Owning property in India is a brilliant Idea. Real estate is always booming and is an incredible investment. If you own a house in India that you aren’t living in, however, there is a potential for an additional income – through rent. Tier 1 cities like Bangalore, Kolkata, Mumbai, Pune, Delhi and Chennai, pose enormous potential for profits from rent owing to its high working and student population.
If you do consider renting out your property, you should be aware of the difficulties involved in handling rent management yourself, especially if you’re an NRI. There is an easier option – Rental Management Companies (also known as property management companies). Rental management companies assume all responsibilities and take over the hassle, while you relax and have the rent deposited to your account every month. Here are the benefits of hiring a rental management company for your rental house in India-
1. They find verified tenants
The problem in a rented apartment is vacancy – the period when you don’t have tenants. You don’t earn anything during this time while spending money to maintain the house. This is where property management companies make life much easier. They have the right tools to advertise and promote your property to find tenants fast. They perform all the necessary verification checks to ensure the tenants are safe and trustworthy.
2. They ease in the moving in and moving out transition
There are a lot of activities on the checklist when tenants are exiting. You need to inspect the house, calculate damages, arrange and deliver the deposit that was paid etc. Additionally, you have to perform a lot of tasks to ensure the house is ready for the new tenants moving in. This will take a lot of your time and effort, something that you might not have to expend. Hiring tenant management companies will help you here because they take over this entire process and make it easy for the exiting tenants, the tenants moving in, and for you.
3. They manage all tenant requirements
Tenants needs servicing. You need to cater to house maintenance and repairs, payment of utility bills, rent collection, etc. All of this consumes a lot of time and effort, and if you’re a working professional or an NRI, it could be impossible to manage. Hiring a rental management company will make the entire process a breeze. The tenants directly communicate their needs with the company, and the property management company manage all the requirements. For periodic tasks such as maintenance and rent collection, the send reminders ahead of time and get the task completed on time. You can be sure to receive your rent amount with none of the hassle.
If you have a house in India that is rented out, you already know the trouble involved in managing it. Drop us a message and we can discuss the different services we provide and how they fit in your situation.
If you need more information, we suggest the following read: 7 Reasons Why Homeowners in India Are Hiring Property Management Companies