Property rental management services are used for routine monitoring of the tasks related to the residential, commercial, or industrial property rights by third parties. In general, property managers are responsible for the daily repair and ongoing maintenance, security, and upkeep of real estate properties.
They usually work on behalf of the property owners or investment properties such as homes, apartments, condominium complexes, shopping centers, industrial parks, etc. These property managers are given certain routine maintenance tasks by their owners so that the value of the property remains intact and provides them income with this. If anyone requires such services, then you have to contact the Rental Property Management in Bangalore. Key points about the rental property management:
Why Choose SANGAU? SANGAU is a top Bangalore Rental Property Management organization providing top-notch service to property owners and tenants. Here, it provides property management services for the property owners for their apartment/villa with or without charges involving BASIC & PREMIUM Plans. For rented property, the organization will signal the renting settlement with the tenant directly. Complete transparency is maintained in communication and financial transactions between tenants and owners. The security deposit is deposited by the tenant to ensure timely payment of rent.
As an experienced Rental Property Management in Bangalore, the organization deals with hundreds of satisfied clients in the form of owners and tenants. Our solid plans and systems, as well as our experienced team, help us provide high quality, personalized service that sets us apart from our competitors.
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Some rental properties are managed by Owners or real estate agents. But on the other hand, big apartment complexes or villas in a gated community are managed by property management companies.
A property and rent management company like SANGAU, in Bengaluru has several residences under its management. Such companies have established processes and procedures for screening of prospective tenants. They are approached by a wide variety of tenants so they try to get only screened clients that meet their tenancy requirements and who would be beneficial for them for a long term relationship. Some of the steps followed by such companies during a screening process are listed below. Proof of identity Rent management companies firstly verify the renter's identity. The primary purpose of this is to check the tenant provided data of the renters that can be used in unforeseen circumstances. On the other hand, in some states, it is a legal obligation to verify the renter's identity and submit the legal documents to the relevant government department. Identity can be verified by a government identification document like Aadhaar, driving license or a passport. Income Proof Rent management companies also require renter's income proof to ensure that they have the financial capacity to pay monthly rentals. The income proof requested from a prospective tenant could be a salary slip, income statement, bank statement or tax return. Companies have established a threshold income for acceptance depending on the property type and monthly rent value. They would validate the tenants’ ability to pay monthly rent on time without any delay. It also helps the companies to offer a suitable apartment to the renters based on the paying capacity of the tenant. Criminal Records It is the responsibility of rent management companies to protect the community around their property from criminals. If situation demands the company can request prospective tenant to furnish a police clearance certificate. This helps companies to screen those renters who have any past criminal records. In some states, it a legal requirement to submit tenant documents to the police station which is in the jurisdiction of the property. Service fee Some rent management companies demand a service fee that is not refundable. Tenants pay the service fee to the companies in return for their saved time to research a property that meets their needs. Such companies cater only to prospective clients who can pay the service fees. Occupancy Type Some owners or resident owners association could have specific tenancy requirements and these need to be adhered to when finalizing a tenant. Examples of restrictions are - not allowed to keep pets, renting to only family and not bachelors or spinsters, renting to vegetarians only etc. Due to such restrictions certain properties may not be available to tenants. Move-In & Move-out Charges Some resident owners associations’ have restrictions and rules for move-in and move-out of tenants from the apartment or villa complex. A tenant should be willing to bear this cost when applicable to be able to rent the property. Previous Renting records Rent management companies may communicate with the previous landlord to evaluate the tenant's behavior, attitude and paying abilities. This process helps companies to assess the best tenant for their property. They can timely screen out the unwanted and uncivilized renters that can cause a headache in future. References Any reference in a tenant’s application can increase the chances of acceptance. This reference can be from the employers, relatives or recent landlord of the tenant. The companies give due consideration for such references while evaluating the renter. For More Details visit:- http://sangau.com/ Every property management company urges to bridge the gap between tenants and landlords. To do so, it is vital to build a decent property management portfolio comprising of the most prospective rental properties.
But, how to incorporate more and more properties on rent to your property management company? The key to growing your business is to keep your rental property owners happy. This is vital to build a long-term relationship and run a profitable property management business. Expectations of the Property Owners To keep the property owners satisfied, it is essential to understand what landlords expect from their property managers when hiring services from a reputed company for property rent management in Bangalore. Some of the basic things property owners expect from their managers include:
Tips to Keep the Property Owners Happy With these aspects in mind, we have herein coined the best practices to keep the property owners satisfied. These practices will help you to:
#1 Help the Clients to Find Good Tenants Every landlord urges to rent their house to a decent person/family. To keep up to this challenge, it is best for the Property Management company to conduct tenant’s background checks and screening before both parties sign up for the legal agreement. It is always peaceful and desirable to rent homes to noble tenants. It assures the landlord that they will pay the rent on time, will not cause any damage to the fixtures and construction, and maintain a quality relationship. #2 Regular Rent Collection and Deposit Renting the property is an investment for the landlord. Hence, their top priority is to get a regular income from this investment. This means they want to get the rent on time. As a property manager, it is not only your duty to collect rent from the lessees on time but also deposit it to the provided account of the landlord. #3 Get Things Done On Time If you are looking to build relationships, it is important to focus on the user experience of your clients. The renters, as well as the landlords, rely on their property managers for a lot of services. When they need repair work in the house, make it your priority to do it as early as possible. Unnecessary delay in the work after placing a request means you are creating a bad impression of the company. Ultimately, this can result in the loss of business in the future. #4 Integrate Technology into Your Work Process Do you feel that you have done everything but still not able to achieve success? Well, many property management companies fail to stay in the competition despite providing the best quality services to their clients. If this is the scenario, what’s the lacking factor? One of the most probable reasons is not keeping the things organized. This is where you need to incorporate technology in various spheres of work operations. Besides reducing the pressure, there are several other benefits of having a robust technological infrastructure for regulating property management services. The property management companies looking to improve the user experience for their landlords or add more clients to the portfolio can adopt the following measures:
In the age of smartphone, people find it convenient to find the desired information online. Having a portal with the list of vacant properties will attract an increasing number of tenants looking for an apartment for rent in Bangalore. Similarly, you can encourage the landlords to create their accounts on your website to keep track of the status of their property anytime anywhere.
The clients (property owners and renters) need to find the necessary information about their lease house. Several companies have achieved business success by integrating property management software to their official website. The clients find it comfortable to access the necessary information if you create a website with a clear and easy user interface. For instance, when a landlord having multiple properties visits the account dashboard, there should be every bit of information in an organized manner under proper sections. The Owner should be able to find:
To provide the best user experience, always keep all the information up to date for the clients to access it anytime. In this age, it is preferable to make your portal mobile-friendly provide convenience on all screen size devices.
Your clients may have several queries, requests, or grievances. The property management company’s core responsibility is to address all these communications as early as possible. But, how to ease the communication process for your clients? An effective way to keep the communications seamless is to use contact forms on your website. All your clients are busy people. Therefore, it is helpful to adopt a minimalist approach by keeping the contact form short and simple. Having easy to understand templates allows the clients to fill in all the details quickly.
It’s fine if you already have a website with updated information for clients- landlords as well as the tenants. However, it is also essential to send notifications regularly to your clients. For instance, the tenant may forget the date of the rent payment. You can send a reminder message via email or SMS one week before the due date. Likewise, you can also send a notification to the landlords when you deposit the rent into their account or when the tax statements are available for access on the portal.
Today AI systems can ease your job to a great extent while you can save time from answering queries and focus on important work. Having a rent calculator tool on your website allows the new visitors to estimate the monthly costs of renting a certain property. Suppose, a visitor wants to know the average cost of 2BHK for rent Bangalore, it is easy to find the details within a few seconds by setting some filters.
Every client is different and so are their preferences when it comes to using a mode of communication. Some people are comfortable when talking to a representative over a phone. Others may want to share their woes over a live chat and receive a response within a few minutes. Property management companies can thrive well with an active customer support team available to handle these types of communications. To address this problem, provide an email address, live chatbot, and at least one phone number on your website besides creating templates or contact forms on your website for various purposes. #5 Be Responsive and Responsible It’s good if you already have various modes of communication available for the clients round the clock. However, if you do not respond to these messages/queries, it can hurt your business. Your support team has to remain active to respond to all the emails, messages, and calls at the earliest. Even if you do not have a solution at the moment, at least inform them that you are taking steps to meet the request. #6 Adopt Early Measures to Reduce Costs Success in the property management business does not lie in problem-solving. Rather, the trick to staying ahead in the game is to anticipate them and take measures to prevent expenses. Doing periodical inspections, acting fast on the complaints, and scheduling maintenance work as needed are some of the measures you can take in this regard. #7 Quarterly Professional Inspection Conduct periodical inspection (preferably every quarter) on all the properties to find if maintenance work is required. Make early arrangements so that there are no major losses. This helps to reduce the cost of expensive repair works. Some of the benefits of periodical inspection are:
Conclusion Property management is a highly lucrative but expeditious and competitive business. One of the most significant factors impacting your success in the industry is the level of experience you provide to all your clients. I hope these practices will help your company to emerge as the frontrunner rental property management in Bangalore. Make these strategies a part of your daily business operations to start achieving results within a short time. Are you looking for an experienced property manager? Contact us today for a free consultation. All rent agreements usually requires payment of an interest free security deposit before the commencement of a rent agreement. The security deposit amount is typically equal to five to six month rent but it can exceed in some cases.
These deposits are refundable without any interest payment at the end of the tenancy agreement if the tenant has fulfilled the terms and conditions of a rent contract. Local laws are designed in a way to protect the interest of both the owner and tenant. Security deposit is an amount that safeguards the interest of landlords. It can be used against any intentional damages caused by the tenants or any unpaid rent. There will be no problem if the security deposit covers the amount of damage. But what if the other cost cannot cover the loss or unpaid rent? In those circumstances, the landlord or rent management company, like SANGAU could take the following steps. Communicate to tenants Don't rush and be patient. Communication can resolve a lot of problems. A good relationship between tenants and landlord or rent management company helps. In this regard, the company should communicate with the tenant that the security deposit cannot cover the cost of damages and they should pay the amount. This communication is also known as a Demand letter. A good tenant always pays attention to such communication to avoid legal issues. Legal Proceedings When the tenant doesn't respond to the demand letter, then there's no other option except initiating the legal process for recovery. A rent management company like SANGAU has its own legal staff to handle such an exigency. There are challenges when the dispute resolution is done with legal means. The legal case could be weak if there is a lack of evidence. The court decision is based on evidence and enough evidence should be provided for damaged property. A rent management company like SANGAU takes photos and videos of the property before handover to a tenant and hence it is easy to prove the damages caused by the tenant. Legal case is a time-consuming matter and requires the attendance of the proceedings during the case by parties concerned. Legal cases also incur court fees and lawyer fees. This increases the recovery cost due from a tenant in addition to the cost due to damages or unpaid rent. There are various ways by which a legal case might be avoided. These solutions are discussed below. Increase the deposit By increasing the security deposit amount the landlord or rent management company is on the safe side. It also helps them to identify only good tenants who will take care of their property to claim the security deposit at the end of the tenancy agreement. Negotiation To avoid inconveniences for all parties when going legal it is always better to not go to court and negotiate the matter out of the court. By discounting a small portion of the amount to be recovered there might be a possibility to recover the balance amount. The discounted amount could the equivalent of lawyer's fee and other costs. Collection agency Rent management companies hire collection agencies to collect the amount due from a tenant. Collection agencies charge a certain fee towards such services and it needs to be carefully evaluated if this is a cost effective solution. For more Details visit our website. A group of properties or a single property, the owners should reap the benefits of a professional Bangalore Rental Property Management service. Let’s find out why? Only having a property for rent is not enough, you need to include various things in this process such as finding tenants and doing their background checks, setting up the deposits, property maintenance and managing different issues, etc. This is where a professional team can help you with Property rent management in Bangalore. They can suit your every need. You can trust a professional rental property manager without any hesitation. As they are experts in their field and managing different properties at the same time so that they know how to deal with your property properly. Moreover, they can help you in many ways. How can you use the Bangalore Rental Property Management service effectively? To ensure minimum vacancies- Finding a reliable tenant for a rental property is a daunting and time-consuming task. Most people don’t have time for it. A rental property manager not only finds a tenant quickly but also will screen the potential tenants, take the applications, and do the necessary background checks. It ensures that your property is a safe hand. To collect the deposits and monthly rent- After a property owner sign the rent agreement directly with the Tenant, the security deposit as it will be paid to them by the tenant. You don’t need to bother about your monthly rent. With rental property management services, you will get your monthly rent timely. They will collect the rent from tenants and will send it to you or deposited it into an account you have recognized. They will handle all of those issues for you. To deal with tenant complaints- When a tenant booked your property, there could be different issues happened. Your tenants may have some complaints, be it a roof leak, poor air conditioner, or anything. In this case, your property manager will handle it and they will schedule the necessary inspections and repairs. Moreover, they will look out for your best interests and will ensure your benefits. Make sure you got a good property manager that can give you less cause for frustration. For the routine maintenance of the properties- A property will require proper regular maintenance to be done. A professional property manager knows how to deal with it and they keep your property in better condition as well as keep your tenants happier. In fact, they will manage and maintain your property with or without rentals and conduct periodic property inspections. In a nutshell, if you own a property, but do not have time to take care of it, then you must consider a service provider for Property rent management in Bangalore. All you just need to find a reliable and reputed property manager that would meet your specifications and budget. They will relieve you from the hassles of day-to-day details of the operation and ensure an effortlessly operating, cost-effective, and appreciating real estate investment. Looking for the best Bangalore Rental Property Management service to manage your property? You can visit our website. Rental Property Management services for NRIs- Many times, NRIs seem to struggle with managing their home in India. Therefore, they ask their friends or family to take care of it. However, it’s not possible all the time as they have chores and owing to the paucity of time. As a result, it could not be a good solution for you. Additionally, there may such issues arise which are unpredictable. When we talk about a rental property, it should be well-maintained and regularly checked. In this case, you must engage a professional Bangalore Rental Property Management service. They have an expert team that includes on-ground teams, property managers, and repairmen under our umbrella that requires taking care of a Rental Property. You should remember that Bangalore is a fast-paced city and many people coming in and out every year. And property owners not only face difficulties when it comes to Property rent management in Bangalore but also they face problems with tenant management. And it is a tiresome and time-consuming job that general people cannot afford to do. To get rid of all of these hassles, hiring one of the best Bangalore Rental Property Management services can be a great decision. Especially, NRIs can make the most out of this service. They will take all the responsibilities such as regular property maintenance, property tax payment, utility payments, tenant background check, managing tenants, collection of rents liaising with Resident Owners Association, etc. All you just need to find a reliable Rental Property Management company that would meet your needs and specifications. There are different situations for which you can opt for this service, as given below- When you have more than one rental property- This is the best time to hire a management company that can help you and gives you more benefits. When you are far from your Bangalore rental property- Many NRIs are facing such difficulties. In that case, an expert management company can offer the best Property rent management in Bangalore and deal with these issues sans hassle. The paucity of time or not interested in hands-on management- Finding reliable and good tenants and managing properties on your own is not an easy task as different processes are there to carry out. So many landlords are hiring these management services. Sometimes, property owners don’t have enough time to take care of their properties. So, a management company might be a good way to spend your money. Even you could face such a sudden busy schedule and at the same time, you need a considerable amount of help to handle everything properly. This is also a chance for you to involve a management company. Way to find a reliable rental property management company- Certain factors are there need to be considered when you are searching for a reliable Bangalore Rental Property Management service. You ask your friends or family members for a better recommendation. You can check directories or find them on the Internet. However, make sure they meet your needs and budget. Mention your requirements and also if they have the skills to handle it. Make sure they are licensed and vetted professionals. For the best deal, you can visit www.sangau.com Rental Property Management services for NRIs- Many times, NRIs seem to struggle with managing their home in India. Therefore, they ask their friends or family to take care of it. However, it’s not possible all the time as they have chores and owing to the paucity of time. As a result, it could not be a good solution for you. Additionally, there may such issues arise which are unpredictable. When we talk about a rental property, it should be well-maintained and regularly checked. In this case, you must engage a professional Bangalore Rental Property Management service. They have an expert team that includes on-ground teams, property managers, and repairmen under our umbrella that requires taking care of a Rental Property. You should remember that Bangalore is a fast-paced city and many people coming in and out every year. And property owners not only face difficulties when it comes to Property rent management in Bangalore but also they face problems with tenant management. And it is a tiresome and time-consuming job that general people cannot afford to do. To get rid of all of these hassles, hiring one of the premier Bangalore Rental Property Management services can be a great decision. Especially, NRIs can make the most out of this service. They will take all the responsibilities such as regular property maintenance, property tax payment, utility payments, tenant background check, managing tenants, collection of rents liaising with Resident Owners Association, etc. All you just need to find a reliable Rental Property Management company that would meet your needs and specifications. There are different situations for which you can opt for this service, as given below- When you have more than one rental property- This is the best time to hire a management company that can help you and gives you more benefits. When you are far from your Bangalore rental property- Many NRIs are facing such difficulties. In that case, an expert management company can offer the best Property rent management in Bangalore and deal with these issues sans hassle. The paucity of time or not interested in hands-on management- Finding reliable and good tenants and managing properties on your own is not an easy task as different processes are there to carry out. So many landlords are hiring these management services. Sometimes, property owners don’t have enough time to take care of their properties. So, a management company might be a good way to spend your money. Even you could face such a sudden busy schedule and at the same time, you need a considerable amount of help to handle everything properly. This is also a chance for you to involve a management company. Way to find a reliable rental property management company- Certain factors are there need to be considered when you are searching for a reliable Bangalore Rental Property Management service. You ask your friends or family members for a better recommendation. You can check directories or find them on the Internet. However, make sure they meet your needs and budget. Mention your requirements and also if they have the skills to handle it. Make sure they are licensed and vetted professionals. For the best deal, you can visit www.sangau.com |
AuthorSANGAU is a Property Management and Rental company with operations in Bangalore. We are in operation since 2007 and provide services to property owners and tenants. Archives
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