Things You May Not Know About Becoming A Property Owner in India

Becoming a property owner in India is a good financial move for those who want to invest in real estate. Property owners are able to take advantage of a wealth of tax benefits while their property appreciates in value and the rental income rolls in.
Still, landlords do face some unique challenges that newcomers to the real estate arena are often not adequately prepared for. Routine maintenance, repairs, and cleaning aren’t all that landlords are responsible for. The landlord-tenant relationship is an extremely complex one that is governed by an extensive and strict set of guidelines.
Most people rent before they buy, and thus most people first experience leases as a renters. As a renter, it may initially seem that a lease protects the renting party, but this could not be further from the truth. The rental agreement is actually in place to protect you, the Property owners. All Property owners need to understand this in order to sidestep any potential legal issues down the road. Tenants in Bangalore are given certain rights immediately upon occupation of a property, even if they have not paid any rent or signed a lease. The lease is actually intended to limit tenants’ rights, making it vital that a lease be drawn up and signed before any tenant is given access to a property.
In Bangalore, the Property owners-Tenant code that prospective landlords should study, in addition to other state laws. These laws can greatly affect your property, and is especially true when defining tenancy. As a landlord, you should be aware that anyone allowed to stay on your property for a specific amount of time will automatically become a tenant and be offered the same rights as a tenant. The amount of time varies by state, but it is entirely possible that you could kindly offer your couch for a week only to find out that you have to give your initial guest a 45-day eviction notice. Something as simple as allowing a person to sleep in an apartment and use your common facilities, i.e. the kitchen, can be enough for a person to claim tenancy.
Many Property owners believe they can budget their rental figures, especially if renters pay in cash. Not only is the Tax savvy to these devices, but also it is just never worth the risk. Claiming losses on a rental property for more than a few years is enough to set a red flag on your account and potentially trigger an Income Tax audit. Ultimately, stating your rental income will be financially beneficial if you plan on investing in more rental properties in the future. Otherwise, you may find yourself approaching lenders for an investment loan with a tax return showing only losses for five straight years.
Skipping an expensive credit and background check may seem like an excellent way to save money at the time, but it will only cause heartache down the line. Tenancy applications and background checks exist for a reason. While people may usually seem trustworthy enough, they can also be extremely irresponsible. Instead of skipping standard protocol, you should consider transferring the cost of the application to the tenants. In many real estate markets, tenants will not bat an eye at a reasonable application fee. When looking at credit checks, make sure you look very carefully for any prior issues with landlords and/or evictions. Patterns form for a reason.

Anyone who has faced the terrifying threat of eviction may feel as though it is an incredible power wielded by all landlords. While eviction may seem frightening at first, landlords actually have very limited control over the situation. Evictions need to be officially filed, even if the tenant has stopped paying rent. Once the eviction has been filed, the tenant will still have 30 to 45 days vacate, depending on the local laws. This is 30 to 45 days that a non-paying tenant will have free run of your property and potentially damage it. Furthermore, even after the 30 to 45 days the landlord cannot take any physical action to evict the tenant. Landlords cannot shut off utilities or change the locks. Instead, you need to consult the legal professional and petition to have the tenant removed. An actual eviction proceeding can go on for months, especially if the tenant chooses to contest it.
While becoming a landlord seems like an intimidating process, those that are willing to tackle the challenge will eventually find themselves raking in significant rewards. Owning and renting out property gives you a steady source of income independent from other employment or traditional investment vehicles, but this income does come at a cost. You need to become extremely well versed on all of the laws and regulations regarding your state and you will need to be extraordinarily conscientious throughout the entire process.
Are you considering an property managers? Use Property Management Company to discover hidden investment opportunities nationwide. 
 

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Property Management weds Technology: Five new technologies to manage your real estate in 2018

With all its ups and downs for Indian Real Estate Market, 2017 was a year of significant change— in politics, culture, science, technology and more. Advancements in areas like Artificial Intelligence(AI) and, the most sought after cryptocurrency- Bitcoin has far reaching implications across industries. What were once cutting-edge technologies have made their way further into the “real world” and are poised to have a profound impact on the way business is done in 2018.

For evidence of this trend, look no further than the real estate sector, where a range of technologies are opening up the horizon and changing the rules, giving property owners and real estate professionals new opportunities to thrive. Here are five technologies which help to manage your property in India in the best way.

Artificial Intelligence

Based out of a recent survey, Team Raksha predicts, 75% of developers will use AI technology for at least one business application or service in 2018. This will certainly hold true in real estate, in which success hinges on an agent’s ability to nurture existing and new client relationships. In buying or selling a home, people are making one of the biggest decisions of their lives and the process can be overwhelming, not to mention confusing. It’s important that property owners/managers answer questions in a timely manner, but that was once extremely time-consuming.

Chatbots, powered by AI, is one among the artificial assistants. Property Owners and property managers can utilize virtual customer service agents and chatbots to automate discussions with clients, freeing up human time to address more complex issues. AI “employees” enable economies of scale opportunities, meaning agents can provide attentive, hands-on, high-quality customized customer care at very little cost.

Big Data

2.5 quintillion bytes of data are created every day. This data holds vast troves of value for real estate owners/managers who can use it to gain insight into customers, understand market trends and improve efficiency. In 2018, big data will transform the real estate industry by making it more transparent. Home evaluation reports, sale prices and demographic data are now in the cloud and can be analyzed to provide more objective appraisals. Heightened transparency will promote better decision making and streamline the sales process- making it more efficient. In addition, property owners/managers can use big data technologies to turn customer data from sources like social media into targeted marketing that delivers the right message to the right customer at the right time.

VR Camera/Drones

Virtual Reality Camera turns to be one of the most demanding technologies to enter real estate marketing since the inception of internet market space. To start, VR cameras enable owners/property managers/agents to integrate dramatic camera photography and video tours into online listings. Raksha Property Management, a leading Asset management company based in bangalore,  found that 90% of homebuyers rely on the internet as one of their primary research sources, and for over half, the web is their first step. Capturing their attention requires impressive, detailed visuals, and the agents and managers who pull ahead will be those whose photos and videos stand out. Drones can essentially be used as flying cameras for photos and videos. Real estate photographers can use the technology to produce sweeping shots of the landscapes around homes and 360-degree views of home exteriors.

Virtual Reality camera will also enable owners and managers to conduct virtual open houses. Less than one in five buyers make an offer without first seeing a house in person, but open houses aren’t exactly convenient for anyone involved. Drones and VR cameras allow agents to give virtual tours, saving time of buyers, sellers and agents, as well as opening the door to buyers who don’t live in the area.

Mobile Devices

For all the talk about how young generation aren’t buying houses, Raksha has found over the last four years that millennials and Generation Y make up the largest group of homebuyers. In 2018, the real estate industry will continue to evolve to be more millennial-friendly, which means more mobile-friendly. Millennials spend more time on their phones than any other age group and rely on their mobile devices to do just about everything. The owners who succeed will be those who enable prospects and clients to access all the information they need, including listings and documents, from their mobile devices. Mobile-first will soon become the norm.

Bitcoin

Bitcoin captured Indian media headlines in 2017 as the value of the cryptocurrency soared to unbelievable heights. The impact of Bitcoin extends far beyond asset trading, however. The technology is redefining how money is exchanged and this is having a big impact on real estate. More buyers are interested in paying with cryptocurrency, which is leading some building owners to accept bitcoin as a way to gain a competitive edge. There are also emerging services that provide landlords and tenants a way to pay and receive rent in Bitcoin. NRIs can repatriate their income into their home currency using the cryptocurrency without any regulation and bank fees.

Beyond Bitcoin itself, blockchain technology is driving the real estate industry forward in other ways. It could enable property listing companies, or even managers, to improve the way property data is shared between managers, agents and consumers, leading to the creation of a listings that grants real-time access to updated property information. Blockchain tech could also provide a central database for historical title records. Finally, blockchain technology could provide a new way to verify identities in real estate transactions, speeding up the process and minimizing the risk of fraud. Hassle

The research team of Raksha Property Managers & Consultants predicts that 2018 is going to be a big year for the real estate industry. Technology will help make the process of renting, managing, buying and selling a home more streamlined, efficient, secure and convenient for everyone involved.  Raksha helps its clients hassle-free business using these new technologies. For further questions, you can reach us at info@rakshapm.com

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Why do you need Property Management Company in India?

Why do you need Property Management Company in India?

 

A competent and profession property manager can add significant value to your house or apartment in India.  Here are a few ways that a good property manager earns their keep:

Higher Quality Tenants

 

Getting a good quality tenant will free you from a lot of head ache as an owner. It is certainly possible to get a bad tenant out of your home once they are in, but it’s a real hassle and you are so much better off never accepting them in the first place. A thorough screening process results in reliable tenants that:

  • Pay on time
  • Rent longer
  • Put less wear and tear on the unit
  • Generally, cause less problems

 

Bangalore based Raksha Property Managers has seen thousands of applications and knows how to quickly dig for the real facts about candidates and analyze that information for warning signs. By allowing a management company like Raksha to handle the screening, you will also be shielding yourself from rental scams directed at owners, and discrimination lawsuits resulting from an inconsistent screening process. This kind of experience takes time, and insomuch as it means avoiding bad tenants, scams and lawsuits it is arguably one of the most significant benefits a property management company will provide.

 

No more costly and time consuming legal problems

Experienced landlords know it only takes one troublesome tenant to cause significant legal and financial headaches. A good property manager is armed with the knowledge of the latest landlord-tenant laws and will ensure that you are not leaving yourself vulnerable to a potential law suit. Each state in India have their own laws covering a number of areas including but not limited to Tenant screening, Safety and property conditions of the property, Evictions, Inspections, contract addendums, Terminating leases, Rent collection etc.

Avoiding a single law suit can more than pay for the property management fees, and spare you time and anguish.

Shorter vacancy cycles

A property manager will help you perform three critical tasks that affect how long it takes to fill your vacancies:

  • Improve and prepare the property for rent – A property manager will suggest and oversee cosmetic improvements that maximize revenue.
  • Determine the best rent rate – Too high and you are stuck waiting, too low and you’re losing money every month the tenant is in the unit. Determining the optimal price requires knowledge of the local market, data on recently sold comparable, and access to rental rate tools.
  • Effectively market your property – An experienced property management company has written hundreds of ads and understands what to say and where to advertise in order to get a larger pool of candidates in a shorter period of time. Additionally, because of their volume they can usually negotiate cheaper advertising rates both online and offline. Lastly, they are familiar with sales and know how to close when they field calls from prospects and take them on showings.

 

Better tenant retention

Raksha property management company has a time-tested tenant retention policy that ensures happy tenants with lengthy stays in your properties. These kinds of programs require a consistent, systematic approach, which is where a good property management company will shine.

Tighter rent collection process

The way you handle rent collection and late payments can be the difference between success and failure as a landlord. Collecting rent on time every month is the only way to maintain consistent cash-flow, and your tenants need to understand this is not negotiable. By hiring a Raksha property manager, you put a buffer between yourself and the tenant, and allow them to be the bad guy who has to listen to excuses, chase down rent, and when necessary, evict the person living in your property.

Assistance with taxes

A property management company can help you understand which deductions you can claim, as well as organize the necessary forms and documentation to make those claims. Additionally, the property management fees are also tax deductible.

Lower maintenance and repair costs

Good maintenance and repairs keep tenants happy and preserve the value of your investment which make them a very important part of land-lording. By hiring a management firm, you gain access to both their in-house maintenance staff, as well as their network of licensed, bonded and insured contractors who have already been vetted for good pricing and quality work. This can translate into significant savings compared to going through the yellow pages and hiring a handyman yourself. Not only is the firm able to get volume discounts on the work, they also know the contractors and understand maintenance issues such that they are capable of intelligently supervising the work.

Increase the value of the investment

Preventative maintenance is achieved through putting systems in place that catch and deal with maintenance and repair issues early on, before they grow into larger more costly problems. This requires a written maintenance check program, detailed maintenance documentation and regular maintenance visits. The management firm can also offer you suggestions and feedback on upgrades and modifications, both how they will affect the rent you can charge, as well as their impact on maintenance and insurance.

These results can only be expected if a management company is competent, trustworthy and a good fit for your property. Raksha Property Managers is a Bangalore based property management company. They manage property in Chennai, Hyderabad, Pune, Mumbai & Delhi.  If you have any more question regarding property management in India, feel free to reach out to us at info@rakshapm.com

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