When you own a property overseas, managing that property effectively is essential to ensure you get the best ROI on your property.
As an NRI with property in India, here are some things to think about when you are considering hiring a property management company.
How far do you live from your rental property and how often can you visit the property?
If you are an NRI who lives overseas, you are countries away from your real estate property. As an NRI you may only be able to visit your property only when you visit India (once or twice a year). Given the current circumstances due to the pandemic, travel has become a challenge and you may not be able to visit your property for a few years.
Being away makes it difficult to keep a check on your property, you obviously can’t do routine checks and inspections and can’t attend to any maintenance requirements.
A property manager is your ambassador on ground and will always be available to carry out routine inspections, check on tenants and also address any tenant or maintenance requirements immediately.
At Proptech, we have a dedicated property manager who handles your property and keeps you in the loop the whole time with updates via emails and our app.
Have you thought about property and tenant management?
When you invest in a real estate property there are many more things to it than just ensuring paperwork and maintenance of the property.
However, owning a property and renting/leasing it out comes with many ups and downs. Other than collecting rent every month, there are many unpredictable issues that can arise over time.
Tenants can be complicated and that can present unfortunate events where tenants:
- Get in fights with other tenants or neighbors
- Have domestic disputes
- Conduct illegal business in the dwelling
- Carry on all night parties and revelry
- Try to sneak extra people or animals into the home
- Decide to sue you
- Trash the property
As a property owner, you have to be available to address such problems immediately to ensure they don’t lead to unnecessary and complicated legal escalations.
If you are an NRI, it’s overwhelming to try to deal with constant queries or emergency issues; a property manager takes away this stress by being your representative on ground and ensures all issues are addressed and taken care of.
Are you already juggling several tasks?
In between a full-time job, managing a home and making time for yourself – being the owner of several properties or even a single property can be a tedious job.
As mentioned above, a property to give you the best ROI needs constant attention as any investment does.
Hiring a property manager will help you balance your time and keep control of what’s going on in your life in general and with respect to your property.
Do you own multiple properties?
Owning multiple real-estate properties as an investment means a large portfolio. A large portfolio means growing management challenges and higher chances of important things slipping through the cracks if you are trying to manage your property alone.
As an NRI investor, you can significantly benefit by hiring a property management company as they will make your property managing tasks efficient and seamless.
Do you have experience with all tasks related to property management?
Being overseas you may not know who to call when it comes to repairs and maintenance and you may not know what vendors you can trust to get the job done right.
Finding a reliable handyman and good contractors is possible when you can meet with them in person and see the task getting completed first hand.
Maintenance and repairs can cost you a lot of money in the long run, hiring a property management company saves you the hassle of having to find your own vendors and contractors to get the job done.
Proptech has a network of reliable and trusted vendors and contractors who are available to tend to any repair or maintenance work – these tasks are also overlooked by a property manager to ensure it gets done right.
Do you know how to list your property?
Once you have invested in a property, you have to make sure it doesn’t remain vacant for too long. To ensure it’s occupied at the earliest you have to advertise and list your property on various platforms.
Listing a property properly, answering calls and queries via the platform can take up precious time, and if you aren’t on top of the game with answering the queries, you will lose out on potential tenants and in turn have a lower ROI.
If you are not sure about having the right amount of time and bandwidth to take on all these tasks – you should consider hiring a property management company to handle your listings and advertising for you.
A property manager will know what platforms are suitable for your property and will be able to address any queries immediately.
How free are you?
When you live overseas, you will have your own full-time job and may not have the time for constant check-ins and follow-ups from your tenants.
However, it’s important that tenant questions or concerns get answered and addressed as soon as possible because you never know when there may be an emergency.
You have to keep in mind that a tenant can have an emergency at any time – whether you are working, it’s day, night or you are on a holiday.
By hiring a property manager, you can rest assured you won’t get calls in the middle of your holiday about overflowing toilets.
How well do you understand the laws governing land lording?
One of the most important parts of having a successful investment is ensuring your property is compliant with the laws and regulations surrounding real estate.
You should be familiar with real-estate terms, property laws and contracts.
If all this sounds overwhelming, you should consider hiring a property manager who will ensure these tasks are taken care of. A property management has a thorough understanding of property laws and will be able to act immediately if there are any state or central changes in real estate laws and regulations.
Ultimately the decision is yours and you have to weigh out the benefits of hiring a property manager to help you manage your property in the best way possible. You have to evaluate the time you will invest as an individual to take care of your property vs hiring a property management company that will make handling your property seamless.
Next, let’s cover what exactly a management company can do for you and your property(s).