solve renting problems with property management company

How a Property Management Company Can Help Solve Renting Troubles

The Smartest Passive Income: Renting!

Who wouldn’t want an extra source of income? You could be a working professional, an entrepreneur or a retired surgeon, having a side income is a smart idea and will prove beneficial. According to finance gurus, a passive income will give you a lot of independence when you decide to change jobs or start your own venture. And what is the best way to generate a passive income? It is through real estate, renting in particular. If you invest in a hot property located in a posh and affluent neighbourhood and rent it out, you can generate massive returns within a short period of time. It is a known and an accepted fact that investing in property is a smart and lucrative idea. It is a secure investment that is less likely to go sour, as compared to other financial investments that are easily affected by market fluctuations.

If you are careful with this investment, you can easily generate a lot of income. This largely depends on the area in which your owned property is located. If it is in a place that is highly central, touristic or around commercial zones, you are likely to procure a higher rent. On the contrary, if it is in an area that is on the outskirts of the main city, you might garner less rent. In any case, it is good to own a property and rent it out because you are guaranteed to make a side income. It can be a small sum or a large sum depending on the property size, demand, supply, and location, but it is guaranteed.

Problems Faced by Property Owners When They Rent Out Their Property

When you rent out your property, you become responsible for your tenants’ needs. The whole renting situation can quickly escalate to a hassle. A property management company comes as a lifesaver because it handles all tenant related tasks and issues and allows you to enjoy your passive income, stressfree. In this article, some of the problems faced by property owners while renting a property are discussed. These problems may be big or small but are definitely a cause for a headache to homeowners while they rent out their property. Luckily, we have a solution to all your problems listed out later. Read on!

  1. Finding Tenants

There can be a case where you already own a property. But if you don’t find tenants, it can be tedious to manage that property. Therefore, it is essential that you find tenants at the right time who are willing to pay you regularly each month or quarterly as per your arrangement. For this, you need to keep posting advertisements on classifieds or paying brokers until you manage to find someone perfect for your property. Moreover, in many cases, you might have to physically go and show your house to the potential tenants. This is a long and tiresome process which will take a lot of time and resources from you.

  1. Verification of Tenants 

Given the situation of the world, it is important to perform a proper background check of your tenant before handing over the keys of your property. You need to check their identity documents and also make a comprehensive contract that adheres to all the guidelines of the government with regards to renting out a property. You need to be very meticulous with this process to ensure that your property does not go into the wrong hands.

  1. Retention of Tenants 

There is no guarantee that your tenants will stay for a long time. They might keep leaving as per their convenience and requirements. So, the next problem is to find a new one immediately. Again, the whole process of posting ads, contacting brokers or showing property begins. If the rotation of tenants happens more than once or twice in a year, it will leave you completely drained. Moreover, a delay in securing a new tenant will mean a loss in income during that period. Hence, it becomes quite necessary to not only find good tenants but also to retain them for the long term.

  1. Taking Care of Repairs and Maintenance of Your Property 

It is a known fact that a property requires regular maintenance and as a property owner, it is imperative for you to take care of all these repairs and maintenance jobs. There could be damages to the walls, taps or electrical wiring issues. If you reside far from your rented property, it can be rather hectic for you to take care of such issues yourself. This is also a problem that you need to consider while renting out your property. 

  1. Regular Collection of Rent for Your Property 

Then comes the most crucial part – the collection of rent! Although online banking services have made it easy for people to get online transfers done on time, if the tenant delays the payment, you might have to pay a few visits in order to extract the rent from them. Again, it can be a tedious and not an unpleasant job undertake. The main problem arises when your tenant (for some reason) refuses to pay rent. In such a scenario, you need to take serious legal action against the tenant, and that might cause you some trouble and a lot of expenses.

These are some reasons that might make you reconsider investing in a property to help you generate an easy passive income. But, these problems can be easily solved if you reach out to a property management company since they are professionals in the field and have experts to deal with various problems that might arise when you rent your property out.

A Property Management Company Can Easily Solve Your Problems! How?

  • Finding & Verifying the Tenants

With numerous contacts in the real estate sector, a property management company has access to various channels where they advertise your property and find tenants for you. They also take responsibility for running background and identity checks before they refer them to you. They also help you out with all the documentation that is required to fulfil government regulations. Therefore, you can be assured that each and every tenant is verified, and all the documents adhere to government rules and regulations.

Here’s exactly how we help find responsible tenants, fast:

Find Tenants in India Easily With a Property Management Company

  • Retention of Tenants 

With numerous advertisement channels for your property, the possibility of finding a tenant as soon as one leaves is higher. Moreover, a representative from a property management company is always available to show your property to prospective tenants. This saves you a lot of time and resources to schedule visits from tenants every now and then. Also, the representatives take care of all negotiations in order to get you the maximum advantage out of the setup. The property management company ensures all dues are paid before your tenants vacate.

  • Taking Care of Repairs and Maintenance of Your Property

Repairs and maintenance are an essential aspect of owning a property. A property management company employs representatives to handle all repairs and maintenance issues. They take care of all the immediate needs of your tenants so that you don’t have to receive regular phone calls from your tenants for the smallest of issues. Moreover, if you require a big repair, you can leave the stress to the representatives. They take care of all the small and significant repairs of your property.

Here’s how a property management company will help maintain your property in India, or maintain your house in India:

Property Maintenance in India a Hassle? Property Management Company is the Solution

  • Regular Collection of Rent for Your Property

The most important part of renting out a property is the collection of rent. Of course! That is why you have invested in a property. With a property management company, dedicated representatives do this work for you! The point is to ensure that you get your rent regularly. In case of problems with the tenants, the property management company handles all the legal issues that arise. This ensures that you don’t lose time or resources in case a legal issue comes up with your tenant.

The Bottom Line

A property management company can help you streamline renting tasks and help you generate an easy passive income. This comfortable side income can come at the cost of peace of mind. Outsourcing to a property management company will save you several sleepless nights and take care of all the issues. They are adept at handling all kinds of problems that are part and parcel of property renting. Right from finding tenants to doing their background checks or even drafting a contract, they handle everything on your behalf. More than any other thing, it allows you to have a peaceful and stress-free renting process. So, hire a property management company today and enjoy a stress-free passive income!

Check out our infographic that helps you decide when it is time to hire a property management company: How Do You Know If You Need a Property Manager?

Here’s a list of some popular companies that you can begin with:

Propadis: https://propadis.com – We are the best of course! But, we do not shy away from giving you more sources. Your happiness, after all, is most important to us.

Propdial: https://www.propdial.com/

ManagedHomz: http://www.managedhomz.com/

BlueLeafIndia: http://blueleafindia.com/

Housewise: https://www.housewise.in/

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