What is a Property Management Company, and are they the same as a broker, a real estate agency or a listing company?
A quick excerpt of what a property management company does:
- Helps you Sell a property in India
- Finds tenants for your house in India
- Helps you manage tenants in your India home
- Maintains your property in India
- Makes sure your house in India receives the right and best care
- Manages legal work
- Manages and maintains documentation
- More! Read on…
So, is a Property Management Company the same as a broker, a real estate agency or a listing company? The short and simple answer: No! A property management company is much more than just a broker, a real estate agent or a listing company/website. In fact, they are all three and more! Unfortunately, not a lot of people are aware of the wonderful services provided by a property management company. As a property management company ourselves, we are the right authority to explain what we do, and why you should hire a property management company to manage your home in India.
There are a couple of situations when you will find it hard to maintain a house that you own in India. If you’re an NRI with a property in India the condition becomes much more difficult. Here are some situations when our clients found it extremely hard to maintain their property in India:
1. They stay far away from their home in India
Some of our clients are NRIs who bought a property in India as an investment. Some of them live in India but in a city different from their owned property. And some live in the same city but a couple of kilometers away. In every case, they found that they could not make the time to check up on their property frequently. Either personally or through a friend/relative. Over time, an ignored property degrades and develops problems that become difficult to fix. Sometimes a complete overhaul is required. Your property, like your body, needs constant checks and maintenance.
2. They have no time to check up on their property in India
Property management in India is a full-time job, and all our clients, just like you, already have a full-time job. Checking up on your house in India will quickly become something you forget to do, as your life’s more important tasks take over. Your family, friends, hobbies and office work will all consume most of your time and energy. In all honesty, you’re spending your time correctly. But, sadly, not only will your expensive investment start degrading, you will also end up spending more money to fix things up.
3. They were not sure of what to check and when
It often takes an expert eye to see a problem hiding in plain sight. Many of our clients thought everything was fine until their tenants called to complain. It happens, property management is not your forte. Knowing what are small issues and what are major problems is an important skill a property management company possesses. We check the nooks and crannies to make sure everything is in tip-top shape, something most people overlook.
4. They couldn’t find affordable resources
Property management in India requires multiple tasks: repairs, legal work, documentation, tenant management, maintenance work, etc. Either you have to go over yourself and get this done or hire one expert per job. For example, a lawyer for tax work, an accountant for documentation, a plumber for pipe fixing, painters, etc. This quickly becomes a hassle and becomes expensive if you don’t hire the right person. Can you imagine handling all these personnel on top of your regular job?
So what does a Property Management Company actually do?
They solve all those problems mentioned above, and more! Here is the comprehensive list:
1. Helps you Sell a property in India
They help you sell your house in India if that is what you want to do. How? Firstly they possess their own listing portals on which they promote your property. They also publish it on other listing portals and websites. This is how they handle listings. Next, they advertise through digital media and flyers. They handle all potential buyer calls themselves so you’re not bothered with constant calls. They show the place to buyers at their convenience. All this for the initial fee you paid, no hidden costs. So you see, they perform the job of a broker, a real estate agent and a listing company, but more efficiently and at a fraction of the cost!
2. Finds tenants for your house in India
If you’re not looking to sell your property in India, you can still make a passive income. By way of collecting rent. Why let your house in India sit idle? Let tenants occupy it so you collect a handsome and assured pay every month. But the problem is in finding tenants. Again, a property management company comes to your aid with a host of services. They advertise your property on the right channels. Pick all potential renter’s calls, answer their questions and show them around the house. They portray your demands and rules and ensure the tenants are aware of and agree to them. Essentially, we handle everything on your behalf.
We speak more in-depth about this here:
3. Helps you manage tenants in your India home
The job does not end once the tenants have occupied your house in India. The job is in fact just beginning. Solving tenants’ problems, monthly checks and repairs, rent collection, all these tasks become a constant thorn in your side. When tenants vacate you have the additional task of getting things cleaned and ready for the next occupants and the job of finding tenants starts all over. A property management company in India makes this simpler by simply taking over everything. The company becomes the first point of contact for your tenants. So, they call us and we handle everything without you having to lift a finger or break a sweat! If tenants leave we make sure to fill the house up as soon as possible so you have very little vacancy time.
We speak more in-depth about this here:
4. Maintains your property in India
Whether you have tenants or no, your house in India still needs constant care and attention. A property management company appoints a property manager to manage your property in India. This representative personally visits your property on a regular basis to asses its condition. The property manager is an expert and can detect any problems immediately. These problems are promptly and correctly taken care of. This makes sure nothing goes out of hand and becomes more costly to fix in the future. So you see the company becomes your eyes, hands, and feet on the ground. They are physically present at the location to manage your house in India.
5. Makes sure your house in India receives the right and best care
A property management company in India has a host of resources, vendors, and workers in their arsenal. They are extremely efficient and are experts in their field. So, when we notice an issue in your property in India or when we are told of a problem by tenants, we know exactly whom to call to get it fixed. What’s best is that through renewed work, we are able to get you a better price than you would get in the market yourself. We also have reliable vendors for products, parts, and services.
6. Provides extra services
In essence, a property management company does everything needed to manage and maintain your property in India. This goes beyond selling, renting and repairs. We treat your property just as you would. We treat it like the prized possession that it is. In addition to all the services mentioned above, we also handle tasks like:
- legal work
- property tax management (NRI Tax in India: Property Tax Information Every NRI Must Know)
- documentation management
- rent collection
So you see, we actually perform everything you would, on your behalf. This is not something a broker, a real estate agent or a listing company does. That is why we are different.
When should you hire a property management company for your property in India?
If you own a property in India that you don’t live in, you need our services. maybe you’re an NRI with property in India as an investment. Or you’re a building owner with multiple flats given for rent. Maybe you stay in the same city but own two houses. Trust us because we have been around long enough in this business. You will need help to manage your house in India, and not just any help, but expert help. Do not wait till your property degrades and you end up having to spend more time, money and effort.
When should you hire a property manager in India? See our infographic to know the right time:
We put together a list of property management companies you can reach out to. Here’s a list of some popular companies that you can begin with:
PropTech Solutions: https://propadis.com – We are the best of course! But, we do not shy away from giving you more sources. Your happiness, after all, is most important to us. Here are some more-