Below is the list of the tasks property managers commonly perform for owners. In a metropolitan city like Delhi, you may require some of these property management services, and the property management companies you interview may offer more or less what is listed here.
Property evaluation and Rate decision
* Carry out detailed documentation of the interior and exterior including clicking photos
* Propose recommendations on repairs and cosmetic improvements which maximize monthly rent while providing good ROI.
* Collect data on rental rates in the area and work with owners to determine the optimal rental rate. Rent research will vary, but it should include the recently rented comparables based on size and type.
* Discuss the pros and cons of different policies with Landlords such as accepting pets, smoking etc.
* Installing lock boxes
Property Marketing Services
* Organize home for rent
a) Clean home and optimize interior appeal
b) Manicure landscaping to increase curb appeal
* Create ads tailored to the property in different advertising medium. Some of the mediums commonly used are:
a) Both Paid and free rental listing websites
b) Print publications
c) Signs
d) MLS
e) Handouts & Fliers
* Work with other realtors and leasing agents to find tenants
* Set a 24-hour hot-line where prospective tenants can listen to detailed information about the property
* Entertain field calls from prospects for questions and viewings
* Meet prospective tenants for showing property throughout the week and weekend as well.
* Provide prospective tenants with rental applications that are legally amenable with fair housing laws
* Collect applications along with fee
Screening and Selecting Tenants
* Perform a background check to verify identity, income, credit history, rental history, etc.
* Grade tenant according to pre-defined tenant criteria
* Inform tenants who you even turned down
Moving In Steps
* Prepare a leasing agreement
* Finalise moving in date with tenant
* Review lease guidelines to tenant regarding things like rental payment terms and required property maintenance
* Ensure proper execution of all the agreements
* Perform detailed move in inspection with tenant and have tenants sign a report verifying the condition of the property prior to move-in.
* Collect first month rent and security deposit
Rent collection pointers
* Receiving rent
* Late payment settlements
* Sending out pay or quit notices
* Late fee enforcement
Eviction scenario
* Filing relevant papers to initiate and complete an unlawful detainer action
* Representing owner in court
* Coordinating with law enforcement to remove tenant and tenants possessions from unit
Legal situations
* Advise in the event of a legal dispute or litigation
* Refer qualified attorney to owner when necessary
* Understand and abide by the latest local, state and federal legislation that apply to renting and maintaining rental properties.
Necessary Inspections
* Perform periodic inspections (Inside and outside) on a predefined schedule looking for repair needs, safety hazards, code violations, lease violations, etc.
* Send owner periodic reports on the condition of the property
Financial intimations
* Provide accounting property management services
* Make payments on behalf of owner (Mortgage, insurance, HOA dues, etc.)
* Detailed documentation of expenses via invoices and receipts
* Maintain all previous records (paid invoices, leases, inspection reports, warranties, etc.)
* Provide annual report, structured for tax purposes as well as required tax documents including a 1099 form
* Advise owner on relevant tax deductions related to their rental property
* Provide easy to understand monthly cash-flow statements which offer a detailed breakdown of income and itemized expenses
Maintenance, Repairs, Remodelling
* Provide and oversee in-house maintenance crew
* Establish a preventative maintenance policy to identify and deal with repair needs
* Provide network of licensed, bonded and fully insured contractors who have been vetted for good pricing and good work which is up to code.
* Assign jobs to different parties (in-house employees, handyman and professional contractors) based on who will do the best job in the best possible price.
* Maintain outdoor areas
a) Leaf and snow removal
b) Landscaping
c) Removing trash and debris
* Maintain and monitor a 24 hour emergency repair hot-line
* Larger renovation projects
a) Provide recommendations on how the project can maximize rental income.
b) Prepare preliminary cost estimates
c) Get multiple independent bids for the work
d) Perform as general contractor overseeing the work
Moving Out steps
* Document a report on the property’s condition when the client moves out
* Provide tenant with a copy of estimated damages
* Return the security deposit to the tenant as per agreement
* Forward owner’s portion of the deposit by tenant or hold in owner reserves for repairs.
* Clean unit and perform any needed repairs or upgrades
* Re-key the locks
* Put the property back in the market
This is just an attempt to shortlist couple of things about property management services, which may give you a fair idea of the scope of a property management company’s activities in Delhi NCR.
Now that you are aware of every situation and option, you can start working on exploring more. All you need to do is search out a well groomed property management service provider and enjoy the benefits of your investment. We will be happy to provide you a FREE, no-obligation quote for our services for your rental needs in Delhi NCR, please contact us today!