What is property management?
Property management is a group of services for taking care of all your property needs. The services include rental assistance, tenant management, plot monitoring, repairs and renovation.
What do you do in property management / tenant management?
In this service we have a list of activities – finding tenant for the house, rent collection and deposit, lease agreement renewals, periodical visits to the house, repairs and renovation, AMC and paying bills like EB bill, property tax and water tax.
Please explain how do you collect rent on monthly basis? Cash or Cheque?
Every month our executive personally visits the tenants for collecting rent as cheque. Cheque payment is mostly encouraged to have a record. Once the rent is collected, a signed receipt is given to the tenant and the counter foil will be documented in the client file. This will be deposited in the owner’s account the same working day or the next working day.
How will I know if the rent has been collected or not?
On the day of rent collection, once the rent has been collected, a mail will be sent with the cheque details and the date of deposit. On crediting the account an acknowledgement will be taken to be documented in the client file.
Will you collect rent as cash?
We always suggest rent to be paid as cheque in the name of the lessor as per the lease agreement. In exceptional case, we suggest the tenant to do online money transfer to the bank account of the house owner.
Do you give receipts to the tenant or take signature on some format as courier people do when they give certain parcel?
Every time on collection of rent, a signed receipt will be given to the tenant acknowledging the receipt of rent. The counter foil of the signed receipt will be documented in client’s file.
What if the tenant says that he has given the rent to us even if he has not given? What kind of precautions do you take? How do you inform the owner?
As a precautionary step, we do background check for every tenant at his previous residence and office. Also every time on collecting rent, a signed receipt will be provided to the tenant and the counter foil will be retained by us. Also on rental receipt, rent collection details and scanned copy of rent cheque will be mailed to the owner on the same day of rent collection. There by maintaining clarity of rent handling and recording the same for database purposes.
How do you maintain the records of all the clients? I mean the format? Do you send the maintenance report to the owner? What is the format?
The client details are maintained as follows.–
- Hard copy: A separate file for the client is maintained with all the records, information, receipt, deposit challans and other bills and receipt.
- Soft copy: All the details in the hard copy is recorded in our system with respective scanned copy of bills, receipts and challans.
- Also every information and detail about the house, tenant, transactions happening, works done are communicated in written through email.
- Every month the soft copy of the client sheet will be updated and the same is mailed to the client.
What does yearly ( E C ) means? Mentioned in platinum package?
EC or Encumbrance Certificate is a certificate issued by the corporation/registrar providing information on ownership and deeds about the property. It is advisable to maintain an yearly EC for have the deeds correctly maintained and to verify about unnecessary hassle due to unwanted forces.
During the time period of property management if we come across an errant tenant or a tenant who is not ready to leave after the agreement is expired, how do we tackle them? I mean are we responsible for it or do we assist them in the following situation?
On tenant finding, both the owner and tenant shall sign a lease agreement valid for 11 month in non-judicial stamp paper. The lease agreement clearly states the understanding between the owner and tenant. Thus making the tenant abide by the rules and regulations agreed mutually during occupation of the house. Any exceptional tenant shall be dealt accordingly to get smooth transition of vacating the house.
What is the agreement time duration for property management?
The property management agreement is valid for 12 months. On renewal, a new agreement will be signed.
What is the agreement time duration for rent or lease?
Every lease agreement or rent agreement is valid for 11 months. On renewal/ extension of lease, a new agreement will be signed.
If the owner is living abroad, should the agreement be signed in front of the consulate?
A property management agreement or lease agreement might not require to be signed in front of consulate.
What is the Rental Assistance – 1 month rental value as service charge – This is the brokerage charge, I presume?
The rental service charge is the charges for advertising in online portals, local newspapers, signange advertisements, lodging our executive the property for showing the house to visitors, background check and lease agreement procedures. No brokerage charge is applicable.
Get the agreement signed, deposit cheque in owner’s account, send signed agreement for owner’s signature. – We are in the USA. So, you will send it to USA for our signature?
Yes, the agreement will be mailed to the owner in any location.
Do you take care of cleaning the house before any tenant occupies?
The cleaning of the house and any repair work as required will be done by us for an extra cost.
Will Representation for the owner be limited to phone calls or will represent in person for all colony meetings. At least important meetings need to be attended?
Our executive will represent the owner personally on all meetings and other required activities.