NRI Property Management – Do I Need a Property Management Company?
P.S. If you’re looking for the services we provide, here is our services and contact page: NRI Property Management
Owning a property has always been, and still is, a lucrative investment. But, just like the stocks in your portfolio, property needs constant attention, maintenance and care. As a property owner or a homeowner, I’m sure you’re already aware of the hassles that are involved with property management. Plumbing problems, leaky ceilings, broken rooves, chipping paint, overgrown weeds, delayed rent, tax payment, the list goes on. If house management was simple, you would be watching a YouTube video rather than reading this article now, wouldn’t you? But there is a way to simplify property and house management.
The answer is property management companies (sometimes called rental management companies). Our sole purpose is to take over the tedious, albeit crucial, tasks that encompass property management from you, so that you can reap the benefits of owning a property without carrying the burdening stress. But before you invest in a property maintenance company, take a minute to ask yourself do I need to hire a professional property management company. How do you find out for sure? Simple, if these apply to you, you should consider hiring a property management company:
1. You stay far away from the property you own
If you’re an NRI, of course, your property in India is simply too far away for you to manage on your own. Chances are your appointed liaison, who could be a relative or a friend, also stays pretty far from your property in India. The distance implies property maintenance does not happen as often and efficiently as needed. This means your property is suffering. As the owner, it is time to take matters into your own hands and hire a property management company!
2. There is simply not enough time to check on your property
With your daytime job, family, friends, and hobbies, managing your property can take a back seat. You might not have the time to check on your property, or call up your mediator and remind them to check it for you. The advantage of hiring a property management company is that they check on your property periodically without needing reminders. Professional companies, like Propadis, also prepare reports and keep you posted. If free time is a luxury, it is time to hire a property maintenance company!
3. You own multiple properties
It’s good to have more of anything that draws you a plump profit. The downside, however, is that you are unable to give equal time and effort to each property you own. This, incidentally, is not a problem for a professional property management company. Companies like Propadis have a team of experts at their disposal, making it easy to give each one of your properties an equal priority.
4. You are unsure of what property management involves
Hey, you cannot be expected to be a master of all. Property management sometimes involves:
- Knowing common property related issues and their fixes.
- Having the right contacts to get fixes implemented
- Having an in-depth understanding of property law
- Staying current with property rules and regulations
- Knowing the impact of the environment and weather on a house
With an ever growing and challenging list, it is sometimes best to let professional rental management companies handle property management for you.
5. Vacancy problems
As an NRI with property in India, it is a smart idea to rent it out (if you haven’t, give us a call immediately!) Renting is a good way to monetize your property. The problem, however, is managing tenants while staying hundreds of kilometres away. This gives rise to tenant issues and ultimately, vacancy. With a rent management company on site, this problem simply dissipates.
An article we write explaining this trouble, and also giving you a solution: Vacancy Eating into Your Earnings? Here Are Five Ways How Property Management Companies Ensure Minimum Vacancy Time!
6. Managing tenants has become a chore
Getting a call from a tenant in India to fix a broken shower head when you’re in an important meeting can be frustrating. That’s exactly why you need reliable mediators on site. Professional property management companies, like Propadis, take measured steps to keep your tenants happy. We handle every issue in a responsive and professional manner, ensuring you are never bothered by mundane tasks.
7. You are unsure of how much to charge your tenants
Property rental fares, or selling rates, differ from country to country, even city to city! If you charge too low, you could lose out on a good profit, while charging too high can drive away potential tenants or buyers. Why take a risk when there are experts who can advise you? Property management companies survey your property, the surroundings, and the average rent/sale price for the area and counsel you on what to charge.
8. You are unable to advertise your property
Finding tenants for rent or to buy your property is impossible without advertising your asset. There a number of ways to achieve this: online advertisements, listing sites, hiring realtors, putting up billboards, etc. The high number of options, unfortunately, only gives rise to more nuisance. You might simply not want to waste time and energy on this. That’s alright, because property advertising and marketing is something professional property management companies, like Propadis, happily perform for you. Making sure your property reaches the right buyer or renter is our number one priority!
Here is an article we write that will definitely be of help: 3 Ways to Advertise Your Rental Property Online [& Always Have Tenants]
9. Not up to date with the current laws
As an NRI with property in India, you cannot be expected to stay current with the changing laws, rules, and regulations of India. As the owner of an expensive property, you do not want to get on the wrong side of the legal system. Staying in compliance is an important must. Just as you hire professionals to handle your taxes and investments, hiring a property management company to handle property legalities is a good way to go.
How To Choose The Right Property Management Company
Alright, you have found yourself nodding to one or more points mentioned above and have decided to hire a property management company. It’s beneficial to know what services an excellent property management company delivers so that you can make the right decision. Your property is an asset close to your heart, make sure you put it in the right hands.
Here are 7 services a superior company delivers:
1. Hands, feet, and eyes on-ground – They are always on-site
The house management company MUST have a team located close to where your property is. Don’t give in to promises of ‘sending an agent when required.’ The entire purpose of hiring a property management company, after all, is to have a liaison close to your property. A company with a team close by can be relied upon to manage issues promptly. When you have a property that is rented to tenants this factor becomes all the more crucial. Tenants can call at all times of the day with problems, and your hired company must be close by to service their issues.
2. Tenant/Buyer verification – They perform a thorough background check
At Propadis, we take tenant verification seriously, so should the property management company you decide to hire. Renting or selling a property to individuals without proper identification could lead to serious legal implications. Stress on ensuring your property is handled with care and handed over to individuals who will treat your property like the gem that it is.
3. Tenant management – They make sure your tenants are happy
Happy tenants stay longer, reduce vacancy rates and build the quality of your property. A skillful rental company goes the extra mile to keep tenants happy. Maintenance is performed on time, repairs are done promptly, a helping hand is stretched when needed and they are made to feel at home. This subtle generosity leads to contented tenants. They will be sure to give you a five-star feedback!
4. Legal help – They manage and maintain legal documents and records
A major aspect of property management is staying lawful. A property is an enormous asset costing a lot of money and involving heavy paperwork. Having a professional team manage these documents is a smart way to stay on the right side of the law. A good property management company updates documents periodically and submits legal work to keep authorities happy. Make sure the management company that you hire also provides legal aid and advice.
5. Lower repair and maintenance cost
A house management company either has an arsenal of in-house maintenance staff or use regular vendors and contractors. They ensure labourers are efficient and the job is done in an impeccable fashion. Furthermore, using the same repairmen on a regular basis gives management companies the benefit of discounts and slashed fares, which in turn means savings for you on repairs and maintenance.
6. Higher ROI – They ensure your property value is enhanced
Property management is not the task of simply performing repairs when breakdowns happen. It is the process of upgrading your property to a better version of what it was, leading to a boost in its overall value. A formidable property management company offers professional advice on how to improve your house. They take extra measures, with your approval, of course, to beautify the house and equip it with the essentials. They take proactive measures to safeguard your property from potential hazards and future problems.
7. Marketing Expertise – They advertise efficiently to find the right buyer
When you decide to sell your house or property, professional property management companies use their expertise to advertise and market your property and find the right buyers. They vet the property, survey the locality and prepare an ideal marketing portfolio to attract potential buyers. At Propadis, we host open houses, take buyers on a tour of the property and follow every measure to make a promising sale.
A Property Management Company Will Definitely Be Beneficial In The Long Run
All things said and done, having someone take care of the tedious management tasks involved with property management will definitely make your life much easier. You will save an enormous amount of time for the important things, like family, friends and vacations. You can go months without thinking about your property and still rest assured it is being handled with care and efficiency. The release of this enormous stress will do wonders for your mind and health.
When you do decide to hire a property management company, take the time to vet their services and history. You’re investing money and handing over an asset, you have the right to ask questions. Compare services and more importantly, feedback from prior customers.
Make sure they have an onsite team in the city where your property is located. They should be available on prompt notice to cater to your needs and that of your tenants. They should list the services they are definitely going to provide. Do not accept ‘maybes’
The benefits mentioned will be yours as long as you hire a competent property management company. If you’re not sure of how to start or where to go, give us a call. We don’t charge for advice and love to help out. Propadis was born from the ashes of personal property management problems. Each of our founders has once been in your shoes, standing right where you are, wondering how to settle property issues from thousands of miles away. It is safe to suffice, we know what you’re going through and have a solution for all your problems.
Here’s a list of some popular companies that you can begin your search with:
Here’s a helpful read: Why Property Management is Important for NRIs