All posts by Myfollo

Interior Design Ideas for Rental Property

1,471 Comments

2020’s Best Interior Design Ideas for Rental Homes to Try Out

It’s 2020 and you are planning to give a new look to your beloved house. Got bored of that old false ceiling of your drawing room, or those outdated door handles? Renovating the house is essential to maintaining its charm. You don’t want to see that broken tile for the rest of your life when you get home after work. Interior designing can be a lot of fun to experiment with. You want to redesign your house interiors in two scenarios:

  1. You want to feel the freshness of your house again
  2. You want your guests or potential tenants to be intrigued by your beautiful residence

And we know that you are here exactly to read about the latter. In the blog, we will talk about the top 15 trending ideas for interior designs in India.

1. Paint it blue, baby!

Yes, blue is nowadays so confident a color that it’s certainly going to be the king choice in 2020! Don’t believe us? Sure. How about Pantone Color of the Year 2020 – the most trusted platform when it comes to product-purchasing decisions? This year, these guys have chosen the ‘classic blue’. The color will not only exude deep resonance but also increase the perspective of your house. A lot of interior design services trust the annual choice of Pantone, so you will not be disappointed for putting in so much faith in the bold blue too!

2. Go for traditional prints. Yes, again!

Look, we are no experts to tell how you will renovate your house. But what we are doing here is to merely inform you what’s going to trend predictably! Traditional prints like floral and chevron have reportedly come back, and we have included this to our list because we like them. Get on with your crazy interior design instincts as you can match these with contemporary pieces to bring back the old charm. Remember: vintage never obsoletes!

3. Or just stick to the neutrals!

2020 eagerly looks forward to neutral settings for your space. If you are the one that doesn’t like it loud and overpowering, you can choose neutrals with serene shades. And no – please don’t demean neutrals by calling them plain. If you are in love with whites that exude either warm or cool undertones, you very well understand that the haters are less informed. Try with shades of gray or beige. Warm to the front, and cool to the back!

4. Make your space tech-savvy!

For how freaking long will you be turning off switches in your house manually? Necessity is the mother of invention, so it’s time now to adapt to smart power connection in your house. From app-controlled lights, fans and ACs to gesture-controlled curtains, redesign your home décor not just in style but ‘smart style’.

5. Not just clean but a clear kitchen!
You may call up an interior design service and tell them to redesign your kitchen the clutter-free way. But wait! That trend has been up scaled. You will now see them organize your kitchen like nothing’s there for the naked eye! Yes, concealed kitchen settings are going to rule 2020. Nothing on the slab, nothing visible from the modular cabinets. You can even say goodbye to the sink and taps when not in use as they disappear into flush cabinets.

6. Get back to Crittall-style windows and doors!

If minimalism is your thing, you can get the good old steel-framed doors and windows, just the Crittall way. The interesting thing about the 2020 interior designing is that now this thing is going viral for making extensions, shower screens and room partitions. You will see in no time how well your space can dwell into a graphic look.

7. Experiment with metallic combinations!

We have predicted that metallic themes are going to be the game in 2020’s interior designing ideas. Bring in gold, brass or copper and play around creatively in your house. Metal décor can exude a more premium and regal feel to your living room and will garner praises from guests and cash from tenants!

8. Get sculptural furniture on board!

Like traditional prints, curved sofas too are going to be a major comeback in 2020 interior designs in India. High-back velvet armchairs with slim legs can enhance the texture of your space.

9. The unbeatable scallops!

If you go with the 5th point above, do not forget to try scalloped patterns on your modular cabinets. You can create a striking contrast of scallop and chevron too.

10. The spectacular false ceilings!

2020 brings you a plethora of false ceiling designs not just with plaster but wood too.

11. Decoration for empty walls!

Got that bland, unutilized area in your house? 2020 blesses us with the trend of oversized wall décor when you don’t want to put shelves and cabinets on the wall but also willing to keep it busy and interesting.

12. Bring the nature inside!

Research shows that in India, the indoor air is ten times more polluted than the outdoor air. Which is why, the new decade will witness vertical gardening and indoor plantations to keep the indoors fresh.

13. Also, enhance the outdoors!

So when you have brought in the flora and fauna inside, why not introduce your verandah and terrace to them? The future is terrace gardening with patio furniture so that you sip your cup of coffee beside nature and enjoy the morning breeze before leaving for work.

14. Go for the abstracts!

Art is quite subjective, so why not make it interesting for your guests or tenants? Have abstract art sculpted or painted on your walls, or get artistic and antique décors that compel the onlooker to make meaning out of them. Shows class!

15. Above all, be creative!
So the last point that we wanted to share with you is that you don’t have to feel too much worked up or stressed out while deciding your interior designs.

The key is to decide on what you find should be the best for your house. PropCare is an interior design service that has transformed tens of thousands of houses by installing modern décor. From modular kitchens to premium and plush sanitary fittings, they have got you covered. Contact them at +91-9821391006.

What do you get from an interior design service ?

If you have got the flair and sense of art but lack time because your boss at office loves you so much, you can outsource the task of house renovation to an interior designer. Here’s what you will get from an interior design service:

  1. Primarily, you will save a lot of time
  2. Designing is not merely decoration
  3. Of course you may have the flair of designing, but these guys are seasoned experts
  4. Designers have their way with many major material suppliers
  5. They are always well-updated with latest trends

Call PropCare at +91-9821391006 now to get the best curated and affordable rates for interior designing of your rental property.

Problems faced by NRI’s while investing in India

18,439 Comments

“A person without correct knowledge of his past or history or origin is like a tree without roots. It can’t grow”

No matter where we come from or how horrific the past was, we mustn’t forget it for the simple reason that it brought us where we stand today. When you think of an NRI, you think about Indians with a good command over English carrying aam ka achaar or pickle in their luggage while travelling through aeroplanes.

That’s the kind of image that bollywood films have set in our minds.

The reason is that we Indians love our country. We might complain about how we’re cheap and how power cuts are still common in our country and how street food has insects drooling over them but at the end of the day, we know how these power cuts have given us so many memories like going for a late night ice cream and how the same unhygienic street food is our first stop when we go out.

So when one of us goes abroad, we miss our motherland. To cater to this need that we have to connect with our homeland, NRI’s often buy property in India for the simple reason that they don’t have to waste money on hotels when they come back to visit or sometimes, for investment purposes as well.

Unfortunately in our country, what starts as love for the country ends with fraud and we end up despising it.

Maintenance of that property is a headache and a responsibility that comes with buying property. But NRI’s face several numbers of problems when they invest in our India.

Property Management Services in delhi ncr for nris
Property Management Services by MyFollo

Lack of clarity of legal rights

All real estate dealings by NRIs are controlled by the Foreign Exchange Management Act also known as FEMA. The rules clearly state that NRIs can only purchase residential or commercial properties. Any agricultural land including farmland or any kind of plantation property cannot be purchased by a NRI or person of Indian origin.

Yet, only because NRI’s are unaware of this, end up buying agricultural land through fraudulent practices of real estate agents.

Land Grabbers/Property Gatecrashers

NRI’s often end up outsourcing property management to local agents or family members or acquaintances which turns out to be a very poor decision.

Family members often take over illegal possession of the property and local agents often resell the property and disappear with the money earned.

Builders with dubious records

Builders or real estate agents in India often don’t have good work ethic. You could try your look but in 9/10 cases, you will end up regretting not screening the builder/real estate agent. They often make NRI’s sign false illegal documents and take over possession of the property.

Indian Law System

After all these problems, even if an NRI wishes to file a case against the guilty party, a civil case like this will end up taking years to settle. At the end, the parties will have to settle to just end the trail and the NRI will never get the good end of the bargain.

Indian law is slow and sloppy which is why 90% NRI’s would prefer bearing losses than filing a case.

Maintenance and management

Relative to all the other problems, this is the simplest of all. Managing a property so far is difficult. Especially in a country like India, where thefts and vandalism is so common, it’s even more difficult.

Propcare Services for NRIs in Delhi NCR
Propcare Services for NRIs in Delhi NCR

This is why NRI’s often hesitate to invest in Indian real estate.

At the end of the day, there are a lot of solutions. One could screen real estate agents properly and one could hire a top-notch lawyer to fight the case. But at the end of the day, nobody likes a headache.

Propcare, turns out to be a one-stop destination for all NRI’s as it not only guides you from the minute you buy the house, it also leads the way to every time you visit and need your keys.

Why selling/leasing a house is like an arranged marriage?

3,113 Comments

 Focused and rightful way of marketing of my property:

Buying a house is like arranged married, only a little less temporary and it costs more. What does one do when he/she wants to get married? They look for a match. That’s the obvious answer but it’s not the first step on the staircase.

When it comes to arranging a marriage, people are sold like a product. So first, we develop the product.  We lose weight, we get hair smoothening worth of Rs.6000, we update our wardrobe and we make sure that we meet a certain standard.

The same way, when sell/leasing a house, we make sure it meets a certain livable condition. We dress our house to sell/lease for more. We paint the walls, check the electrical equipment, replace cracked floor tiles, fix leaky taps, polish the kitchen cabinets, and fix the parking space.

This is the most basic to-do list one must check before he/she sells/leases the house. Once we’ve developed our product, what is the next step?

We let the word out.

In arrange marriage, your mother will let your whole family and her social circle know that you’re in the hunt for a husband/wife.

Sooner or later, the phone starts ringing and relatives you don’t even remember the names of will start suggesting you the person you plan on spending your life with.

Similarly, when to sell/leasing a property, you let everybody know that you’re selling/leasing by making calls to friends/family and acquaintances that might strike you as potential buyers. In case this doesn’t work, you hire a matchmaker. You trust somebody who you’re paying to find the person you’re going to spend your life with.

You tell the matchmaker your type, your needs and he/she begins the hunt for you while you sit at home eating popcorn and waiting for the phone to ring. Similarly, in the real estate world, you hire a real estate agent and you tell him how much you wish to sell/lease your house for, and then you wait.

If that doesn’t work as well, you up to your game another level. You log on to an online portal like shaadi.com and you get yourself registered and you upload the best profile picture you’ve ever had. Hell, you might even spend money to get a photoshoot, especially for that online portal.

Similarly, in the real estate world, you log on to magicbricks.com or 99acres.com and you list your house, maybe upload a professionally shot video with a view of your house and fill in the details and then, you wait for someone to make an offer.

These three are the first four steps for marketing your property which you must know if you intend to sell/lease it. 99%, one of these will get you a reasonable offer or a suitable husband/wife for that matter but if you think about it, it’s TOO much effort. Moreover, how do you trust another person who you don’t even know to sell/lease your house with the same passion that you would?

How do you expect a computer-based program to understand what type of people you want to sell/lease your house to?

In case you do it alone, are you ready to do the following things?

  1. 1.      Keep An Eye On The Competition.
  2. 2.      Make Yourself Easy to Contact.
  3. 3.      Create a Killer Business Card.
  4. 4.      Make Use of Local Images.

Create a Virtual Tour.

It’s TOO MUCH work and one might not have the patience or the skill to do all of that, which is exactly what makes sell/leasing a house difficult.

While I don’t have any solution to matchmaking, in the world of real estate, there’s a ONE STOP outsource to all your problems.

MyFollo is the solution to all of these problems. Right from grooming your house, to screening your buyer, we do it all with proper management and efficiency and at reasonable prices. Give it a try and you will realize how easy sell/leasing a house can actually be.

How to estimate and evaluate property?

19,684 Comments

 

EVALUATION OF PROPERTY is the first and the most important step of Real Estate investment because of one SIMPLE reason.

If one doesn’t know how much a property is worth, one can’t buy/sell/rent it.

They will probably end up paying more or less for the property and both of those options have adverse effects on the economy. Apart from those, who don’t know HOW to estimate a property’s value, even those who do face a variety of problems which aren’t easy to solve.

There are three common ways of getting the right evaluation of property.

  1. Self Estimation
  2. Real Estate Agents
  3. Online Real Estate Portal

Each way has its own pros and cons, which you might want to keep in mind if you’re thinking about which road to take.

 1. Self Estimation:

Most people who don’t want to spend any money on brokerage or want to sell their property as quickly as possible opt for this option.

In this the seller first makes an assumption that his property has an area of xx sqm.

Then, he calculates the selling rate (INR/sqm) as Price/Area for each property.

The selling rates of all properties should be roughly similar with a variation of maximum 10%.

Then, an average of all the selling rates is multiplied by xx to arrive at the valuation of the property.

This is obviously not the most accurate method as the calculated price is just an average rather than being an exact estimation. Moreover, a lot of factors that affect the sale or purchases of a property are not taken into consideration in this method. This method is more like a rough draft which all investors make BEFORE choosing any other.

 

  1. Real Estate Agents

Sellers/buyers/investors often hire these agents or real estate agencies which sell their property for them in exchange of a fee called commission. More than 90% of real estate transactions are carried out with this method as it often appears to be the easy way out. Your real estate will right away give you an evaluation of your property and truth be told, it will be 25% more accurate than the estimation you made yourself. Yet, this option is not the most ideal option. Here is why you should hire a real estate agent and why you should NOT.

Advantages Disadvantages
The avoidance of a lot of paperwork and red tape Having to pay commissions
The saving of a lot of time and energy Being just one of many clients
Not having to coordinate repair and upgrading efforts on your own – Having at least one “middle man’’
Having an expert in your local real estate market on your side  Being at the mercy of someone else’s timeline
Common fraudulent practices regarding the selling price to get earn more commission
Listings will be limited to only that of the agent/agency
Lesser control of the transaction

As you can see when put on a weighing scale, the right side weighs more.

The agent/agency will always treat your property like another file in their office and will never be even half as motivated as the one who hires them. A lot of transactions that go through these agents/agencies do not take place in good faith.

Your agent/agency will give you a value with which they can maximize their profit. If that means giving you a higher value, they won’t hesitate.

                                             

  1. Online Real Estate Portals

Online portals like Magicbricks, CommonFloor, 99acres, Indiaproperty are some of the most popular ones when it comes to real estate.

If you visit any of these websites, you will probably find a tool called a Property Evaluation Calculator which will help you evaluate your property sitting at home just by entering a few details like sqm, BHK, locality name, etc.

It sure sounds tempting but again, it has its flaws too.

If you run a group of properties through all five of these portals, you’re likely to find that each online valuation site will give you a different – sometimes a very different – estimate for the same property.  They may not all be using the same comps and each is probably using a different proprietary algorithm that works better with some data sets than with others.  So the best advice is that one should not expect to type an address into any of these sites and get back a value that’s carved on a stone tablet.

What you can expect is that, at least with most of these sites, you will get back a good deal of data that you can combine with your own judgment to develop a reasonable idea of a property’s value.

To sum it up, online services, while great sources of information, often strive to offer quick and easy answers to complicated questions. And determining a home’s value is definitely a multilayered problem.

Thus, it is safe to say that Estimation of property is not an easy job. It requires a proper mix of all factors to get the most accurate estimation possible.

Nevertheless, you should definitely give www.myfollo.com a try as their calculator includes a variety of factors that most portals fail to consider. Their estimations are almost accurate and you in this world of real estate where one agency is breathing down on the next of the other, www.myfollo.com proves to be breath of fresh air.

Rental Property Management Tips

2,195 Comments

There is a new wave of real estate investors, who are acquiring real estate for the purpose of not staying but to secure an additional income. But being a landlord is not as easy as it sounds. There will be numerous instances where one would have to deal with unruly tenants, following up for one’s own money, repairs and maintenance issues, like that of non-working toilet or emergencies that one has to be prepared for. Below are top 5 tips that one should keep in mind while getting into an agreement for Rental Property Management:

Provide secure premises: We are living in uncertain times with random incidents making uncomfortable headlines. One must be prepared to let out a reasonably secure premise and work towards making it comfortable for future tenants as one would do for their own use. Installation of security cameras, proper lighting, secure grills and fences are the order for the day. A study of the neighbourhood as to how others residents have equipped themselves are good pointers.

Screen tenants: While one is ready to provide comforts to future tenants, it is also expected that one would get good, hassle free tenants for the property. Often we let out properties on face value but it is advisable to run background checks or speak to the prospect tenant references or previous landlords before giving one’s property on rent.

Documentation: All communications with the tenants should be documented including responsibilities and timelines. A good rental lease agreement comes handy which should signed and registered at the local authorities, in case of a dispute arising at a later time. One can get a good lawyer to draft an agreement based on mutually decided actionable and responsibilities.

Handling deposits: A system should be established between the landlord and the tenant for receiving deposits by way of cash or bank deposits or a mix of both. All transactions should be documented and receipts of deposits shared with the tenants timely thereby establishing a fair play.

Make repairs: Before a property is let out, the condition of the property should be evaluated, photographed, and noted so the chances of disputes arising at a later date are less. Also in case the property requires repairs because of natural reasons and that of wear and tear, the landlord should take responsibility and get the service team in place required to correct the repairs, timely. If not, these issues can snowball into larger distress.

Though landlords are expected to be around 24*7 but it is not practical. With advancement of technology, there are real estate management companies like PropCare now, who can take the burden of your shoulders. You can write to us contact@myfollo.com or call us at +91-9821391006 to know more about our services.

Top 5 neighborhoods to invest

5,704 Comments

In the last decade Gurgaon has emerged as a profitable location in the vicinity of the national capital as an investment opportunity. With multinationals taking up much of office and retail space, the employees are also making a beeline to take up places on affordable rent if not to buy. We at MyFollo.com, bring to you some of the hottest neighbourhoods in Gurgaon and Delhi where one should think of investing.

Sohna Road: Just a few years ago, Sohna Road was a sleepy neighbourhood, but off late, it is fast becoming a prime residential property. Besides being connected with the NH8, it is in the vicinity of many townships that are emerging like Bhiwadi and Manesar. Sohna Road has some excellent residential apartments, villas, plots besides malls and hospitals which are already operational.

Golf Course Extension: This area is another location which investors are making a beeline for. Golf Course Extension is just 30 minutes away from the international airport and well connected with the NH8, south Delhi, Gurgaon-Faridabad road and Sohna Road. If you are looking to mingle with the elite then a property here should be your destination. Well equipped with civic amenities, this place is a buyers dream.

MG Road: With the plush malls and residences, MG Road is an evergreen location to invest. Though deemed expensive, MG Road has fetched high returns on commercial properties historically. If you have an appetite for high returns, then one must consider MG Road.

DLF Phase 1: One has seen a tremendous growth in the infrastructural developments in Gurgaon DLF City and DLF Phase 1 has emerged as spaces with high growth prospects. It is wise to invest in under construction properties from a purely investment purposes and divest it at a peak.

South Delhi: There is a certain charm of living in south Delhi in a posh locality. Always considered as prime locations the trio of Greater Kailash, Vasant Kunj and Vasant Vihar have options of bungalows, apartments and commercial properties. The high rate of returns clubbed with the benefits of being in the toniest parts of the first city, New Delhi, these are few locations which will not be affected by market fluctuations.

“MyFollo” is an online real estate ecosystem bringing in change in the way online advisory and transactions are executed. Write to us at contact@myfollo.com  to know how we can help you.

Rental Property Management – The How’s and Why’s of it

2,592 Comments

Top 5 Rental Property Management Tips – The How’s and Why’s of it

Over the last decade the equation giving out properties on rent and managing them has changed quite a bit. It has become more professional for sure. But there are still times when the whole landlord – tenant equation goes for a toss like for example: The tenant won’t pay rent on time; the tenant will make unreasonable demands; the tenant may cause damage to the property and so on. It is always a wise decision to not be the bad guy as a landlord and hire a professional manager to take care of such issues. However one should always keep in the mind the “Top 5 Rental Property Management Tips – The How’s and Why’s of it” that will help manage rental properties a breeze.

Inventories: As a thumb rule, before giving a property on rent do document the inventories at the rental property. For example: A list of furniture and fittings and the condition they are in. It is done in the interest of both the landlord and the tenant. When a tenant is on their way out, the property manager/ landlord can match the list and in case of any deviation settle it amicably.

Create a Policy: As a landlord giving out one or many properties on rent, one should have a policy in place which can be shared with prospective and actual tenants. For example: Rent to be received by 10th of every month; the landlord will be available between 4 and 7 pm for a call; a late fee will be charged in event the rent is received late. This policy making may seem tedious in the beginning but it makes things very easy. For example a tenant may come and want to negotiate the payment date or pays late, then one can always refer to the policy and say “Well I am sorry, but our policy states that….” This helps in clearing any doubts.

Avoid Family: Include friends as well. Giving a property to friends and family is always tricky. It may swing both ways as a relation but most likely it is going to be negative, going by our experience. It is advisable to stay clear of family if they are looking for a place to rent. One can guide to similar properties, locations or agents but stay clear of giving your own property on rent to them.

Be Organised: Treat every transaction with your tenant as professionally as possible. Keep files pertaining to all the tenants that will include all documents like the Landlord- Tenant agreement, copy of all rent received and receipts issued, inventories of the property, damage and repairs done. The more organised one is, more easily things will be actioned upon.

Hire a Professional: If one is not full time into property letting out business, they should consider hiring the services of a professional who can act as a bridge between the tenant and the landlord. This way for a small fee all headaches like rent received, deposits, chasing late payments and looking after repairs, can be taken care of.

Build and Optimize your Real Estate Portfolio – myfollo.com

23,902 Comments

Traditionally investing in real estate has always been profitable. Whether one is saving for retirement or for emergencies, real estate has always been part of investment plans, however small. Once decided to invest in real estate, it is important to learn how to build your portfolio. All it takes is a little discipline, keen observation and reports that are available on the public domain to make informed decisions. One doesn’t need to be wealthy but smart to build and optimize a good real estate portfolio. Here are top 4 tips to build your real estate portfolio

Start early: Investment in real estate is nothing to be scared of and it is certainly not to be done when certain milestones are crossed. One can begin investing anytime, the earlier the better. Often one doesn’t large reserves in banks to spare but with well-paying jobs and good cash flows as a result of that, the credit taking appetite surely increases with time. It is a good idea to meet a loan officer at a bank and find out the details of taking a loan for acquiring a property. Usually as experience says, most of the money required to purchase a property is given upfront. Based on cash flows, do the mathematics including monthly expenses and EMI’s. If you are able to manage, investing in real estate is always a good idea.

Start Small:  For investing in real estate, one has to be patient. The returns are not instantaneous but spread over a long term. The longer you hold on to the real estate, the more you gain depending on the market dynamics. Hence, one should start small and continue to work upwards. For example one could acquire a property and give it on rent. And the rent money could substantiate the EMI’s. Once that process has stabilised one could start looking at investing in another real estate property be it residential or commercial. The idea is to maintain a profitable portfolio.

Look for Deals: The trick to success is to be aware of the market and keep a keen eye on deals that are available in the market. There could be properties available in the market for a bargain because of distress sale or a far location. Research has shown that investing in far locations have sometimes proved beneficial for investment purposes, because one gets to buy at less and able to sell at peak in a few years’ time.

Leverage: Real estate investors leverage their money to buy property by using a network of banks and private lenders. The more properties you are able to spread your resources, the more potential to succeed in building a healthy real estate portfolio. It’s best to keep savings aside for emergencies and not invest emotionally.

Technology has over the years helped in making informed decisions related to investments and tracks the progress of each real estate investment. One can now even invest in cities where one is not residing. The opportunities are immense and we at myfollo.com  working with our clients to help them with their investments. You can write to us at contact@myfollo.com or call us at +91-9821391006 to know how we can help you.

Real Estate Market Trends vs. Forecasts – What to go by?

2,798 Comments

In the last few years, the real estate market trends in India, have not been encouraging. The markets, especially in the residential properties segments, recorded a slowdown. The prices have remained stable with multiple options available for the buyers, though the commercial real estate has been optimistic. Also the capital appreciation in the short term has not been significantly high.

Given the background, the real estate industry is also regrouping themselves with major players working on delivering projects and building their portfolio to gain trust. Also with the new government policies like Make In India, FDI and 2020 vision, things are looking optimistic for the real estate market. The recent Start-up India will also give an impetus to the real estate market. Based on studies and experience the forecasts for the Indian Real Estate Market looks very promising. The top 3 highlights are:

Tier II cities: The meteoric rise of the Indian real estate market, specially in metros like Delhi, Bangalore, Mumbai and Hyderabad can be attributed to the technology and start-up hubs. It is now the time for the Tier II cities like Indore, Lucknow and Chandigarh to taste success. Local and national level developers are now focussing on the Tier II cities like Pune because of aspirations, successful business start-ups and steady growth in employment opportunities.

Simple payment structures: The developers and banks are working towards easing the pressures of the payment plans. This would lead to more participation from buyers to invest with small monies and pay off gradually with easy payment plans.

Smart Cities: The government showing active interest in building 100 smart cities and increasing the FDI participation in the reality will give a positive boost to the real estate market. Hopefully with participation from local investors as well as NRI’s there would be a growth in these smart cities as well.

For the prudent investor it is advised to move from the wait and watch strategy to slowly start expanding portfolios to newer markets, especially the tier II cities and prime pilgrimage locations. One needs to move out of the comfort zone of familiar localities and start Identifying and investing in feasible properties for better returns.

5 Property management tips for 2016

1,743 Comments

Top 5 Property Investment Management Tips for 2016

There’s an age old saying “spend money to make money” and in our decade old experience, we can swear by it. While it is important to spend funds wisely, but to invest efficiently and avoid costly mistakes down the road, we bring to you Top 5 Property Investment Management Tips for 2016

Know the market dynamics, where you are investing

One of the most important decisions that you will ever make is that of investing in real estate, solely because of the capital growth that an investment of this nature offers. Besides the price at which you are acquiring a property, it is critical to also understand other dynamics that come into play like the area. It is wise to do as much research as possible, for example speak to locals, shopkeepers and know how the area is, what are the developmental plans, which part of the area is better than the other? A good trick to get inside information is to speak to competing agents about similar properties in the same location. While these are good methods, it is also advisable to seek professional services in these matter and also do independent research about property values, rents etc. which are easily available across so many portals now.

Understand the condition of the property and the facilities available

When making a decision to acquire a property, it is advisable to do a thorough check of the prospect property and look for defects like damaged wall, woodwork, cabling and leaking pipes etc. Identifying these will make a significant impact to the profits or put a dent in the cash flow.

It is also not prudent to buy a property which is in a perfect condition, because that would mean higher cash outflow. While you can get a higher value from a property in not so good condition by sprucing it up a bit, which will increase the capital growth as well as command a higher rental.

Make the property attractive

We all like good things around us. So if you are planning to put your investment property on rent,  and then the suggestion would be to keep the property in good condition. One thing that attracts good tenants is well kept properties. It is advisable to remember that when the time arises to sell, then the decisions are also usually made basis if the property was owner occupied vs tenant occupied, because buying property is an emotional purchase than a logical one.

Manage risks from a long term perspective

Unlike traditional methods of investing like shares, gold etc., investment in property is usually a long term investment. One should not invest for the sake of instant profits. The longer one can hold on to a property, the better it is. The idea is to strike a balance between financial stability and enjoying a good life and not become stagnant.

A key thing to remember is that you cannot sell your investment property instantaneously if the need arises. The market works on the dynamics of supply and demand and it may take months to sell a property, so you should be mentally and financially prepared.

Hire a professional Property Investment Management firm

Times have changed. We have come a long way from relying on the services of a local property dealer to hiring professional services. A managed services firm comes with unmatched years of experience working with different markets and types of properties. They are the ears and eyes of the market and help making logical decisions based on market reports, analytics and get the best value for your property. A property management firm can also take care of maintenance issues, finding the right tenant with checks, besides having expertise about legal issues in case a need arises.

“MyFollo” is an online real estate ecosystem bringing in change in the way online advisory and transactions are executed. Write to us at contact@myfollo.com  to know how we can help you.