Why Property Owner Satisfaction is the Key to Profitable Business

 Every property management company urges to bridge the gap between tenants and landlords. To do so, it is vital to build a decent property management portfolio comprising of the most prospective rental properties. 

But, how to incorporate more and more properties on rent to your property management company?

The key to growing your business is to keep your rental property owners happy. This is vital to build a long-term relationship and run a profitable property management business. 

Expectations of the Property Owners 

To keep the property owners satisfied, it is essential to understand what landlords expect from their property managers when hiring services from a reputed company for property rent management in Bangalore. 

Some of the basic things property owners expect from their managers include: 

• Fill all their rental units 

• Monthly rentals deposited to their account on time

• Clear and easy legal agreement paperwork 

• Access to monthly statements

• Regular maintenance work at the rented units (when required)

• Periodical updates on the work progress

• Clear and up to date tax statements

Tips to Keep the Property Owners Happy 

With these aspects in mind, we have herein coined the best practices to keep the property owners satisfied. 

These practices will help you to: 

• Get insights on the use of technology to regulate successful property management business

• Build a large clientele base of landlords and tenants

• Keep your day-to-day work process organized 

#1 Help the Clients to Find Good Tenants 

Every landlord urges to rent their house to a decent person/family. To keep up to this challenge, it is best for the Property Management company to conduct tenant’s background checks and screening before both parties sign up for the legal agreement. 

It is always peaceful and desirable to rent homes to noble tenants. It assures the landlord that they will pay the rent on time, will not cause any damage to the fixtures and construction, and maintain a quality relationship.  

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#2 Regular Rent Collection and Deposit 

Renting the property is an investment for the landlord. Hence, their top priority is to get a regular income from this investment. This means they want to get the rent on time. As a property manager, it is not only your duty to collect rent from the lessees on time but also deposit it to the provided account of the landlord. 

#3 Get Things Done On Time 

If you are looking to build relationships, it is important to focus on the user experience of your clients. The renters, as well as the landlords, rely on their property managers for a lot of services. When they need repair work in the house, make it your priority to do it as early as possible. 

Unnecessary delay in the work after placing a request means you are creating a bad impression of the company. Ultimately, this can result in the loss of business in the future. 

#4 Integrate Technology into Your Work Process

Do you feel that you have done everything but still not able to achieve success? 

Well, many property management companies fail to stay in the competition despite providing the best quality services to their clients. 

If this is the scenario, what’s the lacking factor? 

One of the most probable reasons is not keeping the things organized. This is where you need to incorporate technology in various spheres of work operations. Besides reducing the pressure, there are several other benefits of having a robust technological infrastructure for regulating property management services. 

The property management companies looking to improve the user experience for their landlords or add more clients to the portfolio can adopt the following measures: 

• Create a Portal with Sections for Landowners and Lessees 

In the age of smartphone, people find it convenient to find the desired information online. Having a portal with the list of vacant properties will attract an increasing number of tenants looking for an apartment for rent in Bangalore. Similarly, you can encourage the landlords to create their accounts on your website to keep track of the status of their property anytime anywhere. 

• Make Information Accessible to Your Clients

The clients (property owners and renters) need to find the necessary information about their lease house. 

Several companies have achieved business success by integrating property management software to their official website. The clients find it comfortable to access the necessary information if you create a website with a clear and easy user interface. 

For instance, when a landlord having multiple properties visits the account dashboard, there should be every bit of information in an organized manner under proper sections. The Owner should be able to find: 

• Status of each property (vacant/filled)

• Tax statements (monthly and yearly)

• Details of the apartment maintenance work in progress 

To provide the best user experience, always keep all the information up to date for the clients to access it anytime. In this age, it is preferable to make your portal mobile-friendly provide convenience on all screen size devices. 

• Keep the Mode of Communication Seamless

Your clients may have several queries, requests, or grievances. The property management company’s core responsibility is to address all these communications as early as possible. 

But, how to ease the communication process for your clients? 

An effective way to keep the communications seamless is to use contact forms on your website. All your clients are busy people. Therefore, it is helpful to adopt a minimalist approach by keeping the contact form short and simple. Having easy to understand templates allows the clients to fill in all the details quickly. 

• Send Notifications to Your Clients When Needed

It’s fine if you already have a website with updated information for clients- landlords as well as the tenants. However, it is also essential to send notifications regularly to your clients. 

For instance, the tenant may forget the date of the rent payment. You can send a reminder message via email or SMS one week before the due date. 

Likewise, you can also send a notification to the landlords when you deposit the rent into their account or when the tax statements are available for access on the portal. 

• Use Property Management Tools on Your Website

Today AI systems can ease your job to a great extent while you can save time from answering queries and focus on important work. Having a rent calculator tool on your website allows the new visitors to estimate the monthly costs of renting a certain property.

Suppose, a visitor wants to know the average cost of 2BHK for rent Bangalore, it is easy to find the details within a few seconds by setting some filters. 

• Establish Multiple Communication Channels 

Every client is different and so are their preferences when it comes to using a mode of communication. Some people are comfortable when talking to a representative over a phone. Others may want to share their  woes over a live chat and receive a response within a few minutes. 

Property management companies can thrive well with an active customer support team available to handle these types of communications. To address this problem, provide an email address, live chatbot, and at least one phone number on your website besides creating templates or contact forms on your website for various purposes. 

#5Be Responsive and Responsible 

It’s good if you already have various modes of communication available for the clients round the clock. However, if you do not respond to these messages/queries, it can hurt your business. 

Your support team has to remain active to respond to all the emails, messages, and calls at the earliest. Even if you do not have a solution at the moment, at least inform them that you are taking steps to meet the request. 

#6 Adopt Early Measures to Reduce Costs

Success in the property management business does not lie in problem-solving. Rather, the trick to staying ahead in the game is to anticipate them and take measures to prevent expenses. Doing periodical inspections, acting fast on the complaints, and scheduling maintenance work as needed are some of the measures you can take in this regard. 

#7 Quarterly Professional Inspection 

Conduct periodical inspection (preferably every quarter) on all the properties to find if maintenance work is required. Make early arrangements so that there are no major losses. This helps to reduce the cost of expensive repair works. 

Some of the benefits of periodical inspection are: 

• Monitor if the tenants are involved in illegal activities

• Find portions of the property that requires a repair work

• Increase user experience for the tenants 

• Extend tenant retention on the property

Conclusion

Property management is a highly lucrative but expeditious and competitive business. One of the most significant factors impacting your success in the industry is the level of experience you provide to all your clients. 

I hope these practices will help your company to emerge as the frontrunner rental property management in Bangalore. Make these strategies a part of your daily business operations to start achieving results within a short time. 

Are you looking for an experienced property manager? Contact us today for a free consultation at http://www.sangau.com

What To Do if The security Deposit Doesn't Cover Property Damage or Unpaid Rent

 All rent agreements usually requires payment of an interest free security deposit before the commencement of a rent agreement. The security deposit amount is typically equal to five to six month rent but it can exceed in some cases. 

These deposits are refundable without any interest payment at the end of the tenancy agreement if the tenant has fulfilled the terms and conditions of a rent contract. 

Local laws are designed in a way to protect the interest of both the owner and tenant. Security deposit is an amount that safeguards the interest of landlords. It can be used against any intentional damages caused by the tenants or any unpaid rent. 

There will be no problem if the security deposit covers the amount of damage. But what if the other cost cannot cover the loss or unpaid rent? In those circumstances, the landlord or rent management company, like SANGAU could take the following steps. 

Communicate to tenants 

Don't rush and be patient. Communication can resolve a lot of problems. A good relationship between tenants and landlord or rent management company helps. In this regard, the company should communicate with the tenant that the security deposit cannot cover the cost of damages and they should pay the amount. This communication is also known as a Demand letter. A good tenant always pays attention to such communication to avoid legal issues.

Legal Proceedings

When the tenant doesn't respond to the demand letter, then there's no other option except initiating the legal process for recovery. A rent management company like SANGAU has its own legal staff to handle such an exigency.

There are challenges when the dispute resolution is done with legal means. The legal case could be weak if there is a lack of evidence. The court decision is based on evidence and enough evidence should be provided for damaged property. A rent management company like SANGAU takes photos and videos of the property before handover to a tenant and hence it is easy to prove the damages caused by the tenant.

Legal case is a time-consuming matter and requires the attendance of the proceedings during the case by parties concerned. Legal cases also incur court fees and lawyer fees. This increases the recovery cost due from a tenant in addition to the cost due to damages or unpaid rent.

There are various ways by which a legal case might be avoided. These solutions are discussed below.

Increase the deposit 

By increasing the security deposit amount the landlord or rent management company is on the safe side. It also helps them to identify only good tenants who will take care of their property to claim the security deposit at the end of the tenancy agreement. 

Negotiation

To avoid inconveniences for all parties when going legal it is always better to not go to court and negotiate the matter out of the court. By discounting a small portion of the amount to be recovered there might be a possibility to recover the balance amount. The discounted amount could the equivalent of lawyer's fee and other costs.

Collection agency 

Rent management companies hire collection agencies to collect the amount due from a tenant. Collection agencies charge a certain fee towards such services and it needs to be carefully evaluated if this is a cost effective solution.  For more Details visit:- www.sangau.com

Property Management Services – What Do they do?

What services do property management services provide? The following is a list of the tasks property managers commonly perform for owners. One may need only some of these property management services. 

So, it is better to discuss what services you need upfront with the company so you can decide the rates.

 

1. Evaluate the property and determine an accurate rental rate

 

• Offer recommendations on repairs and cosmetic improvements that maximize monthly rent while providing good ROI.

• Gather data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but should include looking at the recently rented comparables according to size and type.

• Discuss with owners the pros and cons of different policies such as allowing smoking, etc.

 

 

Property Management Services

2. Market the property for rent

• Prepare home for rent
• Clean home and optimize interior appeal
• Create ads tailored to the property and advertising medium. Some of the mediums commonly used are:
• Paid and free rental listing websites
• Print publications
• Signs
• Fliers
• Work with other realtors and leasing agents to find a tenant
• Field calls from prospects for questions and viewings
• Meet prospective tenants for showings throughout the week and weekend.
• Provide prospective tenants with rental applications that are legally compliant with fair housing laws
• Collection applications with application fee

3. Tenant Screening and Selection

• Perform a background check to verify identity, income, etc.
• Inform tenants who were turned down

 

4. Tenant Move In

• Draw up leasing agreement
• Confirm move in date with tenant
• Review lease guidelines with tenant regarding things like rental payment terms and required property maintenance
• Ensure all agreements have been properly executed
• Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
• Collect first month’s rent and security deposit

 

5. Rent collection

• Receiving rent
• Hunting down late payments
• Sending out pay or quit notices

 

6. Evictions

• Filing relevant paperwork to initiate and complete an unlawful detainer action
• Representing owner in court
• Coordinating with law enforcement to remove tenant and tenants possessions from unit

 

7. Legal

• Advise in the event of a legal dispute or litigation
• Refer owner to a qualified attorney when necessary
• Understand and abide by the latest local, state legislation that apply to renting and maintaining rental properties.

8. Inspections

• Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, lease violations, etc.
• Send owner periodic reports on the condition of the property.

 

9. Financial

• Provide accounting property management services
• Make payments on behalf of owner (Mortgage, insurance, etc.)
• Detailed documentation of expenses via invoices and receipts
• Maintain all historical records (paid invoices, leases, inspection reports, warranties, etc.)
• Provide annual reporting, structured for tax purposes as well as required tax documents
• Advise owner on relevant tax deductions related to their rental property
• Provide easy to read monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses

 

10. Maintenance, Repairs, and Remodeling

• Establish a preventative maintenance policy to identify and deal with repair needs
• Assign jobs to different parties (in-house employees, handymen and professional contractors) based on who will do the best job for the best price.
• Maintain outdoor areas
• Removing trash and debris
• Larger renovation or rehab projects
• Provide recommendations on how the project can maximize rental income.
• Prepare preliminary cost estimates

11. Tenant Move Out

• Provide tenant with a copy as well as estimated damages
• Return the balance of the security deposit to the tenant
• Forward any portion of the owner’s portion of the tenant deposit to the owner or hold in owner reserves for repairs.
• Clean unit and perform and needed repairs or upgrades
• Re-key the locks
• Put the property back on the market for rent

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

Call: +91 7816 988 988 / +91 78997 48170

The Importance of Property Management Services in Bangalore

Bangalore is a booming city for every sector and accordingly the demand for properties is increasing. Many property owners have invested in this diversely populated city; however, there is always a challenge for property management and rent management. This is what property owners struggle with most of the time. Instead of worrying about these issues, a property owner should opt for professional Property management services in Bangalore as they can make the process of managing and renting property efficient and smooth for themselves.

Many reputed companies offer Property Management in Bangalore. They will not only help property owner in everyday maintenance & management of the properties but also assist you in renting their properties by finding a reliable tenant for renting. So, it can be a double-benefit option for property owners.

Most of the time, different maintenance issues are raised from time-to-time by the tenants & property owner associations. Property management services in Bangalore can assist the owner in several procedures which the owners might not be acquainted with such as the right rental, searching the right tenant, enlisting a property, rent collection to name a few.

Property Management Bangalore

Moreover, the property management company will take care of these tasks and leave the property owner with peace of mind. As an owner, make sure you have hired a reliable company for Property Management Bangalore to carry out all these functions in a perfect way. Only professionals can give you a profitable return.

Bangalore is one of the most beautiful and well-known cities and being the Silicon Valley of India offers various opportunities to job aspirants and business owners. There is a huge migrant population and all these people are looking for rented homes. However, it is cumbersome for property owners to deal with it personally and manage their properties. This has precisely exposed the importance of Property Management in Bangalore.

Property Management Services Bangalore

Rest assured that these professional Property Management companies will cover you and will protect your interests. They are licensed and have a reputation to keep which ensures that as an owner you will receive all the services thus giving you peace of mind.

Reputed and expert Property management services in Bangalore ensure the best service possible that you deserve. Your properties will have the best attention that it deserves to maintain its value. They will also assist you with Rent Management by finding a reliable tenant for renting as well as paying on your behalf property tax and utility payments, tenant background check, manage tenants, collect security deposit and monthly rents and do inspections, and termination of rent agreements.

For the best deal, you can visit www.sangau.com. 

Why do you require Property management services in Bangalore?

People are investing in different properties for future profit whether it is a home or apartment or a huge condominium. You are free to choose any property that you like to invest in; however, do you have a manager to handle it? When you are not able to manage your property, it will fall into the hands of tenants. So, one need to hire a professional Property management services in Bangalore to manage their real estate investment. 

When it comes to experienced service of Property Management in Bangalore, a company like SANGAU can help you in many ways in this situation. You won’t need to worry about your properties and rest assured that your property is in safe hands. Moreover, they will take away your stress related to property management and maintenance. 

Property management services in Bangalore can help you in finding the best tenant according to your needs and specifications. They know how to deal with it and also help you to create maximum benefits from your investment.

Property Management Bangalore

They will handle all aspects of your property such as maintenance, tenancy problem, rent payment, etc. No matter whether you have one property or multiple properties in Bangalore, they ensure that your investment gives you the maximum profit. 

Looking for the best Property management services in Bangalore? You can visit www.sangau.com

When do you require professional Property Management Service?

First of all, if you are not living near the property or own a property in different areas of the city, the property's condition and occupancy ought to be properly managed in that case. This job can be properly carried out only by professional Property management services in Bangalore. 

Property management services Bangalore

Sometimes, the property owner doesn’t have enough time to manage their various properties. This is due to various problems or they may be busy with other priorities. To such extent, the service of Property Management in Bangalore could be helpful. They will take care of your multiple properties in a hassle-free way. They can deal with managing your property, execute maintenance activities, and so on.

Moreover, these property managers have years of experience and skills in the field of property management. They know how to deal with tenants by taking proper steps at the right time. They can help you to maintain your property to get the maximum return on investment. However, you should hire a reputed and trusted service provider company such as SANGAU Property Management & Rental that gives the best Property Management Services in Bangalore. You can also ask the price of their service online to get the best deal. 

Looking for a professional Property management services in Bangalore? Please visit www.sangau.com