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Real estate investments are a popular way for NRIs like Sindhu (fictional name) to earn passive income and build long-term wealth. Sindhu knew that managing her properties effectively was crucial to maximize profits. Here are some of the steps she took, with the help of a property management company, to achieve her goals:
1. Solid Rental Agreement:
Sindhu had a solid rental agreement in place for all her properties. She worked closely with her property management company to include important provisions such as late fees, security deposits, move-out process, and other important clauses in her rental agreements. Since she was not physically present in India, Sindhu also included clear guidelines on day to day maintenance and repairs to avoid disputes with tenants. Her rental agreement complied with all local laws and regulations.
2. Marketing the Property Effectively:
Since Sindhu was not present in India to oversee marketing efforts, she relied on her property management company to create detailed property listings with high-quality images and descriptions. The company marketed the properties on popular online real estate portals like Magicbricks, Housing, and 99Acres, highlighting the unique selling/renting points of each property. By leveraging the property management company’s expertise, Sindhu was able to attract potential tenants and maximize profits.
3. Maintaining the Property:
Sindhu knew that regular maintenance was crucial to keeping her properties in good condition and attracting potential tenants. With the help of her property management company, Sindhu invested in preventative maintenance to avoid costly repairs in the future. The company also assured that post move-in, should there be issues within the 1st 2 weeks, as the tenant starts using the home, the repairs were addressed promptly to avoid any inconvenience to tenants. Sindhu could rely on her property management company to handle all property-related issues, even though she was not physically present in India.
4. Knowing The Market:
Sindhu with her property management company to conduct research on rental rates in the area and the types of tenants (family or bachelors) that were most likely to rent her properties. This helped Sindhu set competitive rental rates that covered her expenses and generated a good return on investment. With a thorough understanding of the market, Sindhu was able to make informed decisions that maximized profits.
5. Building Relationships:
Sindhu’s property management company helped her build strong relationships with her tenants, even though she was not physically present in India. They were responsive to their needs and helped in renewing their leases. Sindhu was able to retain her tenants and reduce turnover, which is costly for real estate investors.
In conclusion, with the help of a property management company, Sindhu was able to successfully implement these tips to maximize profits from her real estate investments as an NRI. If you’re an NRI looking for a property management company to help you maximize your profits from real estate investments in India, your search ends here. Our company is a one-stop-shop for all your property management needs. With over 100 positive reviews from our very own NRI owners and Indian tenants, we take pride in providing on ground services along with timely communicational updates. Try us and feel the difference in the way we manage your properties and help you achieve your investment goals. Connect with us.