What’s Included in Property Management Services? A Comprehensive Breakdown

If you are a property owner in Kerala, it is wonderful to have somebody competent to manage that property, whether residential, commercial or industrial, given on rent, leased out or self-owned. A professional property management company can oversee administrative, financial and other matters. There are multiple things to consider, such as the maintenance aspects of a property you hold to ensure that it will give you value in the long run, knowing what the legal requirements involved, screening tenants, collecting rent, etc. All these responsibilities can be taken up by property management companies thus making owning and renting properties not only stress-free but also profitable.

What is Property Management? 

In layman's terms, property management is the overseeing of an apartment, a commercial space, a piece of land or any other type of real estate that is owned by another person or corporate entity. The property owner can pay a flat fee to the property care services or give a percentage of the rent generated by the property.

The key responsibilities of a property manager are not limited to checking out the general upkeep, infrastructure and facilities of the property. There is also the work of screening tenants and collecting rents from them, assisting to resolve disputes, if any, between a tenant and the landlord, generating a financial report of expenses, keeping you updated on the value of the property vis-à-vis current market trends, etc.

If you are keen, a property management company in Kerala can also advise you on the potential of converting a vacant spacious into a homestay or list it on reputed bed-and-breakfast sites, assisting in ensuring it is well-kept and appointing a competent person to deal with the check-in and check-out processes, guest requirements, etc.

Also Read: Legal Considerations in Property Management: What Landlords

Core Services Included in Property Management

• Maintenance and upkeep by scheduling regular inspection of the property, conducting repairs where required, checking equipment associated with utilities like electric meters, water pipes, CCTV, etc.
• Confirming with the owner the budget allotted for property maintenance and not overstepping it.
• Promoting the property in a strategic manner to ensure that it is attractive to potential tenants.
• Screening potential tenants, making a careful check of their ID documents, ensuring they are highly likely to make payments on time and treating the property with care.
• Drawing up initial and final rental/lease documents.
• Making timely collection of the security deposit and rent and alerting the owner of late payments.
• Acting as the liaison between the landlord and the tenant to convey the latter's concerns, such as about some infrastructure component or an issue with a neighbour, and helping resolve it in such a manner that the interests of both are addressed amicably.
• Having knowledge of legal compliances as per the Central/State Govt. norms and updating the owner about new regulations if any.
• Providing accounting services, such as managing taxes related to the property.
• Giving regular financial reports to the owner on the rent, expenses in maintenance (including wages given to hired labourers) and other costs associated with the property.
• Monitoring current market values of the property as per the location, and upcoming infrastructure coming up in the area that will affect the value (e.g. a Metro line) so that the landlord can make a decision to increase the rental rate or give the go-ahead to increase the budget for maintenance.

 How to Choose the Right Property Management Company

Here's a checklist to help you choose the right property management company-

• Do a due diligence check of the company's top administrators and their reputation in the real estate market in Kerala. In addition to testimonials from other clients, you could look out for complaints, if any, posted on popular consumer review portals. Online research can reveal whether the company has a professional approach with an open line of communication at all times, their experience, and their expertise in managing property of the specific type you hold (a flat/a shop/land).
• Confirm at the outset that the property management company is not giving you half-baked service. You do not want them just to deal with Cable TV repairs or hire a security guard. You need the whole service package, including marketing the property, adhering to local regulations, etc.
• You could inquire about the personnel for each type of service. For example, you would expect a qualified accountant to manage the financial reports. Do they have contact with an expert civil engineer to do a structural audit when required?
• Find out the processes to screen tenants. Are they only checking IDs? Do they check their employment/professional status?
• Get very clear-cut details on their fees. Are there any costs that they are not revealing when you hire them (e.g. the property registration fee in Kerala)?
• It is helpful to know that the company personnel are IT-savvy and are updated with current trends, such as receiving rent through online mode, using accounting software to submit quick financial reports, etc.

 Why Choose Zeztate Property Management

Zeztate is an experienced property management company in Kerala. Our team provides professional guidance on real estate matters and a full bouquet of services to manage your property to meet your investment goals. Our team is available just a call away at +91 9142526200 or drop us a communication via email@ mail@zeztate.com