What can go wrong with a bad tenant staying in your house?

Looking for a tenant of the right mind can be a mountain-climbing task. Property managers have put in place a verification process such as employment verification which should take care of the financial part of the tenancy. There are however other issues that one has to deal with. What if the tenant creates trouble? Laws of the land apply everywhere yet there are situations when things may go beyond control. 

To handle such situations, terms and conditions should be put in place in the lease agreement. This lease is signed and agreed upon by both parties. It is important therefore that one reads the fine print before signing. In the event that a problem arises, the tenant should know his rights and responsibilities and be prepared to face the eventuality. 

In normal circumstances, the tenant lives in harmony with his neighbors. But once in a while, owners have to deal with unruly tenants who not only disturb the ambiance but also create fear in the minds of the others. Rash and drunken brawls, misbehavior, troubling women neighbors, playing loud music that disturbs others at unearthly hours, partying beyond permitted hours, not paying rent on time or even looting the property or having connections with the drug mafia, etc. 

Property Management Bangalore

The problems are many. How do you deal with such issues?

While sometimes, a warning is enough to get the tenants to behave, at other times, action may have to be taken to keep things under control. 

What kind of troubles can be avoided?

The owner has to be a little cautious in allowing people entry into the premises. While in Bangalore there is no system right now to make background checks on the tenant’s previous tenancy, a little more pro-activeness may help. 

What if we verified if the tenant has no police records? Trouble with the legal system can be avoided with this step. Though it is no assurance that there will be no trouble in future, it is at least one step towards knowing that the tenant has a clean record with the police.

A strict vigilance may be kept on the building. Any sign of trouble or report from any neighbor should be looked into promptly to avoid any escalation that may turn ugly.

Property Management Bangalore

Should tenants note anything unusual, they should report the same to the professional property manager. The mattes which have the potential to turn into something serious should be handled with care and immediacy. 

Smaller issues like tenant paying late rent can be discussed and settled. If the reason is not genuine, a case may be made. 

In general, there should be policies set in place that everyone is required to follow, such as not playing music in the wee hours of the night and not throwing garbage in undesired places. Certain matters can be handled by the tenants themselves; others may require mediation by the property manager. At times, the trouble may be brewing between the tenants in which case, the property manager may act as the intermediary to settle the dispute.  

To summarize, eviction may be necessary if things go out of hand. At other times, the matter may be resolved with discussion and violence is not to be tolerated at any cost. Regular monitoring of the premises for any early signs of trouble may help.

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

Questions from an Owner to a Property Manager

Property Management Bangalore

Very often those living in metros find themselves scouting for tenants or rental apartments. Those who are looking to rent a flat, approach real estate agents. Those who are looking for tenants advertise their property details through various media, including internet.

 

For those who have larger assets to manage, opting for a property manager is the best approach. It could be an individual or a company that appoints several individuals in various capacities to take care of properties anywhere within the city. To ensure you hire the best possible candidate there are a few things to cross verify. 

 

Below is a list of questions to ask the property manager before hiring him/them:

 

1. How long have you been in the property management business?

• They should have a proven track record of managing properties in the city.

 

2. What types of properties do you manage?

• Find a company that manages properties of the type you own, family or commercial.

 

3. How many units are you currently managing?

• Look for a company that manages a substantial number of properties.

 

4. How many property managers does your company have?

• This will tell you how many properties per property manager they manage. Generally this will give you an idea of how effective, responsive their service will be.

 

5. What is the average length of time it takes to fill a vacancy?

• Make sure this in line with the local market.

 

6. What does your lease look like?

• Ensure you see a sample lease. Most companies will use the local association of realtors lease, which has been drafted by attorneys to comply with local laws, property codes and protect the landlords legal exposure.

 

7. What is your late rent policy?

• Ask if they keep the late fee or pass it along to the owner.

 

8. Do you perform regular property inspections?

• You want to ensure regular inspections are performed to catch issues before they get out of control. What do they check and how often are they performed?

 

9. What percentage of tenants do you have to evict?

• Generally great property management companies will mostly evict tenants they have inherited, as they did not perform the screening.

 

10. How does the eviction process work here?

• Tenants should be aware so they are not found in the wrong foot. 

 

11. What are your management fees?

• Most companies charge a percent of the rent and some will charge a flat fee. 5% to over 10% management fees which is common in the industry.

 

12. Are there any other fees (cancelation, eviction, renewal, marketing, account setup)?

• Make sure the company does not entice you with a low management fee and then heap other types of fees and charges.

 

13. What do you charge for finding a new tenant and leasing the property?

•  You will see flat fees and from 50% to 100% of the first months’ rent for a leasing fee. 

 

14.  Do you charge a fee when my unit is vacant?

• Confirm the company does not charge a fee when your property is vacant.

 

15.  What are my guarantees?

• Can you cancel your contract with no fees if you are unhappy? Are there any guarantees if my tenant breaks their lease?

 

16.  If I decide to sell my property, do I have to list it with you?

• Some contracts state you have to use your management company's broker to sell your property if you decide to sell while under contract.

 

17.  How do you market your properties?

• Make sure they list your property on the real estate websites and put a sign in the yard at a minimum.

 

18.  How do you screen prospects?

• Ensure in-depth credit, criminal, employment checks are performed. What are their screen requirements and approval process?

 

19.  Can tenants pay rent electronically?

• Ensure tenants can use latest online tools for their convenience. 

 

20.  How much do you charge for a rental appraisal, maintenance or repairs?

• If the answer is yes then ask how do you justify that when you charge a management fee as well?

 

21.  How long do you make leases for?

• Usually in Bangalore, leases are prepared for 11 months.

 

 

22.  How easy do you make it for prospective tenants to view a property? (can you accommodate prospective tenants who want to view after business hours and weekends?)

• Working professionals may not be able to view properties on weekdays.

 

23.  What is your procedure for dealing with arrears?

• This should be known to the tenants.

 

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

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

Things To Consider When Looking For New Tenants

Tenant Management in Bangalore

When letting out a property, it is important to do due diligence. If you want the property to be in safe hands and for yourself to remain out of trouble, proper screening is to be conducted before you let out the property. Again, there are certain steps that the landlord needs to take to ensure tenant retention.

If your tenant has been paying rent on time and have been no-nonsense, you would definitely want them to continue. This is not only to earn an income but to retain good tenants. Background checks are essential to screening out potentially troublesome tenants.

It is important that you follow a consistent approach when looking for Tenant management. This would help avoid trouble with the law in the worst case. 

How and where do you start?

 

1. First Contact – the prospective client calls up. They ask for more information about the property/apartment. You need to ask some basic screening questions at this point to make sure they are not going to waste your time. The questions could be geared around which area do they want to live in, how long do they intent to stay, what are their requirements in terms of area (1BHK, 2BHK, etc.), what is the range of rent they are looking for, etc.
   
   
2. The tenant has passed step 1. They also showed an interest in checking out the property. You have scheduled a meeting time for a face-to-face interaction. Before they are due to arrive, check to see you have fixed any problems or have a plan to do so. Are there any USP you can talk about? A nice view from the balcony or an IT park close by, or a park for morning walkers and joggers or well furnished homes could be the talking point. If they are visiting in the evening hours, turn on the lights. Show them the house the way it looks best. If its during the morning hours, throw the windows open to let in the sunlight. See if they have any negative remarks to make about their previous owner. Are they in a rush to move in? If so, what are the possible reasons? Are they complaining after the visit? Will they be paying the rent on time? It is also in your best interest to know what they are looking for and to understand if you can provide them that. 
    
3. The tenant is still interested. And you also want them. Ask them for further details such as their source of income. If they are into regular jobs, it is an indication that you may receive your rent on time. Part-time employment, free-lancing tenants may make you wait. Ask for details of their previous rental residence. 
    
4. Take some more time. Both the tenant and you will need a week to make up your mind. Don’t sound desperate and make calls to ask for the next date of meeting. When they call, get the papers ready.
    
5. While you get the lease document ready, also get the place ready for their stay. Any repairs or new requirements that you said you would accommodate should be taken care of. The apartment should be painted and clean before they arrive. 
   
   
6. If at any point after this you feel something may go wrong, don’t be afraid to speak up and tear the document after informing the tenant.

Ensuring that a potential tenant doesn’t have a negative rental history helps to prevent potential losses. While you have done your bit to ensure your property is in safe hands, things could still go wrong later. Hiring a property manager will ensure that you keep track of any trouble-monger before they create troubles for you and others in the neighborhood. 

Have you heard of SANGAU in Bengaluru? They have offered their property management and rental services to people for nine long years. Professionally managed properties suffer lesser problems as they are handled better. Your apartment or villa will be in safe hands with SANGAU.

Visit:- www.sangau.com for more details.

Email: enquiry@sangau.com

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

Tips to hire a good Property Manager for your real estate portfolio

Property Management Bangalore

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 

1. 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. 
2. Ask for a representative sample of the portfolio they manage. That will help you gauge the quality of service offered by them so far.   
3. 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.  
4. 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?
5. 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. 
6. 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.   
7. 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 Bangalore and those looking for property management Bangalore and maintenance services will do well to look them up for enquiries. 

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

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

Why should you hire a property management services?

For those who own and manage a rental income property, the responsibility of managing the tasks associated with it can get overwhelming after a time. It may involve spending several hours on end to sort things out and put things in their place. 

Property management requires investment of time and effort. It may not be practically possible for someone to get into the nitty gritty of property management especially if he has a full time employment or is about to travel abroad for business reasons. Additionally, people often purchase a second apartment and rent out the first in which case they may be living elsewhere from the previous area of residence. In such cases too, it is not practically possible for someone to be available just anytime to tend to the needs of the apartments. In such situations, it is pretty much recommended to hire the services of a property management services.    

But there is a need to consider the pros and cons before you decide to hire the services. It would also be good to understand when exactly to hire and then find a service who meets your needs. There are some general suggestions that would be worthwhile to remember when deciding in favor a property management service:  

Property management services Bangalore

1. Someone who is new to the rental property management will find himself dealing with things that sometimes make him scratch his head. It might sound as easy as just renting out the property and collecting rent on month ends. But there is the property management to do. The maintenance of property is an important part of the renting business. Someone new to the job may find himself in a soup if he is not mentally prepared or not managing the property full time. That would require hiring the services of property management service.     
2. Physically checking on the property from time to time is important. The tenants should not feel that they have rented a property that has no owners. If your business/office is located near to the property, checking in on the property every once in a while is feasible. But in a city like Bengaluru that is expanding by the day, it is quite likely that one doesn’t live in close proximity to the rental property. In such cases, hiring a service makes sense. The service you hire should be from in and around that area so they have the requisite knowledge of the same and can help you with invaluable advice.
3. Does the property need constant repairs and visits? If the property is a veritable money guzzling investment, it may require someone to spend considerable time getting the repairs done. If you own quite a good number of properties, hiring the services of property management service will take the load off your back and make monetary sense too.    

property management service

Before you hire the management service or manager, do the due diligence. Check for their reputation and other factors such as the number of years of service and the quality and goodwill earned. If you can hire someone you find trustworthy, you will be able to be relatively tension-free and also have free time to devote to your expansion plans. 

Now, that you have decided to hire a property management service, consider speaking to SANGAU. They have been in the business for nine years now. Based in Bengaluru, they have been managing properties in the metro, leading to accumulation of expertise that you can fall back on. Professionals not only know how to deal with situations and people, they also have the required experience and knowledge base that comes in handy when renting properties. 

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

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

Property Management – the Boon to Real Estate

Property Management Bangalore

What is Property Management?

For those of you who do not know what property management is, here is a simple definition:

Property Management is the process by which property owned by an individual including the fittings and fixtures, equipment, tools and other associated assets are managed. The Property Manager will oversee the control and operation of the property, including repair and maintenance of the same. 

Property Management is an ideal scheme for those landlords who do not have the time to manage all matters related to renting out his/her property. It also serves those who are looking out for renting a villa/apartment by offering good properties to view, shortlist and rent; takes care of all documentation and legal formalities, and so on.

Benefits for Owners/ Landlords

The Property Manager or agency will take care of renting or leasing out the property to good tenants and will also undertake all matters related to the maintenance, repair and overseeing of the place. This is very convenient and hassle-free and also increases the rate of tenant retention.

They also undertake duties such as 

• Screening the prospective tenants
• Ensuring the implementation of all legal requisites involved in renting or lease contracting the property. 
• Maintenance of all equipment, fittings, furniture and other fixtures, within a specified budget.
• Maintaining all documents and records that are required for legal as well as taxation requirements. 

SANGAU Property Management Bangalore & Rental offers exemplary benefits to property owners. These include:

• Regardless of the fact that the property is rented out or not, the firm will oversee the maintenance of the same.
• The tenants will be screened and only the right tenants who meet the owner’s approval are processed further.
• Ensures that the property is quickly rented out.
• Has in-depth knowledge of all legal and tax requirements and will take care of the same.

Benefits for Tenants

Facing any trouble during your tenancy? You don’t have to break a sweat since the property management agency takes care of it all. Not just the owners, but the tenants also benefit from availing a rented house from a reliable property management company. 

Property management companies like SANGAU Property Management and Rental, offer exciting benefits like

• Zero brokerage fee
• Zero documentation charges
• Zero service charges on maintenance
• Free property viewing, etc. 

This reduces the overall costs which is otherwise incurred by a tenant and also saves a lot of time and effort from their end. 

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

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

How to retain existing tenants

A vacant property cost money. It is not just the rental income that goes for a toss, there are additional expenses that a owner has to incur. The property has to be advertised and maintained while it is still unoccupied. There are other expenses such as property taxes that need to be paid adding to the cost. When there is no income, these expenses seem like a burden. 

The intent however was to earn income. If the property has been lying vacant after its purchase or if there’s a tenant who is planning to move out, you are faced with the question of how soon the next occupant can be found. But there’s another option. What if the quality tenant can be retained? 

A few action-ables will help reduce the empty periods. 

Retain the tenant if possible. 

Tenant management in Bangalore

If the property is currently occupied by a tenant who has been great in all respects, it would be a good idea to try and retain them. But as people progress in life, they start planning to buy a house instead of continuing to rent. In such a case, you should start thinking of the next move. But if tenant is still on the fence, it makes a lot of sense for you to do what you can, within reason, to retain them. 

Instead of waiting for the tenant to issue a notice, it is better to do some proactive thinking to retain them. In an effort to retain them it is better to conduct a survey asking a simple question:  What can we do to keep you as a tenant? While it is possible that they may ask you to reduce the rent but you will have definitive responses for that? However, if they ask you to fix something that is wrong or if they ask you to repaint a room or make small changes, it should not be a big deal. Now that you know exactly what will hold them back, it should occur to you that fixing those small things or meeting those requests in most cases will cost less than a vacancy and prep for a new renter.  

Did it occur to you that offering rental incentives to quality tenants to keep them around is one way to reduce the chance of having a vacant property? It could be painting rooms and even making minor repairs that mean something to the tenant. Tenants appreciate living space that is up to date and doesn’t show signs of a lot of wear and tear. 

Use Existing Tenants as a Marketing Tool

Tenant management in Bangalore

Referrals can be a valuable marketing tool. Why not use your current tenants to draw in potential tenants? While offering incentives to retain existing tenants, you can also reward tenants who bring in new renters financially or otherwise. A good landlord offers a quality property and timely response to tenants requests, which in turn ensures that if he asks them to refer the property to others, it would not be a problem to them. Since they like you as a landlord, they will appreciate the idea that you trust them to do something for them. Additionally, they will appreciate the reward. 

The tenant already knows the kind of tenant you are looking for. The condition for the tenant to receive the reward will have to be stipulated. The duration of the lease the prospective renters will need to sign, how long they’ll have to actually be in the property before you reward the incentives, etc.

The easiest “sale” to make is to an existing client. The other way is to use a referral. They can help you as a property owner or as a management company to extend your average length of occupancy and in the end, add more moolah in your pocket! 

The above ideas and more can be had from property management service providers such as SANGAU. They not only provide assistance with day to day property management, but also provide helpful suggestions. Their insight into rental property issues can be handy for someone looking for new tenants. 

Visit www.sangau.com for more details.

Email: enquiry@sangau.com

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