GET YOUR MANAGER GAME ON: MEETING OWNER EXPECTATIONS

Bangalore Rental Property Management

Owners hire property managers to do the work that they either don’t have the time for, or think need to be handled by a second party. Handing over this responsibility means the owner trusts the manager to bring maximum profit from the property while attending to tenant requirements and complaints. As a property manager, it is of utmost priority to ensure the owner is content with the services you are providing. Here are a few tips that will give you an idea of how to improve your work and achieve owner expectations:

• Owners expect profit. Methods to boost finances crafted for that particular property must be followed.Charge the right rental rate that is decided on after making market comparisons according to geographical location, condition of the property and local sale prices. This will maximize profits. 

 

• A certain level of responsibility comes with taking care of property. Owners want to see their property well-maintained and kept tip-top, and hence, periodic checks for any issues should be conducted. In case of any, they must be resolved as soon as possible. 

 

• The tenant screening process requires a lot of patience and effort. Effective and smooth background checking and data gathering before signing the contract and moving in helps analyze whether the tenant has the tendency to cause a problem in the future. A systematic, unbiased screening procedure results in reducing the likeliness for a large issue to arise at any point during tenancy.

 

• Owners with multiple properties will want them occupied all through the year with dependable tenants. Information of the potential tenants moving in soon after the old ones have left, and that of the thorough screening done beforehand should be handed in before sealing the deal. 

 

• A rental owner’s statement essentially gives an idea of where the money is going and coming from. Verified, legible reports are to be submitted to the owner so they can assess the success of their investment.

 

• Assistive technology and convenient applications make an owner’s work easier. Easy accessibility for the owner to all tenant information enhances manager-owner relationships. It also optimizes everyday processes to save time and money, which in turn benefits the owner.

 

• Periodic reports and updates of progress reassure the owner that the property is in good hands and that the manager is prompt in carrying out their duties. Property owners just want to be ensured that all their smaller duties are taken care of –

collecting rent, handling maintenance and repair issues, marketing rentals and such. As a property manager, records of completing these jobs must be communicated effectively and in time to the owner.

On close inspection, one would notice that owner satisfaction is not too hard to achieve. There is barely any additional work – it is more of completing allotted duties without leaving room for the owner to find mistakes or point out incompetency. Follow a structured to-do list, inform your owner of the work you accomplished profitably and wait for them to lean back comfortably in their chair with a slight smile on their face – that’s when you know you’ve done your job well. 

 

For more details, visit our website http://sangau.com/

HAPPILY EVER AFTER: SCREENING POTENTIAL TENANTS

 Imagine having to spend sleepless nights worrying about that one bad tenant you signed on carelessly. Choosing the right tenants is an important step in managing property. Finding out that the tenant has issues with the property right before renting it out(or even much later), can be quite unsettling and in extreme cases, even chaotic.Fortunately, you don’t need to search for a cure because we have a prevention. 

 

Tenant screening is a step-by-step process consisting of verifying prospective tenant information, running a background check,  and confirming identity details in order to ensure a sincere, problem-free staying experience.Listed below are pointers to help you save time, money and effort and go through with the rental process comfortably:

 

 

• Telephonic discussion with the tenant even before showing the property: If the prospective tenant has requirements that cannot be met with respect to the specific property or vice versa, it becomes easy to filter out such applications right at the beginning to avoid any unwanted hassle. A few possible questions might be:

• By what date does the tenant want the property?

• How many people are planning to move in?

• Is the tenant willing to accept all the terms and conditions put forward by theowner/management?

• Does the tenanthave any questions regarding the property?(Ensure that they will be answered honestly.)

• First visit to the property: Visit the property with the potential tenant(s). Enquire if they are satisfied on the initial visit; use this opportunity to notice if they are really interested and are genuine.

• Request to fill in anapplication:Once you are convinced they are trustworthy, provide a rental application which will help compile prospective tenant information including contact information, employment history, preferences, etc. along with necessary validation documents like ID proof. Review the application thoroughly, make sure it is signed, and verify identification details. 

• Sealing the deal:Finally, do a detailed property viewing and get to know the tenant well. The freer the conversations, the easier to negotiate and maintain good relations. Once everything is clear on both sides, it’s renting time!

Tenant Management in Bangalore

Taking the right steps can help avoid facing risks in the future. Preventing misuse of property, avoiding mishaps or unwelcome events related to identity of the tenant, ensuring the safety and security of the community and maintaining a standard, transparent relationship with the tenants are all important benefits thatfollow a systematic tenant screening. While processing applications, make sure every applicant is given the same filtration treatment – consistency is essential; there’s no room for leniency for such procedures. Personal opinions about the prospective tenant during this process are important because they can often be indicators of the tenant’s behaviour and moral values. Tenant screening plays a major role in ensuring smooth functioning and communication in the future as well, and avoids confusion at a later stage during the stay on the property. And guess what? Both you and the tenant get to live happily ever after. For more Details visit:- http://sangau.com/

ENOUGH IS ENOUGH: THE BUCK STOPS HERE

Property Management Bangalore

The relationship between an owner and a property manager is one that requires a strong bond.This bond, however, can break due to various reasons and as a consequence, the owner has no choice but to bid the manager goodbye. Actions on the management’s behalf leading to such a situation could be the following:

 

• Communication gap: It is a property manager’s responsibility to answer phone calls, reply to emails, send timely reports and disbursements to the owner. Failure to carry out any of the above shows their incompetency.
  
  
• Great expectations, zero fulfillment: Those deals the manager made right at the beginning seemed too good to be true back then. Sadly, it turned out to be exactly that: merely empty words. Over-exaggerated rent prices and suspiciously low maintenance costs are some such dreams you might be guaranteed.But some management companies fail to keep up to these expectations they'd promised once they’re signed on. This becomes a reason for owners to fire property managers.

• Bad tenants: To screen for ideal tenants is the duty of the property manager. A couple of troublesome tenants may be unfortunate, but a string of bad ones is a clear sign of inefficiency on the manager’s part. In case the management places tenants without cautious screening and these tenants end up not paying the rent on time, owners are often left feeling troubled.

• Insufficient services: As an owner, you shouldn’t be doing the work you’re paying the property manager to do. A professional service consists of a full-fledged performance including requirements related to managing property and not just the surface jobs. If they are complacent about their work, it’s time to make a move. A few indicators of sloppy work from your property management are as follows:

• Inappropriate timeliness:If the response time is often delayed or irregular, it may give rise to problems in sticking to deadlines and other time-bound events.
  
  
• Low maintenance quality: Maintenance is an essential service that is provided by a property management company. You could incur a large loss if they fail to carry out the requirements they had registered to provide.
  
  
• Failure in performing duties: Systematic monitoring, collection of rental fees, maintenance checks, inspections are a few duties that need to be carefully executed and must be reported to the owner. It’s a red flag if you don’t get timely reports with all the required information, or when tenant complaints are not brought to your attention and resolved in time.
• Breach of contract: The owner-manager relationship is heavily dependent on trust. A lot of data regarding the property is expected to be kept confidential. The manager too has to provide the information that the owner requires for the contract. Unethical behaviour is an obvious sign of a bad property manager.

 

There may be other reasons for the rise of such situations, including personality differences or changing property requirements. Remember that the owner should be able to entrust the property management group with nearly every aspect of the rental property.As of the property manager, they must always act in the best interest of the property owner. Taking the time to ensure commitment to service will make a difference in the long run. Trust once broken is almost impossible to rebuild, and insincerity is the trait of a conniving mind.

 

For more details, visit our website http://sangau.com/

 

TURNING TENANT COMPLAINTS TO COMPLIMENTS

Tenant Management in Bangalore

With great investment comes great responsibility. A part of this is the procedure of maintaining a standard, comfortable tenant-owner relationship. It is important for a landlord to understand and resolve tenant complaints so as to fulfil what is mentioned in the contract, and thereby, ensure long-term stay. Here are some kinds of complaints you will most likely deal with during the stay:

 

• Communication gap: No one likes to be left unanswered, and the case stands true for the landowner’s promptness in responding as well. Whether the issue is big or trivial, or even if it just a query, tenants expect owners to give them response and action in time. Lack of communication gradually leads to lack of trust.
  
  
• Solution: A majority of communication problems can be solved right at the beginning during the contract signing. Make it a point to go through all rules and regulations beforehand to avoid hearing “I wasn’t aware of such a rule” or “I didn’t know about this”.All tenant communication should be taken seriously. Provide reachable contact details and make responding to tenant queries your utmost priority. Conduct periodic visits to the property to check on the environment, and interact with the tenant(s) to see if anything needs attention or improvement. Keep in mind to not visit too often and to inform well in advance before going over as it can lead to a disturbance.
  
  
• Meticulous response: Breakdowns and wearing out are an inevitable part of having property. Renters can be dissatisfied if the owner does not pay attention to emergent maintenance requirements, or if they take too long to respond. 
  
  
• Solution: As mentioned earlier, the tenant must have easy access to the owner or property manager and must feel comfortable mentioning necessary repairs. Set a response time period corresponding to a scale of urgency; the issue must be solved within that time, based on how critical it is. 
  
  
• Noise complaints: Tenants will often have noise complaints against neighbours: parties, children, loud music, television – you name it, they have an issue with it.
  
  
• Solution: These complaints must be dealt with carefully, as you shouldn’t be biased towards either party. Both sides must be ready for a compromise to create peace.
  
  
• Fragile handling: Tenants approach landowners with complaints because they want validation and expect a positive response in the form of productive action.
  
  
• Solution: Don’t undermine the extent of tenant complaints. Respond to each one with politeness as it will deeply impact the future of your tenant-owner relationship. A carelessly handled issue might lead to loss of reputation and money. 
  
  

While these are the most common types of complaints, as an owner, you should always be prepared to face the worst. It is also important to distinguish what maintenance faults are under the contract and what must be covered by the tenant themselves. For example, manufacturing defaults in furniture is a personal expense and not your concern. No one will be happy all the time. Positively handling complaints is a major factor in deciding your personal growth as a professional. In case you are uncomfortable dealing with tenants directly and feel like sentiment might get in the way of resolving problems, you can always hire a property manager to mediate the situation. Once a complaint is received, handle it in such a way that the probability of a related problem arising again is nullified. A person becomes what (s)he is through both good and bad experiences: treat each new complaint to resolve as one stepping stone closer to success. 

 

For more details, visit our website http://sangau.com/

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