Investing in a property management company
As a landlord, in India or overseas – one of the biggest decisions you will make is whether you should hire a property management firm deciding when the right time is.
Many landlords manage properties on their own or with the help of a close relative or friend, however, that person may not have professional experience in handling multiple properties and understanding the nuances of managing a property.
Property management services can be a huge asset to you as an individual if you invest in one at the right time.
What does a property management company do?
Property management companies act as your eyes on the ground by directly overlooking all aspects of your property.
Property management services include marketing your rentals, collecting rent, maintenance, repair issues, responding to tenant complaints and even maintaining your tax and documentation.
A good property management company has hands-on experience in handling different types of property and gives you the peace of mind that comes with knowing your investment is in good hands.
When should you hire a property management company?
You need some of the following points when you feel unsure about whether you are ready or not to invest in a property management company.
You have lots of properties or rental units
If you are the kind of person who primarily invests in property and have multiple units, you are the most likely to benefit from property management services.
However, it is not limited to such a scenario as, if you are an NRI and have only one property in India, you may still need to maintain its upkeep for your return home and also have someone professionally overlook your ROI on that investment.
You don’t live near your rental property
While property management may sound like they make the most sense for NRIs investing in India, it can also benefit property owners who are located very far from their property.
For example, you may have made an investment in Bangalore but now live in Delhi – you may not be able to visit the property as often as you would like, especially in times like the pandemic.
In such cases hiring a property management company can be invaluable in dealing with the many issues that you will not be able to handle from afar.
You’re not interested in hands-on management
Truth be told – not all of us are cut out to be great property managers. There are many things on the checklist of being a great property manager and it may not be up your alley.
By hiring someone who offers property management services, you have many things like finding good tenants, attending tenant queries and maintenance of the property taken care of.
A property manager will have hands-on experience in handling property and will be able to take care of day-to-day tasks surrounding the management of your property.
Your time is limited
Time is precious and working a full-time job, managing home affairs and also having to manage a property can be an overwhelming task.
Many people may not have much time to devote to the property, especially as being a landlord can be a tedious task.
As an investor, if you prefer to spend your time growing your assets and investments, including searching for new properties and arranging to finance for renovations and new investments – then a management company might be a good place to start.
You’re suddenly inundated with management tasks
As an NRI or local – if you are looking to rapidly expand your investment portfolio you might find yourself overwhelmed by the tasks of maintaining several properties.
At that point, it might make sense to hire a property management company that will help you overlook the tasks of property maintenance.
Proptech has in-house experts across different departments who carry out property management services like property inspection, property maintenance, tenant management etc.