Best property management companies in Bangalore – how do you select one | PropertyAngel

Best property management companies in Bangalore – how do you select one?

Property Management is at a nascent stage in India. However, in a short span of time, various business models in this space have spring up, some of them catering to families, and many more catering to bachelors:

  1. Family/Group Property Management
    • Landlord Type: Absentee owners, NRIs, senior citizens, local professionals
    • Tenant Type: Professional families, companies, groups of professional bachelors
    • Pros:
      1. Emphasis on property maintenance
      2. Tenant verification
      3. Larger security deposit
      4. Low tenant churn rate/high occupancy
    • Cons: Lower rent than single housing
  2. Singles Property Management
    • Landlord Type: Local professionals, absentee owners
    • Tenant Type: Single bachelors, students
    • Pros:
      1. Higher rent
    • Cons:
      1. Higher charges
      2. Out-of-pocket expenses to furnish the property
      3. High tenant churn
      4. Risk of property damage
      5. Partial rent when partially occupied
  3. Community/Single Housing in Multi-Unit Buildings
    • Landlord Type: Developers and builders who own multi-unit housing
    • Tenant Type: Single bachelors, students
    • Pros:
      1. Full service with hospitality solutions
    • Cons: Limited to owners of multi-unit properties

There are various players in each category above. For the landlord the services they cover include:

  • Inventory Management & Maintenance: This includes documenting all the fittings, fixtures and any damages of the same, as well handling, supervising and coordinating any maintenance work in the property on behalf of the owner.
  • Tenant Management: This includes finding, verifying, selecting, coordinating, replacing the tenants. The service provider will usually do an inspection mid-year to ensure all is well maintained, even if there are no tenant complaints.
  • Financial Management: This includes collecting the rent on time, making any payments to vendors/service providers/association/utilities, as required and ensuring the landlord receives the rent on time. Most professional companies will give a detailed report to the owner, even if all deductions are pre-approved.

How do you choose the right property management company for you?

While most of the property and tenant management companies provide the same type of service, there can be remarkable difference in the delivery. Here are some guidelines to help you make a choice:

  1. Do you like to have personalized service? Check if they have an account manager. Try contacting them a few times before signing up.
  2. Is the upkeep and safety of your property more important or only the rent? Choose a provider with strong emphasis on tenant verification and maintenance.
  3. Is the deposit amount collected important to you as a safeguard? Ask what multiple of rent is collected as deposit.
  4. Do you want to have control over tenant selection and payments? Ask if they get your approval before placing a tenant or making minor repairs.
  5. Is it important that there are no surprises? Ensure charges are transparent. Read fine lines for any 'grey areas'.
  6. Aligned Objectives & Charges Choose a firm that charges you only when the property is occupied; their goals will be aligned with yours.
  7. Credibility of the service provider and the team Check online reviews and the MCA21 government website for Private Limited company status.
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