The real estate market is much unorganized in India. The presence of a large number of local players has limited the scope of property management service in India. However, growth in the property market in recent times has attracted a lot of NRIs to invest in Indian properties.
Since they will not be available most of the times; they will need the services of a property manager to look after the property. It is just a matter of time when property management services will gain traction in the market.
The property management services will help in the maintenance of the property. It has been seen that a well maintained and the managed house gets higher resale value. They conduct a thorough analysis of the interiors and exteriors of the house and recommend repairs and improvements to be needed to maximize the return on investment.
They study the property rate and monthly rentals prevailing in the market to suggest an optimum resale value for selling the property or rent value. They depend on the size and type of property as well as location. In case of renting, they provide all the help needed to get a good renter. They work towards increasing the appeal of the house and get the vacancy advertised. It becomes their responsibility to handle calls from the prospects and show them the flat for inspection and negotiate the rent and security deposits.
On finalizing the deal, they will take care of getting the tenant’s background checked, prepare the legally compliant agreement and manage the rent collection every month. They will be always available to resolve any issues of the tenant without disturbing the owner. They will handle complicated tenants if such people have been put up for rent; will take legal recourse and get them evicted from the house.
When the owner is residing in any other country or city, the property managers take care of any legal complications that might arise and get them resolved. Protection of the property from illegal encroachment and deliberate possession is very necessary. They are the representative of the property in the eyes of law.
In case of large residential complex and housing apartments, they provide a lot of services which includes maintenance and repair of the property for safety and protection, garbage disposal, housekeeping, premise cleaning, maintenance of garden, swimming pool, playground and all other basic facilities such as parking, security, electrical works, lift maintenance etc.
They also help to conduct meetings among the residents, manage events and functions and organize festivals and celebrations. They also represent the housing society in court in case of any legal issues. The property managers help the owners to sleep without any tension of taking care of his property.