Tag Archives: property management services

9 Best Tips for Tackling Rental House/Property Maintenance

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As a landlord, one must know their responsibilities, duties, and rights to ensure there is a smooth transition of ownership from them to the new tenant. New, as well as seasoned landlords, must understand that by ensuring their property is well-maintained, they are relieving the tenants of any unforeseen leakages, roof damages, clogged gutters, or any kind of property maintenance issues.

house maintenance
Rental Home Maintenance

However little the tasks may seem, property maintenance is a tough job. While some of the landowners prefer to do it on their own, others take external help from property maintenance services company which act on their behalf and take care of the following:

  1. Check for Pest Control
  2. Check for Leaks
  3. Appliance Replacements
  4. Re-Painting
  5. Check of Property Damages
  6. Routine Inspections
  7. Creating a schedule
  8. Ensure You Inspect before a New Tenant Moves-In
  9. Hire a property management company

Check for Pest Control

When you own an investment property, you must spare some time each month on regular and seasonal checks. Regardless of whether there are no indications of a pest attack, you need to keep such issues from happening. Even when you get regular pest control done, don’t try to restrict it to one area of the house, as pests will essentially venture out to another room of it. The eradication ought to be done on the overall property.

pest control services
Regular checks on pest control

Check for Leaks

Every property has some soft spots on the rooftops, ceilings, and dividers. Search for any leakages of water around windows, showers, and toilet seats. Check under sinks, boilers, and water heaters. It is imperative to distinguish water leakage as early as possible. Continuous leakages can harm the dividers, roofs, and even an occupant’s assets. Dangerous moulds can likewise form making home maintenance and repairs a huge expense to deal with.

Well, if you are thinking of selling your property too, leaky ceiling can cause you a much damage in valuation of your property.

leakage issues in the ceiling of the house
Ceiling Leakage Issues

Appliance Replacements

Remember that everything has an expiry date. Rooftops, appliances, flooring, and paint will all need to get replaced after a suitable time. A brilliant landlord will assess the life expectancy of significant machines and property appliances that should get supplanted so they can prepare a spending plan and spare money likewise.

Replacements can be a significant house repair cost, yet it will at last add to the estimation of your home improvement whenever done thoughtfully.

Re-Painting

An additional layer of paint can be an incredible way to spruce up the property between occupants or/and the lack of it could be the main reason why the previous tenant refused to renew the lease agreement. Often it is an occupant’s security that takes care of the expense of re-painting; however, a long-term tenant may fall under the typical depreciation period, and then the painting costs will be met from the proprietor’s spending plan.

home re-painting for maintenance works
Re-painting the property

Check of Property Damages

In some cases, you may experience a tenant who deliberately damages your investment property. Property harm can be charged to the occupant that caused the damage, yet the measure of time it takes to reestablish a property to lease can mean a loss of rental income.

Then in some cases, the tenant may not have the means to pay for the harm and may not even be bothered about the legal implications, leaving a proprietor to take care of the expense of damage. Both the expense for the property harm and the lost lease costs for the time it takes to prepare a property lease should be thought of beforehand.

Routine Inspections

To avoid circumstances like above, proprietors should plan regular visits to the property while the tenant lives there to ensure there are no damages. A proprietor ought to give prior notice before entering the property; often, the lease agreement determines the frequency and time of these visits.

This is an open door for the landowner to recognize home maintenance & repairs issues or for the tenant to examine any issues, for example, a leaky faucet.

property inspections being done
Property Inspections

Creating a schedule

By defining a timetable for home improvement inspections, it will be simple for you to create a schedule and share with the tenant before to avoid any intrusion. Remember the lease agreement expects tenants to inform you in an ideal way if they have any upkeep issues or face an expense.

You ought to investigate the property once at regular intervals and check the state of the appliances, the floors, the cupboards, the rooftop, and so on. You can avoid this check and incorporate an external help to do this for you at regular intervals.

create a schedule for home maintenance inspections
Defining a timetable for home improvement inspections

Ensure You Inspect before a New Tenant Moves-In

Among other responsibilities as a landlord, while finding a new tenant, you must also inspect the property before a new one moves in. There are areas that the previous tenant must have overlooked and could cause real damage when the new tenants use the property. It is also suggested to replace smoke alarms and other such appliances that require batteries.

Property maintenance may appear to be costly to get a portion of these appliances fixed. However, it’s justified, despite all the trouble. In addition, it’s a landowner’s obligation to make the property risk free and safe.

Hire a property management company

Investment in managing a property is an all year task. While no landowner likes to fall for monthly expenses, but the truth is that keeping up with your investment property can also help in increasing your rental income benefits in the long run by keeping occupant turnover low and property estimation high.

So here hiring a property management company turns out to be a most beneficial option.

Conclusion

Remember that rental home repair requires a differed range of abilities, from plumbing to electrical, and the capacity to inspect issues. Call for help can come at any time of the day or night. A landowner who decides to do rental house maintenance on their own, ought to be ready for all consequences. Landowners ought to likewise recollect that a tenant couldn’t care less how much cash a proprietor may spare in terms of these expenses. One of the main reasons of tenant turnover is insufficient upkeep.

There are a lot of property maintenance company out there for landowners who need support. Property management company in India helps landlords needing services, for example, carpet installation or painting & even rent collection from tenants. Know that a few positions should be taken care of by experts.

Facts NRI Must Know About Power of Attorney Before Investing in Indian Real Estate

The Indian real estate market is known to provide great returns on investment. As a result, citizens around the world are always looking forward to investing in Indian territory which has made legal services like power of attorney equally important. Various NRIs are always on the hunt to invest in India and make good use of their property by renting it out or selling it. 

power of attorney
Power of Attorney

Recent studies show that there has been an impressive growth of investments by NRIs in India for both residential as well as commercial properties due to the falling value of Indian Rupee in comparison to American Dollar. This makes our country a hotspot of tourists, businesses, and other real estate related matters. Due to this, there have been many amendments as well as new initiatives are being taken legally to allow more ease for NRIs to invest. As there are various legal matters involved in this, the power of attorney for NRI plays a very crucial role. 

There are multiple NRI legal services for properties & other matters available these days. In India, there are three types of power of attorney:

  • Special power of attorney, where the powers are limited to a specific purpose.
  • The general power of attorney, which allows multiple powers to the attorney to exercise.
  • A durable power of attorney, which provides ceaseless powers to the attorney.
Special Power of Attorney
Special Power of Attorney Sample
General Power of Attorney Sample
General Power of Attorney Sample

Important facts related to the Power of Attorney that NRI must know

Registration

The POA registration process can be tedious. So, an NRI property management company in India can be very useful to guide the NRI for the same. In case of the sale of immovable assets, it is mandatory for the NRI to register a POA, as per the Supreme Court of India. The deed has to be registered within the jurisdiction in which the attorney resides.

Some important parts of the deed are the details of the NRI, their signature, the details of the attorney, the purpose of the deed, and the validity period for the same.

Revocation

There might be situations when a dispute arises between the principal and the attorney that has been appointed. In this case, revocation is an immediate step that needs to be undertaken to avoid any type of damage to the property in hand. The process of the revocation of power of attorney needs to take place in the sub registrar’s office in which it was signed.

Usually, the revocation occurs in case of the demise/ mental illness of the principal, i.e., the NRI. The presence of two witnesses is one of the most important things to keep in mind during the revocation process. This is mandatory, failing which there can be unwanted consequences. It must be noted that as a power of attorney is valid throughout the life of the principal, and to discontinue the powers, a proper revocation process is necessary.

revocation of power of attorney sample form
Revocation of power of attorney sample form

Execution

It is important to follow the various guidelines that are mentioned in the power of attorney act for conflict-free management of the principal’s property. Therefore, all required documents during the registration of a power of attorney need to be submitted. In case the principal is unable to come to India to sign the deed, then the registration can also be done in the country where the principal resides with the signature of the head of the Indian embassy.

As a POA has all the powers on the property on behalf of the principal, the NRI must choose the attorney after a lot of thinking. There are various online portals providing real estate services in India that can provide the required guidelines to be followed while selecting the attorney. Moreover, various property managers also provide the required knowledge for handling legal lawsuits related to the property.

Legal Services for NRIs in Property related matters
Legal Services for NRIs in Property related matters

Fraudulent activities

In case there are any fraudulent activities undertaken by a power of attorney, then it might cause serious trouble to the principal. Due to this, it is advisable to take the help of a real estate company offering legal services to avoid any type of discrepancies.

Beware of Fraud Activities undertaken by a power of attorney
Beware of Fraud Activities

In situations when there are legal disputes arising during the presence of an attorney, the principal needs to prove that they are unaware of the misuse of power conducted by the power of attorney. In some cases, it has been found that the attorney has exercised powers outside the ones specified under the law, and excessive cash transactions have taken place.

Thus, it has also become important to regulate the POA by the principal. There should be constant communication between the attorney and the principal for transparency and greater accountability. This will build loyalty between both the parties and ensure that there is a seamless sale/ lease of property.

Payments

The payment related to the sale/lease of a property is the most important process in the real estate industry. To make this hassle-free for NRIs, a POA for property makes this process much easier and credible. It is important to note that the principal can give the attorney permission to accept the payment on their behalf. This implies that the most crucial part, i.e., the financial transaction, has to be carefully supervised by the attorney; making sure that there are no discrepancies in the process.

However, it must be kept in mind that the payment needs to be transferred to the account of the principal only. It is not within the exercise of the attorney to receive the payment in their personal account. 

Bottom-Line

As the price points of the real estate industry are changing incessantly, it becomes important that the NRI keeps themselves aware of the latest trends of the market. This will ensure that the property is in good hands, and no misuse of any power is being done.

A power of attorney is very important in the management of the property, as most of the duties that need to be performed by them need immense detailing and focus. Choosing the right attorney is as important as selecting the right property. Therefore, the above-mentioned points are necessary to be known before appointing an attorney.

11 Best Rent Collection Tips for Landlords in India

The relationship of a landlord to their tenant is hard to explain. The Indian real estate market is currently beaming with prospective renters, but how many landlords are willing to take the risk? Surprisingly, the numbers are strikingly low.

The problem for first-time landlords is that they lack awareness of the potential ordeals that come with rent collection, rental monitoring, and other rent deposit related issues. Renting out a property in India is not always favourable for both parties if it is not approached correctly.

Some of the most common issues for landlords in India are finding the correct match for the property, chasing tenants for rent collection, tenants misusing the property, tenants forcibly overstaying, and tenants not paying the maintenance fees.

As much as we talk about the tenants’ legal rights and call in the Rental Control Act, 1948 (for being pro-tenant), so we must also consider the hardships of the landlords in metro cities such like Delhi.

Thankfully, there are different ways for rent collection in India to solve your concerns, and the fact that you can choose any of it makes them even better. Given below are some of the pre-requirements that can help a first-time landlord in streamlining their rent collection and deposit process.

collection of rent from tenants
Rent Collection Services

Things to keep in mind to make your Rent Collection cycle smooth

  1. Insure your property
  2. Market the property well
  3. Evaluate your tenants cautiously 
  4. Fix the rent
  5. Prepare a rent agreement
  6. Openly discuss advances and lease increment 
  7. Discuss the method of payment and know your alternatives 
  8. Police verification of tenants
  9. Don’t be biased towards the occupants 
  10. Know your privileges as a landlord
  11. Visit the house for routine checks 

Insure your property

A  smart proprietor gets their investment property completely insured. There is a constant danger if the property isn’t insured that they wouldn’t be the one controlling it, but the occupant would be. In that case, rent collection for landlords becomes a challenge. Proprietors ought to talk with their insurance specialists to guarantee they have the most extreme risk inclusion measures for their property. 

property insurance
Make sure that your property is insured

Market the property well

Purchasing or leasing the property is only a click away these days. With the increasing dependency on mobile applications, landlords must utilize this platform to promote their assets on different websites affiliated with RERA. This brings numerous eyes to your property, which can get you magnificent deals. An exact profile should be made to transfer the property details, and uploading photos can be an added advantage. You could likewise keep the traditional method of marketing through newspapers and word of mouth. 

There are also real estate companies that deliver property marketing services. You can contact them too if you don’t want to take the stress.

Evaluate your tenants cautiously 

Taking time to screen who you’re renting your property to can spare heaps of time, the rental chase up, dissatisfaction, bothering, and a thousand different issues related to rent monitoring. Make sure you have reasonable criteria for your candidates. Likewise, ensure tenants must have 3X rent collection amount as salary and great credit. Their credit report will reveal to you how they handle their obligations and if they’ve received any eviction notices before.

Fix the rent

Once, as a proprietor, you finalize the occupant, next, fix the rent deposit. It must be as per the market. Setting it higher than the market rate would make it harder for you to locate an occupant. If still, you wish to set it for a higher limit than the market, justify it by offering some perks. You can also include security gadgets like a CCTV for higher rent.

Prepare a rent agreement

Each rent agreement ought to be recorded in a hard copy and enlisted. It gives the term of the rent collection, month to month rental deposit, and security sum. It indicates all the terms and conditions of the rent collection related services, for example, who will pay for the water, electricity, and maintenance bills.

The landlord must know the reason for making this a customary, regardless of whether the property is being utilized for business or private purposes. In case the landlord and the tenant agree to broaden the terms of the rent agreement for a specific period, that needs to be re-recorded in writing. 

Prepare a rent agreement to avoid complexities later

Openly discuss advances and lease increment 

A security sum ahead of time is a standard for each agreement. A landowner is qualified to ask for this as a preventive measure for any harm caused on the property. The equivalent could be interrogated if something happens to the property. It is, likewise, a typical practice to expand the house lease yearly. 

Discuss the method of payment and know your alternatives 

There are many approaches to rent collection in India. It’s essential to tailor these in your rental agreement to the segment you are planning to house, as this will diminish rental chase up issues in the future. For instance, undergrads may not have a chequebook, while the older tenant may not be accustomed to the electronic payment mode. 

Mode of payment for collecting rent
Mode of payment for collecting rent

Police verification of tenants

This is one of the most fundamental parts of a rent collection for owners doing it for the first time. It helps in the personal investigation of the tenant. Not running a police verification is a culpable offence under Section 188 of the Indian Penal Code. It should then be submitted to the near police station alongside ID confirmation of the tenant. At that point, the nearby police direct the individual verification and give a heads up for the rental agreement.

police verification of tenants in delhi
Police Verification should be done before letting out your property on rent

Don’t be biased towards the occupants 

A smart landlord won’t ever discriminate among his occupants on the premises of religion, sex, or dietary inclinations. There may be cases where you need to refuse a prospective tenant to lease the property, yet it must be based on a legitimate reason,

Know your privileges as a landlord

Under India’s rental laws, some rights shield a landlord’s interests and avoid the rental chase up and rent monitoring trouble. The Rent Control Act is one significant act passed by the GOI in 1948, post which a few states have embraced changes to match the case. The law discusses the privileges of landlords. As of late, different revisions have been made to the law.

Visit the house for routine checks 

There are numerous situations where the occupants utilize private property for their business purposes. Many of them open their little offices or set up a scholarly focus on this private property. To keep away from such circumstances, a landlord needs to clear it in the lease and make occasional visits to the house. 

Putting resources into a rental land can be productive, though it is in no way, shape, or form an easy task. First-time landowners should familiarise themselves with the complexities of a rental situation so that there are no causes to lament later. Even better, hire an agent or a real estate company that offers rent collection services to avoid any hassle.

routine checks on property by owner
Routine checks should be there by the landlord

5 DIY Interior Designing Ideas to Transform your Rental Home

The most amazing thing about staying in a rented place is the sense of independence and the endless scope of DIY interior designing.

To truly make a rental into a lovely cosy home, one needs imagination and a lot of interior designing ideas. So, we got our best interior designers for rentals in Delhi and Gurgaon to share some of their trade secrets to budget-friendly home decorating ideas.

Home decoration with plants

Plants are one of the simplest and underrated items that can instantly liven up any place in the house. They provide much needed green respite from the concrete chaos that surrounds us. Plants are a wonderful source of oxygen and are also the most viable air purifiers that you can have. Bedroom, living room or bathroom, there’s a plant for every room, and we’ll tell you which ones are best suited for you.

home interior designs with plants
Rental Home Decoration with Natural Air Purifiers

Let’s begin our journey with the plant kingdom in DIY interior designing ideas .

  • Pothos or Money plants are commonly found and easy to maintain. Put the cuttings in a bottle or vase filled with water and place it on a bookshelf, coffee table, etc.
  • Succulents are a beautiful addition to your home. They are low maintenance and come in tiny sizes too.
  • Mother in law’s tongue or snake plant is another hardy plant that can stand neglect. If you need green in the bathroom, then this is your go-to plant.
  • Grow herbs if you have ample sunlight coming through, herbs like mint look pretty and smell great too.
home decoration with plants
Home decoration with plants

If you’re confident about your green thumb, go in for big plants and place them in a lovely cane basket which can be found for cheap, trust it to bring the that adorable look to your house.

Kitchen interior design tips

You may think that home decor ideas stop at the kitchen, but we have some good news for you. You can revamp the kitchen interior design as per your requirements in a budget-friendly and easy way too. Don’t like the colour of kitchen cabinet, there’s a quick fix solution for it, vinyl stickers. They come in a plethora of colours and designs which can instantly personalise the cabinet according to your preference.

There are a host of interior design ideas for kitchen.

  • Use bright, peppy wallpaper to cover boring or dark walls
  • Deploy washi tapes to write creative messages on the kitchen wall
  • Grow herb plants if your kitchen window gets ample sunlight
  • Change the existing modular kitchen designs with vinyl stickers

Stick them on and give the kitchen interiors a whole new look. When you’re moving out, you can remove them easily and return the kitchen to its original state.

Kitchen interior design tips
DIY Interior Ideas for your Kitchen

Interior design ideas small bedroom

The bedroom is where we retire for the day, chill during holidays and sometimes turn it into a micro-office. It unknowingly reflects our innermost personality and aesthetic preference. Whether it is a collection of photographs or a fiercely private memento box or a half-read book lying about, bedroom becomes your own private haven. It doesn’t matter how small space is; there is always a scope to do many beautiful things.

We’ll let you in some DIY home decor tips to brighten up your bedroom decor.

  • Don’t have a budget to buy a cot? Place the mattress on the floor and fluff it up with some comfortable cushions of different shapes against the wall.
  • Use lights creatively to brighten up dark corners and make the bedroom look more spacious.
  • Keep a climbing plant for the company and let it grow to create a natural canopy around the bed.
  • Have photos of your loved ones on the bedroom wall, clip the photos on a string and change them according to your mood.
Interior design ideas small bedroom
Styling your bed on the floor
DIY Interior design ideas small bedroom
Clip photos to a string or the wire of lights

It’s beautiful how smart tricks like the placement of lights, plants and light curtains can make a small bedroom look spacious.

DIY interior design ideas living room

The statement-making room of any home is the living room, even if it’s rental. Doing up the living room can be a very therapeutic experience once you begin with collating your inspirations from around the world. Once you close in on the look according to space and personal preference, it’ll be quite an easy job thereafter. To up your game in rental interior design for the living room, there are many amazing ideas that you can begin with.

Interior design ideas for living room
Interior design for living room of your rental home

Here’s a collection of some DIY interior designing ideas you can get inspiration from:

  • Introduce a rug in your living room, cotton dhurries are easily available and are pocket friendly too. They come in many sizes, making it easy for you to choose one to your liking.
  • Place a mirror opposite to the natural light source and watch your living room become instantly bigger.
  • Pellet boards are a convenient piece of furniture to use as a coffee table, plant table or even a book stand.
  • A simple DIY for curtains is to use unused sarees or dupattas and add on some quirky accessory for that bohemian look.
Interior Decoration with Used Duppattas
Interior Decoration with Used Duppattas

Before you begin the transformation, do observe the natural light sources, dark corners, and floor space. It’ll help you in deciding on the placement of accessories and also saving a lot of time and money.

Photo Gallery for interior designing
Photo Gallery over a Nail-Free Wall

Craft ideas for home decor

One of the fun things about DIY home decor is that it allows you to create stuff with your own hands. The process of creation is known to be quite therapeutic and meditative according to experts. It could be as simple as framing your mandala design or a vintage magazine cut out, it’ll engage your senses like no other activity. The joy of creation is unparalleled, but we also understand that it shouldn’t be time-consuming and expensive.

Empty and Used Bottle Decoration Ideas for interiors
Empty and Used Bottle Decoration Ideas for Rentals

We curated a few easy craft ideas for you to try your hands-on:

  • Empty bottles are a perfect canvas to unlock your creativity. Paint them and add in fairy lights. Not only it’ll give a cosy, warm feel, it’ll also be a beautiful accessory to accompany a nice photo.
  • Jazz up photo frames with shells and small pebbles that you collected from your travels. It’s an excellent way to remember your travel memories and making your frame look one of a kind.
  • Give the mason jars a coat of paint and use them to place tea-lights—a perfect way to recycle and also be creatively resourceful.
  • Repurpose an old wooden ladder by giving it a nice coat of paint and use it as a clothes holder or a place to keep your souvenirs.
ladders for interior designs
Get everything out of that ladder beside just for climbing it
budget friendly interior designing ideas
Budget Friendly tips for Interior Designing

Just by making small changes and repurposing everyday items, you can enhance the look of your rental home.

Rental room designs can be easy, affordable and creatively satisfying. Take inspiration from Pinterest and Instagram, there are loads of ideas to choose from and begin your DIY interior designing journey.

Rustic Home Decor Ideas
Rustic Home Decor Ideas

Conclusion

In case you wish to hire a professional interior designer in Gurgaon or Delhi for your rental home feel free to contact Propcare, a property management company in India & also a division of Myfollo, a real estate company based in Gurgaon.

10 Reasons to Hire a Property Management Company in India

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Property Management is a way for third-party companies to leverage their expertise in maintaining the residence’s status quo and appeasing the tenants. Several rental property owners are availing rental property management services in India to oversee the day-to-day undertaking of the property and dealing with the queries of the occupants. 

In the event of a vacant property, it is the responsibility of the property managers to put the residential abode on rent. From property evaluation, tenant screening, signing a lease, collecting rental payments, marketing vacant spaces, property inspection, interior designing services, and maintenance—Property Managers do the tedious job of property maintenance services in India.

Property Management Services for NRIs in India
Property Management Services for NRI in India

Why to hire a property management company?

Hiring a property management company requires adequate due diligence to avail the best propcare service to manage your asset.

1. Eases the perils of tenancy management

From screening the tenant’s records, rent collection, sorting disputes amongst the tenants, or resolving problems between tenants and other members of the society—a property manager is always on his toes to amicably resolve these perils hour of the day.

Tenancy Management Services in India by PropCare
Tenancy Management Services in India by PropCare

2. Handles odd hour requests for keys and other essentialities

While it may not be possible for a landlord to show up at 3 AM to give a pair of duplicate keys to the tenant, property keys management companies have employees to carry out these reluctant jobs. Besides, they also cater to the other needs about the property from circuit breakage to solving water problems.

3. Provides Legal Services

Tenancy Management is a hassle, especially for the NRIs. It gives more reasons to hire a property manager trained professionally in handling tenant eviction in the pursuit of non-payment of rents. They have the expertise in offering legal and liaison services to the owners to safeguard them from administrative hassles.

Handling of legal cases for Properties for NRIs
Handling of legal cases for Properties for NRIs

4. Repairs and Maintenance of Property

One of the imperative reasons to hire a property management company is the timely maintenance of the real estate asset to attract potential tenants for high rental income. Their property maintenance service starts at every level of the house, from resolving the slightest wall crack to plumbing perils.

5. Leverages vendor management with ease

An untimely vendor responsible for supplying goods and services at the doorstep can ward off the tenants with their unpunctuality. Property managers handle this task too as they have good contact with reputed vendors, merchants, suppliers, etc.

6. Ensures seamless vacant Property Marketing

With their innovative and effective marketing strategy, property management companies’ unswerving efforts are leveraged to place the right advertisement for their asset, determine the best rent rate, and supervise cosmetic enhancements to maximize the revenues.

7. Aids in tax assistance

Paying residential tax is a tedious task for many owners; hence property managers can aid in giving expert advice on claim deductions and organizing essential documentation and forms to avail the claims. Property management fees are tax-deductible.

8. Alleviates the investment value

Real estate is an imperishable investment with increasing value, but seeking advice from a professional property management firm can offer feedback and suggested modification upgrades that can bring in high rental value and impact maintenance and insurance costs.

9. Acts as a bridge between tenant and landlord

For property management India, NRIs often hire property managers who conveniently clarify any property related issues for the tenants on behalf of the owner over the phone or by making personal visits. Besides, they are professional entities refraining tenants from making fake excuses or creating emotional turmoil at the time of rent payments.

Property Managers act as bridge betweeen tenants and owners
Property Managers act as bridge betweeen tenants and owners

10. Enables owners to enjoy rental benefits without compromising on freedom

Real estate investment is often seen as a passive source of income for many owners. But the hassle of maintaining a property is cumbersome. So, hiring a property management company to oversee the residential rental and maintenance procedure can enable a consistent income source without the owners taking new tenancy management and legal responsibilities.

Propcare—A Property Management Company in India

Propcare, a division of MyFollo, is a prominent property management company in Gurgaon, offers innovative Propcare services with a customer-centric approach. MyFollo envisages transforming the way real estate advisory and transactions have been going on for decades.

Leveraging 15+ years of advisory expertise, the firm has been successfully offering Propcare services in the Delhi NCR region. Offering its gamut of services, MyFollo has created 2500+ HNI relationships, manages assets worth 9600 Cr+, executed 1200+ transactions, and provided assistance to 23+ family offices.  

Responsibilities of a Property Management Company
Responsibilities of a Property Management Company

Services provided by Propcare

  • Marketing and Lettings (the action of renting out a property)
  • Rent collection & Deposit
  • Possession Assistance
  • Property Keys Management
  • Property Maintenance & Repairs
  • Tenancy Management
  • Interiors for Rentals

Procedure to manage your property with Myfollo

With the intervention of technology at its core, MyFollo offers a gamut of Propcare services in Delhi NCR, including property marking, rent collection & deposit, possession assistance, key management, property maintenance, and tenancy management.

how to submit your property for mandate to MyFollo
Process to submit your property for management to Propcare, a division of MyFollo

At MyFollo, the proficient team of professionals has a personalized dashboard for every customer to maintain their real estate assets. To avail their quantum services all, you need to do is – 

a) Select an online Propcare management package from their specified list of property packages for vacant, rented, including a special package for zero upfront brokerage

Property Management Packages delivered by MyFollo
Packages offered by Myfollo

b) Make an online payment for the package you select and sign a contract

c) Once done, in the next step there will be a generation of the property management schedule

d) Now you have access to an online property management dashboard to view all the related activities to your property

Client testimonial

MyFollo empowers its business on a performance-driven culture and has a mission to offer top-notch propcare services to its clients. Over the years, the firm has achieved exponential success in offering relentless services in real estate transactions and asset management.

From preparing IM, conducting meetings with potential investors, and finally effective and efficient structuring of the deal, the firm aided Finance Jackson Group with its Commercial real estate in Noida. As for the Unified Credit Solution, the firm has leveraged dynamic end-to-end Propcare services in Gurgaon from fulfilling their mid to long term objectives for managing their real estate assets. 

An expert in handling property management services in India, MyFollo, with its team of proficient, knowledgeable, and proactive professionals, offers multiple suggestions on the real estate portfolio. They enable seamless transactions for Kinetic Motor Company Ltd., thereby aiding them to resolve the complexities of decision-making at family offices.

Bottom-line

Today significant cities Pune, Mumbai, Bangalore Chennai, and Delhi NCR are the booming hub of the rental market owing to the fast-paced IT Hubs that have come up over the years. Seeing a market opportunity, several NRIs and residents are increasingly investing in these properties as they offer high rental income and capital appreciation.

But being a landlord is a daunting task, especially if you plan on placing your residential abode for rental usage. From maintaining an attractive state-of-art décor to dealing with troublesome tenants’ legalities, the task seems never-ending! To ease the landlord’s job and reduce the hassle of NRI Property Management, several prominent Property Management Companies in India offer innovative end-to-end property management solutions.

Problems faced by NRI’s while investing in India

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“A person without correct knowledge of his past or history or origin is like a tree without roots. It can’t grow”

No matter where we come from or how horrific the past was, we mustn’t forget it for the simple reason that it brought us where we stand today. When you think of an NRI, you think about Indians with a good command over English carrying aam ka achaar or pickle in their luggage while travelling through aeroplanes.

That’s the kind of image that bollywood films have set in our minds.

The reason is that we Indians love our country. We might complain about how we’re cheap and how power cuts are still common in our country and how street food has insects drooling over them but at the end of the day, we know how these power cuts have given us so many memories like going for a late night ice cream and how the same unhygienic street food is our first stop when we go out.

So when one of us goes abroad, we miss our motherland. To cater to this need that we have to connect with our homeland, NRI’s often buy property in India for the simple reason that they don’t have to waste money on hotels when they come back to visit or sometimes, for investment purposes as well.

Unfortunately in our country, what starts as love for the country ends with fraud and we end up despising it.

Maintenance of that property is a headache and a responsibility that comes with buying property. But NRI’s face several numbers of problems when they invest in our India.

Property Management Services in delhi ncr for nris
Property Management Services by MyFollo

Lack of clarity of legal rights

All real estate dealings by NRIs are controlled by the Foreign Exchange Management Act also known as FEMA. The rules clearly state that NRIs can only purchase residential or commercial properties. Any agricultural land including farmland or any kind of plantation property cannot be purchased by a NRI or person of Indian origin.

Yet, only because NRI’s are unaware of this, end up buying agricultural land through fraudulent practices of real estate agents.

Land Grabbers/Property Gatecrashers

NRI’s often end up outsourcing property management to local agents or family members or acquaintances which turns out to be a very poor decision.

Family members often take over illegal possession of the property and local agents often resell the property and disappear with the money earned.

Builders with dubious records

Builders or real estate agents in India often don’t have good work ethic. You could try your look but in 9/10 cases, you will end up regretting not screening the builder/real estate agent. They often make NRI’s sign false illegal documents and take over possession of the property.

Indian Law System

After all these problems, even if an NRI wishes to file a case against the guilty party, a civil case like this will end up taking years to settle. At the end, the parties will have to settle to just end the trail and the NRI will never get the good end of the bargain.

Indian law is slow and sloppy which is why 90% NRI’s would prefer bearing losses than filing a case.

Maintenance and management

Relative to all the other problems, this is the simplest of all. Managing a property so far is difficult. Especially in a country like India, where thefts and vandalism is so common, it’s even more difficult.

Propcare Services for NRIs in Delhi NCR
Propcare Services for NRIs in Delhi NCR

This is why NRI’s often hesitate to invest in Indian real estate.

At the end of the day, there are a lot of solutions. One could screen real estate agents properly and one could hire a top-notch lawyer to fight the case. But at the end of the day, nobody likes a headache.

Propcare, turns out to be a one-stop destination for all NRI’s as it not only guides you from the minute you buy the house, it also leads the way to every time you visit and need your keys.

Top 5 neighborhoods to invest

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In the last decade Gurgaon has emerged as a profitable location in the vicinity of the national capital as an investment opportunity. With multinationals taking up much of office and retail space, the employees are also making a beeline to take up places on affordable rent if not to buy. We at MyFollo.com, bring to you some of the hottest neighbourhoods in Gurgaon and Delhi where one should think of investing.

Sohna Road: Just a few years ago, Sohna Road was a sleepy neighbourhood, but off late, it is fast becoming a prime residential property. Besides being connected with the NH8, it is in the vicinity of many townships that are emerging like Bhiwadi and Manesar. Sohna Road has some excellent residential apartments, villas, plots besides malls and hospitals which are already operational.

Golf Course Extension: This area is another location which investors are making a beeline for. Golf Course Extension is just 30 minutes away from the international airport and well connected with the NH8, south Delhi, Gurgaon-Faridabad road and Sohna Road. If you are looking to mingle with the elite then a property here should be your destination. Well equipped with civic amenities, this place is a buyers dream.

MG Road: With the plush malls and residences, MG Road is an evergreen location to invest. Though deemed expensive, MG Road has fetched high returns on commercial properties historically. If you have an appetite for high returns, then one must consider MG Road.

DLF Phase 1: One has seen a tremendous growth in the infrastructural developments in Gurgaon DLF City and DLF Phase 1 has emerged as spaces with high growth prospects. It is wise to invest in under construction properties from a purely investment purposes and divest it at a peak.

South Delhi: There is a certain charm of living in south Delhi in a posh locality. Always considered as prime locations the trio of Greater Kailash, Vasant Kunj and Vasant Vihar have options of bungalows, apartments and commercial properties. The high rate of returns clubbed with the benefits of being in the toniest parts of the first city, New Delhi, these are few locations which will not be affected by market fluctuations.

“MyFollo” is an online real estate ecosystem bringing in change in the way online advisory and transactions are executed. Write to us at contact@myfollo.com  to know how we can help you.

Rental Property Management – The How’s and Why’s of it

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Top 5 Rental Property Management Tips – The How’s and Why’s of it

Over the last decade the equation giving out properties on rent and managing them has changed quite a bit. It has become more professional for sure. But there are still times when the whole landlord – tenant equation goes for a toss like for example: The tenant won’t pay rent on time; the tenant will make unreasonable demands; the tenant may cause damage to the property and so on. It is always a wise decision to not be the bad guy as a landlord and hire a professional manager to take care of such issues. However one should always keep in the mind the “Top 5 Rental Property Management Tips – The How’s and Why’s of it” that will help manage rental properties a breeze.

Inventories: As a thumb rule, before giving a property on rent do document the inventories at the rental property. For example: A list of furniture and fittings and the condition they are in. It is done in the interest of both the landlord and the tenant. When a tenant is on their way out, the property manager/ landlord can match the list and in case of any deviation settle it amicably.

Create a Policy: As a landlord giving out one or many properties on rent, one should have a policy in place which can be shared with prospective and actual tenants. For example: Rent to be received by 10th of every month; the landlord will be available between 4 and 7 pm for a call; a late fee will be charged in event the rent is received late. This policy making may seem tedious in the beginning but it makes things very easy. For example a tenant may come and want to negotiate the payment date or pays late, then one can always refer to the policy and say “Well I am sorry, but our policy states that….” This helps in clearing any doubts.

Avoid Family: Include friends as well. Giving a property to friends and family is always tricky. It may swing both ways as a relation but most likely it is going to be negative, going by our experience. It is advisable to stay clear of family if they are looking for a place to rent. One can guide to similar properties, locations or agents but stay clear of giving your own property on rent to them.

Be Organised: Treat every transaction with your tenant as professionally as possible. Keep files pertaining to all the tenants that will include all documents like the Landlord- Tenant agreement, copy of all rent received and receipts issued, inventories of the property, damage and repairs done. The more organised one is, more easily things will be actioned upon.

Hire a Professional: If one is not full time into property letting out business, they should consider hiring the services of a professional who can act as a bridge between the tenant and the landlord. This way for a small fee all headaches like rent received, deposits, chasing late payments and looking after repairs, can be taken care of.

Real Estate Market Trends vs. Forecasts – What to go by?

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In the last few years, the real estate market trends in India, have not been encouraging. The markets, especially in the residential properties segments, recorded a slowdown. The prices have remained stable with multiple options available for the buyers, though the commercial real estate has been optimistic. Also the capital appreciation in the short term has not been significantly high.

Given the background, the real estate industry is also regrouping themselves with major players working on delivering projects and building their portfolio to gain trust. Also with the new government policies like Make In India, FDI and 2020 vision, things are looking optimistic for the real estate market. The recent Start-up India will also give an impetus to the real estate market. Based on studies and experience the forecasts for the Indian Real Estate Market looks very promising. The top 3 highlights are:

Tier II cities: The meteoric rise of the Indian real estate market, specially in metros like Delhi, Bangalore, Mumbai and Hyderabad can be attributed to the technology and start-up hubs. It is now the time for the Tier II cities like Indore, Lucknow and Chandigarh to taste success. Local and national level developers are now focussing on the Tier II cities like Pune because of aspirations, successful business start-ups and steady growth in employment opportunities.

Simple payment structures: The developers and banks are working towards easing the pressures of the payment plans. This would lead to more participation from buyers to invest with small monies and pay off gradually with easy payment plans.

Smart Cities: The government showing active interest in building 100 smart cities and increasing the FDI participation in the reality will give a positive boost to the real estate market. Hopefully with participation from local investors as well as NRI’s there would be a growth in these smart cities as well.

For the prudent investor it is advised to move from the wait and watch strategy to slowly start expanding portfolios to newer markets, especially the tier II cities and prime pilgrimage locations. One needs to move out of the comfort zone of familiar localities and start Identifying and investing in feasible properties for better returns.

5 Property management tips for 2016

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Top 5 Property Investment Management Tips for 2016

There’s an age old saying “spend money to make money” and in our decade old experience, we can swear by it. While it is important to spend funds wisely, but to invest efficiently and avoid costly mistakes down the road, we bring to you Top 5 Property Investment Management Tips for 2016

Know the market dynamics, where you are investing

One of the most important decisions that you will ever make is that of investing in real estate, solely because of the capital growth that an investment of this nature offers. Besides the price at which you are acquiring a property, it is critical to also understand other dynamics that come into play like the area. It is wise to do as much research as possible, for example speak to locals, shopkeepers and know how the area is, what are the developmental plans, which part of the area is better than the other? A good trick to get inside information is to speak to competing agents about similar properties in the same location. While these are good methods, it is also advisable to seek professional services in these matter and also do independent research about property values, rents etc. which are easily available across so many portals now.

Understand the condition of the property and the facilities available

When making a decision to acquire a property, it is advisable to do a thorough check of the prospect property and look for defects like damaged wall, woodwork, cabling and leaking pipes etc. Identifying these will make a significant impact to the profits or put a dent in the cash flow.

It is also not prudent to buy a property which is in a perfect condition, because that would mean higher cash outflow. While you can get a higher value from a property in not so good condition by sprucing it up a bit, which will increase the capital growth as well as command a higher rental.

Make the property attractive

We all like good things around us. So if you are planning to put your investment property on rent,  and then the suggestion would be to keep the property in good condition. One thing that attracts good tenants is well kept properties. It is advisable to remember that when the time arises to sell, then the decisions are also usually made basis if the property was owner occupied vs tenant occupied, because buying property is an emotional purchase than a logical one.

Manage risks from a long term perspective

Unlike traditional methods of investing like shares, gold etc., investment in property is usually a long term investment. One should not invest for the sake of instant profits. The longer one can hold on to a property, the better it is. The idea is to strike a balance between financial stability and enjoying a good life and not become stagnant.

A key thing to remember is that you cannot sell your investment property instantaneously if the need arises. The market works on the dynamics of supply and demand and it may take months to sell a property, so you should be mentally and financially prepared.

Hire a professional Property Investment Management firm

Times have changed. We have come a long way from relying on the services of a local property dealer to hiring professional services. A managed services firm comes with unmatched years of experience working with different markets and types of properties. They are the ears and eyes of the market and help making logical decisions based on market reports, analytics and get the best value for your property. A property management firm can also take care of maintenance issues, finding the right tenant with checks, besides having expertise about legal issues in case a need arises.

“MyFollo” is an online real estate ecosystem bringing in change in the way online advisory and transactions are executed. Write to us at contact@myfollo.com  to know how we can help you.