Property Management Companies Gurgaon
While the concept of property management is very well established in some of the more developed and evolved markets, in India, it is quite at a nascent stage. So, the question is what is Property Management? And How does it help a property owner?
Property Management Company essentially means what its called, which means a company which can manage your property and make sure that it remains in a state that is marketable and rentable. A property management company would take on the management of your property and make sure that the property is maintained well until it is rented out. Why is it interesting to have a property management company work on your properties. There are a few good reasons:
- Time & Effort: In a busy life that we all live these days, it is difficult to take out time and effort to manage all the assets that you own, especially when you have your own core work to attend to. A property management company would take away the hassle for you to spend your precious time and effort that can be better utilized elsewhere than to manage the properties that you own.
- Marketability State: When you are at a stage that you have acquired multiple assets, it is difficult to make sure that all your properties are well kept in a state where a tenant can visit and sign up, it is called a state of Marketable Property. More often than not, specially in India, there are so many hassles attached to a property that one could end up spending a huge amount of time in managing the daily affairs of the property. A property management company takes on that responsibility away from you and makes sure that your property is at all times marketable and rentable immediately.
- Showing Management: Every time you have a prospective tenant, there is a effort and cost to show the property, yet again, you end up managing and showing the property to various prospective tenants and would end up having multiple site visits before you sign up for the property. In case you have hired the right Property Management Company, then you are looking at all showings being handled by them.
- Multiple Brokers/Agents : One representation vs. multiple representations, well, there are a lot of positive facets of having a single company representing your property, however, a couple of most important ones would be, responsibility – it is not easy to fix responsibility of your property and the contents inside the property, when it comes to multiple agents/brokers are showing your property. The second important reason is dedication to market, when the property is being handled by one single agency, they put in their heart and soul into making sure that the property gets off the market as soon as possible, this does not happen in case of multiple brokers/agents representing the property.
How Property Management works?
The process is quite simple, as an owner, you have two wish lists, first being that your property remains maintained and second being that it goes off the market and is rented out as soon as possible. A property management company’s job is to make sure that both these things are handled in the best possible manner.
Typically, a property management company would charge a fee equivalent to anywhere between 5% to 10% of the rental value (as a management fee) to make sure that the property is well maintained at all times and that the property goes off the market and is rented as soon as possible. Not just that, a good property management company would also make sure that your property is well marketed before your lease expires, to make sure that your property never remains vacant and that you have a steady flow of income.