A rental property is an excellent investment in a city like Bengaluru. It is growing and is expected to grow further. The influx of people into the city makes it very much a real estate hub. The demand for housing drives the rent and the quality of service obtained.
Investing in a real estate with the intent to make it a source of income is the right approach to maintain a portfolio.
If you have decided to hire a property manager to over-see the day to day functions, you will be interested to know how to go about. There are a few tips that will come in handy when hiring a property manager
- A company that does property management will have the required registration to conduct the function. You may check if the company you are dealing with is registered.
- Ask for a representative sample of the portfolio they manage. That will help you gauge the quality of service offered by them so far.
- One important point to note is that a property manager may be more familiar with certain area/region in the city. Others could be more adept at handling apartments instead of residential homes. If it is a management service, ask for their area of expertise.
- Evaluate their marketing abilities. How do they go about marketing their service? How do they show properties? If it is only during weekends, then there could be a potential delay. If you require aggressive marketing skills, evaluate them for the same. Where will they advertise your property? Ask and ascertain that you will have to shell out something incase if its not a free listing?
- How do they handle maintenance? During importune occasions, will he answer calls about a broken water pipe that leaking water into your living room/kitchen? Do they evaluate the home for damages when a tenant moves out? Usually, some amount of cash is retained for such immediate repairs. It need not be huge but emergencies can be of any type and the manager should be capable of handling them.
- Property managers’ fees and charges – What are the regular charges you will have to pay and if he has any specific charges? The charges should be commensurate with the kind and level of services he provides. Those owning properties and earning rental income from them, need to report the same to the income tax department.
- Read the fine print – before signing on a property manager, screen the references and evaluate their work history. When drawing the contract, read the fine print.
It is a good idea to keep in regular touch with the property manager to know how things are going. The manager should have a toned down behavior since no one wants him to get aggressive with the tenant. Avoiding any conflict and resolving issues amicably is the best approach.
Someone with many residential properties to manage definitely needs a manager but so does someone who is leaving the town for a long time. He would not want the property to remain idle. When renting out, he would want to know if it is in safe hands and that can be assured through hiring a property manager who knows his job.
Some may want to make do with an individual as a manager; others may want to hire the services of a company to do the same. SANGAU is one such company that provides property management services. Hiring professionals to do the job will make your life easy since they have the necessary know-how and experience.
The company is based in Bengaluru and those looking for property management services and maintenance services will do well to look them up for enquiries.
Visit: www.sangau.com for more details.
Call: +91 7816 988 988 / +91 78997 48170