Bangalore, India’s own ‘Silicon Valley’, is a modern cosmopolitan with a strongglobal workforce. Young graduates and professionals from all parts of India come to the city for higher education and lucrative jobs. There is also a strong presence of NRI and expatriates who made Bangalore their home over the last few years. The city’s estate market has witnessed a boom in residential properties, higher rental income for owners and soaring investment in the realty market, particularly from NRI investors and entrepreneurs.
Many NRI investors and entrepreneurs in Bangalore face a couple of common problem. First, they are unable to personally oversee their premium property due to the basic reason that they do not live in the same city or country where their property is. Second, they are concerned about the amount of time they have to invest towards managingand maintaining the property. But, every seasoned investor tellsus that it requires a large commitment of time and efforts to manage a premium property in order to reap profits.
Property Management services, also known as real estate management, are most ideal for owners of real estate; for instance NRIs, who require professional help to oversee the rental management and property maintenanceof theirproperty. The property manager is responsible for finding reliable tenants, legal documentation, collecting rents, handling tenant complaints including tenant evictions, property monitoring and maintenance and repair as well as detail financial accounting and reporting to the landlord.
There’s no doubt that Residential property management services in Bangaloreare giving the greatest return on investment to NRI property ownerswho place a premium on their time. A property manager for residential property helps to serve the interest of three entities – fetching handsome rental income for the landlord, finding a good home for the tenant and ensuring security to the property itself.
If you hope to expand your business, these are some of the critical tasks a property manager can assist you with:
• Maximizing monthly rental income: your property manager will analyze the prevailing market trends and recommend an appropriate rental price. This ensures that you achieve the perfect balance between maximizing rental income and maintaining a low vacancy rate.
• Marketing and advertising the property: your property manager is an expert in crafting compelling advertisements. This will ensure finding tenants quickly, thereby, avoid long vacancies.
• Finding reliable tenants and legal paperwork: your property manager is an expert in finding reliable tenants. Once the applicant-tenant affirms, necessary legal paperwork is executed without leaving any flaw.
• Managing tenant issues: Besides periodical inspection of the property, your property manager will handle routine as well as emergency maintenance. This ensures a happier tenant and promotes tenant retention.
• Enormous personal happiness: You have peace of mind as you can rest on your manager to deal with regular chores like rent collection and utility bills and unexpected issues like sorting out tenant’s complaints.