Digiowner | India’s Best Property Management Company And Property Management Consultant

By Author: Sangeeta DigiOwner
Total Articles: 2
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Rental Properties are serious cash investments for real estate investors.
Well, it may seem quite simple; you buy a property, decide to rent it out, find a tenant, and you expect to relax on the couch while the money starts rolling in.
Sounds pretty simple and profitable right?
Well unfortunately that’s not the case. When you do buy a property, you need suitable tenants. For that, you need to advertise, which costs money and requires attention because the wrong advertisement will attract the wrong tenants. While you wait for potential tenants, you need to maintain your property which requires more than a broom or a vacuum cleaner. Even if you do find tenants you need to constantly connect with them to ensure they are happy and they are keeping your property safe while they spend their lease term. Then comes the headache of collecting the rents and I can go on about how pesky tenants can be when it comes to payday.
For an owner who has a full-time job or owns multiple rental properties, these tasks can be quite overwhelming and to be honest a waste of their time.
That’s where property management ...
... comes to the rescue.

What is Property Management?
Property management is the daily oversight of residential, commercial, or industrial real estate by a third-party real estate agency. They are responsible for daily repairs, ongoing maintenance, advertisement, security, and upkeep of properties.
We are here to tell you everything you need to know about property management.
As mentioned earlier there are many steps involved in building a mechanism to ensure a rental property continues to make money.
Most real estate investors do not have the capacity or time to manage all their properties and address all the issues.
Property management not only looks after your properties but also helps the owners in finding suitable tenants while ensuring profitability.
Let’s look at how they do it in greater detail.

What are the Functions of Property Managers?
Property Managers or management companies provide a range of real estate services regarding the maintenance and care of the property. In a broad sense, they are responsible for keeping the investment profitable and are responsible for dealing with most property-related issues. The day-to-day services include:
Marketing Services
To provide an analysis of the rents that can be charged depending on the property condition.
Advertising on various premium and other rental listings to attract potential tenants.
Selecting the right tenants by a tenant selection process.
Assisting the tenants in viewing the property and ensuring smooth conversion.
Most owners or real estate investors are new to marketing and it can be difficult in figuring out the right rents for their property and can have difficulty finding the right tenant. Having a team of professionals with industry knowledge can surely give them an edge when it comes to marketing their property.
Managing Income and Expenses
Collecting monthly rent dues.
Paying for maintenance (electricity, water)
Paying for repairs if needed.
Establishing and enforcing lease agreements.

Day to Day Operations
Selecting the right building management companies for repairs and other maintenance tasks.
Contracting with suitable vendors such as electrician, maid, plumber, grocery, WIFI for daily needs of the tenants.
Dealing with tenant complaints.
Ensuring proper cleanliness and care of the property.
Keeping a record of financial statements and reports for the owner.
Ensuring a healthy tenant-owner relationship and initiating the eviction process if necessary.
Hence you can see the enormity of the tasks that property managers or management companies do.
Property owners may or may not be hands-on in their approach to property managers. They can either be proactive, communicating with property managers on a day-to-day basis. Or if they have other obligations, they may relax and let the property managing service do all the work.

Benefits of a Property Management Company
High-Quality Tenants: An ideal tenant is someone who pays his dues, ensures minimum wear and tear, and causes no other issues. Owners usually don’t have the expertise to properly select suitable tenants. A property management company that also acts as a real estate consultant has a tenant screening process that ensures that the tenants are high quality.
Less Legal Issues: having the backing of a professional property management company ensures that there is less risk of a lawsuit. Additionally, they provide services like
Ensuring property security.
Initiate evictions if necessary.
Inspections
Administering and enforcing lease agreements.

Smooth Operation: Rest assured with a property management company the owner does not have to concern about day-to-day expenses, maintenance, tenant issues, etc. They can be about their own business while their property continues to generate profits.

When Should You Hire a Property Management Service?
A good property management service can be the difference between success and failure for real estate investors. However, everyone does not need it. How do you know that you need such a service or not? Here are a few factors to consider:
Budget
Evaluate your budget. Property investment is made to reap profits. Make sure the charges of the property management service fit within that budget and ensure profitability. Most companies charge a portion of the fees, others have fixed packages with various features and perks. Make sure all things are accounted for while evaluating your budget.

Time
As mentioned before, property management is a hectic job. Do you think you have the time and resources to manage it all? If not, a property management company is what you need. With their assistance and expertise rest assured you don’t have to worry about your investment and can freely attend to your other obligations. It saves on a crucial commodity “Time” for a wise man who once said, “Time is Money”.

Distance
Do you stay close to your property or are you live far away? If the latter is true it will be very difficult to address the day-to-day operations such as tenant issues, cleanliness, security, etc. In that case, having a property management company is very helpful.

Your Call
At the end of the day, it's your call whether you want to hire a property management service or you are confident in dealing with all property-related issues. However, now you know what property managers do, and what positive impact they can have on your investment ventures.

MISPL DigiOwner is renowned for its services in the real estate sector. We firmly believe that owning a property is more than a mere dealership between the company and the customers. Hence we provide a hand of trust and authenticity when it comes to deal in the real estate sector.