To a considerable extent, the ups and downs of the Indian economy mirror those of the real estate market, which is one of the country’s most important and influential industries. The RERA legislation was enacted to ensure that this industry was governed and held to high standards of openness and accountability. The Real Estate Regulatory Act, often known as RERA, has recently become the norm in the real estate industry. Due to a lack of accountability and transparency in the real estate industry prior to 2016, the Real Estate Regulatory Act (RERA) was enacted in 2016. This act has helped protect buyers from being exploited by builders in the past, whether through delayed possession or other means. Why are property managers required? Who are they in the first place?
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Who are Property Managers?
Management professionals, in the broadest sense, are individuals who have the education and experience necessary to effectively direct the efforts of a large group of people toward a desired goal. Property management refers to the process through which real estate assets are overseen and maintained for the benefit of their owners, and property managers are the specialists tasked with carrying out this role. The Model Tenancy Act, 2019, defines a property manager in Section 2(f). According to the act, a property manager is a person who cares for and looks after the property of someone else. This person may also advertise, deal with renter problems, lease out the rentable property, and be responsible for the upkeep and management of the real estate rentals for the owner. The owner hires a property manager, who can be a person or a company. The property manager’s job is to find renters or tenants, collect rent, take care of the property, and do other things because investors in real estate or property owners don’t want to or can’t manage their own property.
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How Important is Property Management in Real Estate?
The property manager or management business helps take care of tenant screening and provides owners with peace of mind about the safety of the property. They will also deal with any maintenance issues that may emerge.
How does NoBroker improve its comprehensive Property Management Services?
NoBroker assumes the financial risk of ensuring that property owners receive rent on time, every month, even if the tenant vacates and the house sits empty for a month or two before the new renter moves in.
Brokerage-free, real estate platform NoBroker.com has launched comprehensive property management services with a rental guarantee for NRI property owners and owners who have properties in other cities.
With this service, NoBroker takes on the financial risk of ensuring that the property owners get rent on time, every month, even when the existing tenant vacates and the house becomes vacant for a month or two before the new tenant comes in. NoBroker takes a fee of 8 per cent of the monthly rent, to provide this service to property owners.
“Steady demand from our NRI customers and customers who have houses in other cities to manage everything from house inspection, painting, repair & maintenance, to preparing the rent agreement, finding new tenants when the previous tenants vacate and organising home visits for prospective tenants, led to the launch of this rental guarantee service six months ago” said Amit Agarwal, co-founder and CEO, NoBroker.com.
“Today, we manage 1,000 houses – a mix of independent houses and apartments, across Bengaluru, Mumbai, Pune, Chennai, Hyderabad, Delhi and NCR. Nearly 40 per cent of the customers using this service are NRIs living in the US and the Middle East and the rest are those who have houses in other cities.”
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With travel becoming a huge constraint during these times, NoBroker’s rental guarantee service has many takers and is witnessing a lot of traction. “We aim to manage 1 lakh houses in the next few years,” said Agarwal.
When the lockdown was announced in March-end, unlike other start-ups that resorted to salary cuts and layoffs, NoBroker decided to retain its employees and hire 130 more to support the growth of its existing and new streams of revenue.
Read: Owner need not pay tax on rent if the tenant defaults on it: ITAT
Asked if demand has gone back to pre-Covid levels, Agarwal said, “Demand has come back to pre-Covid levels since the second half of June to 7 lakh unique customer interactions/per month. The only difference is that now we see more demand in Bengaluru, Hyderabad and Pune than pre-Covid levels and less demand in Covid-hit cities like Mumbai, Delhi and NCR. We are on track to finish hiring 130 more across technology, operations, business, marketing and customer facing roles.”
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NoBroker has 1 crore registered users and 40 lakh properties listed on its platform. The start-up participates in the entire user journey starting from house search to movers & packers, home loans, home painting and cleaning services, legal services etc.
What are the Services offered by NoBroker in Property Management?
With NoBroker apartment management taking care of all property management needs, it’s easy to forget you even have an apartment in India. Unless of course, there is a rent credit. This is because our span of services includes:
- Free Tenant Search in India: We offer tenant search listings for free for your property’s rental needs
- Periodic Home Inspection: We make sure your property is regularly checked for any maintenance needs
- On-Time Rent Collection: NoBroker ensures the rent is collected from tenants and sent to you on time
- Free Rental Agreement: We also offer free rental agreement creations, reducing the legwork for you
- Tenant Background Verification: We ensure that you only get well-vetted tenants for your property rentals
- Dedicated Relationship Manager: A devoted relationship manager from NoBroker will be your single point of contact for all needs
- Guaranteed Rentals: We guarantee that your property will promptly be rented as well as the associated paperwork is taken care of
- On-demand Repair Services: If you see a need for a certain repair, NoBroker sends experts for the same to be resolved quickly
How do NoBroker Property Management Services work?
NoBroker Property Management in India is a one-click service that takes care of everything for you.
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- Get in touch: Fill out a Form Our rep will get back to you with more information about the plan.
- Plan Start-Up: Turn on the plan we chose, and now we can just sit back and relax.
- Verified Tenant Search: We get you, tenants, 4 times faster by improving your listing, and advertising, and giving you a manager who works only for you.
- Rental Agreement: No Broker and the renter can sign a rental agreement for free to get city rental services as well as guarantee rental fees on time.
- Home Inspection: Free home inspections are done every time a tenant moves in or out to make sure that the deposit settlement goes smoothly.
- On-Time Rent: We make sure that rent payments are made on time and sent directly to your account.
What are the Benefits of Considering NoBroker Comprehensive Property Management Services?
Tenants of high calibre: Tenant screenings can be a complicated procedure, and if youdon’t have enough real estate knowledge, you may end up selecting a lousy tenant. The primary issue with undesirable tenants is that getting them to leave your house can be tough. A reliable and confirmed screening method is used by good property management organisations to pick tenants. Furthermore, you avoid being confronted with time-consuming discrimination litigation. One of the most significant advantages of employing a competent property manager is the ability to avoid poor renters, lawsuits, and scams.
Reduced repair and maintenance expenses: Tenants are always pleased when you provide proper upkeep, and doing so also helps to retain the value of assets. Hiring a management company provides you with professional upkeep as well as access to a network of licenced, insured, and bonded subcontractors. These contractors are reliable and have been evaluated for decent work and reasonable prices.
Shorter vacancy periods: A competent property manager will assist you in handling the critical chores that prevent your property from remaining unoccupied for an extended period of time, such as preparing the homes for rent, finding the ideal rent rate, effectively marketing your property, and more.
Long-term renters: If tenants do not rent your units for a long time, you will have to actually deal with a slew of issues, including lost rent, cleaning the property, changing the locks, repainting walls, replacing carpets, making minor repairs, going through the tenant screening, and relaunching marketing campaigns. These things involve time and money, but they can be avoided if your tenants are happy.
Less legal issues: Experienced landlords understand that a single lousy tenant may bring a slew of legal and financial issues. A high-quality management company is well-versed in the law and can shield you against potential litigation and risks. Each jurisdiction will have its own set of legislation that may apply to a landlord. There is also a law that covers important areas such as vetting tenants, property standards and safety, tenant removals, unit inspections, issuing and ending leases, collecting, and processing rent and security deposits, and more.
Rent collecting that is more efficient: The gathering of rent and late fines is a critical component of property management. Rent should be collected on schedule every month to provide constant and predictable cash flow, and tenants must understand this. By engaging a professional management company, the landlord creates a barrier between themselves and their renters, allowing them to serve as the bad cop who must listen to tenants’ excuses, charge rent, and manage evictions as needed.
Increase and preserve the value of the rental property: You can avoid greater and more costly problems by discovering and correcting any maintenance concerns early on. Routine maintenance inspections and checks, a defined maintenance schedule, and complete documentation are required. An agency can also provide you with crucial feedback and recommendations on upgrades and changes that tenants prefer.
Personal advantages: You will not have to deal with delayed crises, evictions, tracking down rent, damages, documentation, finding contractors, and other time-consuming and unpleasant activities if you hire an expert. Furthermore, you can go wherever you want without being concerned about your tenants or the regular inspections. You are free to live wherever you wish and to invest in other homes.
Never Stress about your Property even from far away
Time is money for a real estate investor, and your time is better spent doing other activities than trying to manage a property. If you concentrate on asset management, you are working on expanding your business; if you handle the assets yourself, you are working on it. Not to mention, you’ll have extra time to enjoy yourself with loved ones and friends. If you want to free yourself from the hassles of renting your property from afar, be sure to visit NoBroker Property Management Service in India by clicking below.
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FAQ’s
1. What exactly is property management?
Property management refers to the management of residential, business, and industrial properties such as apartments, family homes, condos, and shopping centres. It usually entails administering property that belongs to another person or entity.
2. What are the responsibilities of a property manager?
Property managers are responsible for setting and collecting rent, resolving maintenance requests, filling unoccupied apartments, and potentially setting the property’s budget. Property managers frequently look after properties that property investors do not live close to or do not want to handle themselves.
3. What is a property manager’s most crucial role?
A property manager’s most evident role is to find renters for a rental property. The property manager would arrange showings to prospective tenants, conduct credit and reference checks on applications, and coordinate the start-moving process.
4. What does full-service property management entail?
Although various property managing businesses define full-service differently, it should be described as anything that would service a tenant as well as an owner, as well as handle all of the landlord’s responsibilities.
5. What are the fees for property managers?
Some management organisations charge a fixed fee, while the majority take a per cent of the rent received – often 7-10% of the rental rate. Feel free to check no broker fees in the link above.
Need to get more details on rental guarantee model.I am having properties in Bangalore to manage
Hi Ashok,
We are offering this service under a Comprehensive Property Management Service plan where we would provide:
– Background Verified Tenants for your Property
– On Time Rent directly to your Bank Account
– Periodic Home Maintenance to check the Property’s Condition
– Hassle-Free Documentation with you and the tenant
And most importantly, we provide RENTAL GUARANTEE, so that you need not worry if your property is vacant or occoupied. You will get a fixed rent credited to your account on time.
Please reach out to us on Property Management Services +91-9036015272 for more information.
Cheers!
NoBroker Team
i have a 3BHK semi furnished flat in Prestige sunrise park, electronic city Bangalore. please share about property management services and conditions
Hi Soma Sekhar!
We’d be delighted to help you with any information you need, could you share your number so that someone from the team can reach out to you faster? You can also call us on 9241700000 for assistance.
Cheers!
NoBroker Team