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.  

Property Management Services Bangalore

#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

What steps to take if a tenant refuses to vacate?

The eviction process has always been difficult for landlords and tenants. There's no problem if the tenants leave the property at first notice. But things go wrong when tenants refuse to vacate. It's your property, and you, as an Owner, have legal rights of this property. But laws of different states and countries had allowed many legal rights to the tenants too. So if a tenant refuses to vacate, we would suggest the following steps. Those steps are offered and executed by the rental management companies in agreement with the owner.

Know the reason

There may be a severe and genuine problems which the tenant is facing so firstly you should know the reason. When there is a reasonable justification, then tenant should be given more time. Reasonable justification varies and depends upon the judgment of the landlords and rent management company. Like, if the tenant has not yet identified another lease house and he has no place to live, then you should consider some extension in the lease term. 

On the other, if the justification is not reasonable, then you should follow the next step.

Tenant management in Bangalore

Communication

The landlord own the rental properties, and he has legal rights. But before going to the court, it's always a fair way to deal outside the court. So as an Owner or Rent Management company you should communicate with the tenant respectfully. If the tenant can be evicted from a rental property, then there would be a positive result afterwards. It would not affect your goodwill in the market. So, talk to the tenants and ask them to leave the house if the justification isn't reasonable. 

Legal Action 

There's always a lease agreement signed by both parties. And all the legal process depends on that lease agreement. As an Owner you can seek legal advice from a lawyer or if the property is managed by a property management company, such as SANGAU, in Bangalore then they will take the legal action. Lease agreements are prepared under the jurisdiction of local laws or state laws. So following the terms and conditions of the contract there would be some clauses that would be applied to such scenarios. Always follow the legal and legit ways to get tenants out of a rental property. 

Tenancy at will 

When you rent your property without any lease agreement, then this is called a tenancy at will. So, if the communication didn't go well with the tenant and there is no active lease agreement, then discuss with a lawyer such a scenario. There are laws about tenancy at will these should be considered to decide the further course of action. 

Property rent management Bangalore

If they are paying rent

At the end of the tenancy agreement, the tenants might want to continue to stay in your rental property. In such cases, Owner should allow them if they are paying monthly rents in a timely manner. Some local laws entitle the landlords to increase the rent in such cases and increase should be discussed to reach an agreement.

Eviction notices

There are usually two types of eviction notices

• Eviction notice with cause 
• Eviction notice without cause

The landlord can send tenants an eviction notice that describes the cause. Like if the tenant is not paying the rent or violating the lease agreement, then the landlord has the right to send him an eviction notice with a cause. 

The landlord can also issue eviction notice without cause. It does not describe any reason for such eviction, but in such cases, the court allows some extra time to tenants. This time can vary from 30-90 days depending upon local laws.

For more details visit our website http://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

A FRIEND IN NEED: WHEN DO I NEED A PROPERTY MANAGER?

Property Management Bangalore

Being a landowner seems like a piece of cake until you’re forced to leave your reunion party because your tenant has a leaky pipe. Attending to tenant needs at all times and keeping a thorough check on finances can be quite the task and you just might feel like hiring someone to do it for you. Fortunately, a solution is available at hand: a property management company!

Placing your valuable property in someone else’s hands requires courage and quite a bit of conviction. However, you just might feel the requirement to have a professional take care of it. Listed below are a few indicators that’ll help you confirm that you may need a hand:

1. Kilometres apart: If your property is located considerably far, reaching in time in case of a situation can be a hassle. Such events may call for another person to attend to tenant needs immediately than leaving them waiting hours for you to arrive.
   
   
2. Breaking point: How would you react if a tenant called you at 2 A.M. saying that the electricity is out and they need it fixed immediately?What if you have a stubborn tenant who refuses to follow certain rules and is a nuisance to the community? Your answers to these questions will help assess your emotional stability. Ensure that you have the ability to be patient and understanding even in the worst-case scenarios. If not, you might require assistance from someone who is specialized in this area. 
   
   
3. Too many for two eyes: Handling one property is in itself not a breeze; two or more can become hectic and you’ll be preoccupied running from one place to another dealing with different complaints. 
   
   
4. Skills: A property manager will have strong communication abilities, basic knowledge in marketing, timely and active tenant services and hands-on skills, which are crucial to executing managerial duties. It is important for a landowner to be well-aware of their ‘renting skills’. Self-examination is an essential part of deciding whether you, as a landowner, are capable of taking up huge responsibilities. Do you think you can advertise and rent out your land with ease? Will you be able to tend to client needs 24/7? Are your social skills groomed to help you get good tenants? 
   
   
5. Fixing the right rental prices: Setting right prices for the property is important to appeal to the right tenants. A good property management company will do the right research, compare values, get an estimate, price the land fairly as well as maximize the profitability of your investment and your time.
   
   
6. More freedom: Handing over such a huge responsibility leaves you with more time and freedom at hand. You can utilize this for your personal activities or even be adventurous and take up the challenge to invest in more properties! 
   
   

If your problems require a solution and if this is it, do not hesitate to hire a manager. Why undergo unnecessary stress? After all, the main purpose of a property manager is to give you relief that your investment is being handled cautiously. Let the management take care of your property, and you can sleep in peace knowing you won’t be disturbed.   

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

THE GOOD VS. THE UGLY: POSING THE RIGHT QUESTIONS TO YOUR TENANT

As a property owner, it is important to be well-aware of your tenants’ backgrounds. This information may prove crucial while deciding whether or not the tenant can be trusted, or can be used at a later point during the tenancy if the need arises. Certain questions, however, may be disturbing to the tenant and could be considered as invasion of privacy. Here’s a guide to what questions are ideal to put forward to your potential tenants:

• Headcount: It is important to know how many people are going to be occupying the property. You don’t want ten people cramped up in a two-bedroom apartment—

maintenance becomes harder, and it is not practical.

• Confirmation: Run through all the payments the tenant will have to make, and ensure that they are wellaware of them. Also inform them of the security deposit to be paid once the agreement is signed. 
  
  
• Reason for Shift: Get to know why the potential tenant is looking for a place. This can act as an indirect signal as to whether the tenant has a tendency to turn problematic.
  
  
• Anticipated move-in date: Tenants who seem to be in a hurry to move in need to be dealt with caution. Unless the reason for the sudden shifting is legitimate, potential tenants must be given a minimum of one month to move in.
  
  
• Length of lease: The owner must have an idea of how long the tenant intends to occupy the property – a short-term or a long-term tenancy period.
  
  
• Income/employment status: The ideal income landlords look for in clients is a monthly income that is around or more than 3 times the rent. The potential tenant’s position at their workplace is important to be aware of, because an unsteady job can lead to issues with paying rent on time.
  
  
• Clarifying tenant queries: Make sure the tenant is at ease to inquire about absolutely anything regarding the property. Before signing the deal, clear up any pending doubts, inform them of the payment and slowly help them feel comfortable to communicate whenever they need to.

Tenant management in Bangalore

Pay heed to the nature and content of the response to these questions. A lot of information about the tenant’s behaviour can be easily obtained via the interview. Some of them may really be quite the life-saver for you as an owner. For example, when asked the reason for changing residence, if the potential tenant complains about a troublesome landlord, neighbour or area, it could be a red flag.

Along with this, it is of utmost importance to make sure the following characteristics regarding the tenant are not mentioned while asking questions:

• Disability
• Religion, Caste
• Marital status
• Sexual orientation
• Any other possible protected class-related topics

Demanding answers to such topics can come off as considering the tenant’s position in these categories as a criterion in determining whether to sign them on – simply put: as discrimination.Thus, it requires the owner to be cautious to ask the right yet appropriate questions in order to analyze the tenant’s overall interactivity but at the same time, not intrude their privacy or offend them in any manner. Be patient and observant: any step you take could be a landmine and therefore, it is crucial to plan your way out of the maze beforehand. For more details, visit our website http://sangau.com/

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/