground team members who are property experts, and it is their job to visit your property physically, assess it, draft a report, and get repairs/maintenance work done. The assigned property manager also becomes the point of contact for your tenants, so you don’t have to worry about getting any work done, collecting/signing documents, or collecting rent. We’ll do all of it for you.
As a home owner, you have other responsibilities to cater to. You might not find the time or have the energy after a long day’s work to get repairs done, or cater to your tenants. This can lead to degradation of the property, or a degradation of the relationship between the tenant and you.
But, when you employ a property management company, we ensure all property and tenant related activities are taken care of promptly. This keeps tenants happy, and fosters longer tenancy.
Finally, since ‘property management’ is not your forte per se, you might not have the contacts or expertise to get things done fast, efficient, and for cheap.
On the other hand, since property managers like the on-ground team at Propadis deal with land/houses and vendors on a daily basis, we have a the understanding to do what’s best, and an arsenal of vendors and experts. This enables us to get work done fast, right, and for cheaper than usual.
Having worked in the real estate business, we have an acute understanding of home owners’ paint points. We have built our services around these pain points. If you believe you are the best person to manage your property, by all means, go ahead. But if you want to rid yourself of the hassles that come with property management (constant tenant calls, house vacancy, need for repairs, vendor calls, prospect calls, dealing with brokers, advertising, marketing, inspection, documentation, etc), and ensure your property is getting the right care, consider hiring a property management company.
Here’s a list of some popular companies that you can begin your search with: