In majority of people’s portfolio of assets, real estate investment occupies lion’s share. Other than occupied house property, investments are made in second house, plots, commercial units, week-end gate ways, agricultural lands etc. Managing the real estate assets (other than the occupied house property) is as strenuous as acquiring the properties. Real estate investment attracts people as it the only appreciating asset, which offers highest capital appreciation and there could be some regular return by way of rentals, which increases over the years, hedging the inflation.
Management of the property includes annual property tax payments, insurance premium payments, up-keeping the property, arranging major and minor repairs and proper documentation and regular compliance with Government Authorities.
Apart from the above arduous assignments, finding a right tenant, collecting security deposits and ensuring the regular monthly rentals is surely a very tough and time consuming job. It becomes a nightmare, if the owner is out of station/country.
We at PropSeva, will counsel with our clients on all related matters and in association with leading property management firms, offer entire gamut of property management services as listed above, under one roof, at much affordable costs.
The basic package of managing the property will contain regular maintenance and reporting to the owners. The package includes annual property tax payments, insurance premium payments, property inspection reports, once in 6 months and keeping property documents in order and updating the same on annual basis.
Paying property taxes is a mandatory outgo to corporation authorities. BBMP (or jurisdictional civic authority) may offer 5% discount of on property tax, during April and May of every year. The delay in payment not only attracts fine and a penal interest calculated at 24% per annum. Long delays of payment may lead to corporation authorities taking over the properties with Court’s Intervention. Hence it is essential to keep paying taxes regularly, year on year.
Property worth Lakhs and Crores of Rupees are acquired with life time savings and most of the time with the help of long term loans. Hence it is advisable to insure the property against natural calamities and other perils. If long term loan is availed, it is also necessary to insure the life of the owner to avoid hardships in case of eventuality.
To have regular maintenance issues resolved and to safeguard the properties, it is necessary to be in regular touch with the tenant and to inspect the property regularly.
We offer property inspection by trained Executives to visit the property with prior appointment with tenants, twice a year. During the inspection, our executives will have detailed discussion with tenants on all issues related to property and file a detailed report on the upkeep of the property, need for major/ minor repairs and any other issues (as deliberated by the tenant). A detailed Inspection Report will be issued along with photos/video clips.
On the request of owner, we will create E-Vault of property documents (digitalized documents of property along with all approvals, latest link documents etc.) on the cloud. This will help the owners to access the documents on the internet any time.
Most of the time, properties are purchased with “Four walls and a Roof‘’. To make the premises livable and to increase the utility and to enhance the rental value, it is necessary to arrange necessary interiors such as proper furniture and fittings, including modular kitchen and wardrobes.
Our associate firms promoted by leading architects and interior designers, offer end to end solutions for entire interior designs and execution to suit to the client’s requirement (keeping in mind self use or to be rented out ) at most affordable costs.
Whether it is residential (other than occupied house) or commercial property is expected to fetch decent rentals.
If the properties are far away and especially when owners are not staying in the city, it becomes very difficult to find a right tenant for right rentals. Our associate rental service providers will not only fix right tenant, enhance to rental value and ensure regular collection of rents. In CBD areas, our associates will offer guaranteed rentals, irrespective of whether the premises are rented-out or no.