Tag Archives: Propcare

10 Reasons to Hire a Property Management Company in India

August 18, 2020 Myfollo 1 Comment

Property Management is a way for third-party companies to leverage their expertise in maintaining the residence’s status quo and appeasing the tenants. Several rental property owners are availing rental property management services in India to oversee the day-to-day undertaking of the property and dealing with the queries of the occupants.

In the event of a vacant property, it is the responsibility of the property managers to put the residential abode on rent. From property evaluation, tenant screening, signing a lease, collecting rental payments, marketing vacant spaces, property inspection, interior designing services, and maintenance—Property Managers do the tedious job of property maintenance services in India.

Property Management Services for NRIs in India — **Property Management Services for NRI in India**

Why to hire a property management company?

Hiring a property management company requires adequate due diligence to avail the best propcare service to manage your asset.

1. Eases the perils of tenancy management

From screening the tenant’s records, rent collection, sorting disputes amongst the tenants, or resolving problems between tenants and other members of the society—a property manager is always on his toes to amicably resolve these perils hour of the day.

**Tenancy Management Services in India by PropCare**

2. Handles odd hour requests for keys and other essentialities

While it may not be possible for a landlord to show up at 3 AM to give a pair of duplicate keys to the tenant, property keys management companies have employees to carry out these reluctant jobs. Besides, they also cater to the other needs about the property from circuit breakage to solving water problems.

3. Provides Legal Services

Tenancy Management is a hassle, especially for the NRIs. It gives more reasons to hire a property manager trained professionally in handling tenant eviction in the pursuit of non-payment of rents. They have the expertise in offering legal and liaison services to the owners to safeguard them from administrative hassles.

**Handling of legal cases for Properties for NRIs**

4. Repairs and Maintenance of Property

One of the imperative reasons to hire a property management company is the timely maintenance of the real estate asset to attract potential tenants for high rental income. Their property maintenance service starts at every level of the house, from resolving the slightest wall crack to plumbing perils.

5. Leverages vendor management with ease

An untimely vendor responsible for supplying goods and services at the doorstep can ward off the tenants with their unpunctuality. Property managers handle this task too as they have good contact with reputed vendors, merchants, suppliers, etc.

6. Ensures seamless vacant Property Marketing

With their innovative and effective marketing strategy, property management companies’ unswerving efforts are leveraged to place the right advertisement for their asset, determine the best rent rate, and supervise cosmetic enhancements to maximize the revenues.

7. Aids in tax assistance

Paying residential tax is a tedious task for many owners; hence property managers can aid in giving expert advice on claim deductions and organizing essential documentation and forms to avail the claims. Property management fees are tax-deductible.

8. Alleviates the investment value

Real estate is an imperishable investment with increasing value, but seeking advice from a professional property management firm can offer feedback and suggested modification upgrades that can bring in high rental value and impact maintenance and insurance costs.

9. Acts as a bridge between tenant and landlord

For property management India, NRIs often hire property managers who conveniently clarify any property related issues for the tenants on behalf of the owner over the phone or by making personal visits. Besides, they are professional entities refraining tenants from making fake excuses or creating emotional turmoil at the time of rent payments.

**Property Managers act as bridge betweeen tenants and owners**

10. Enables owners to enjoy rental benefits without compromising on freedom

Real estate investment is often seen as a passive source of income for many owners. But the hassle of maintaining a property is cumbersome. So, hiring a property management company to oversee the residential rental and maintenance procedure can enable a consistent income source without the owners taking new tenancy management and legal responsibilities.

Propcare—A Property Management Company in India

Propcare, a division of MyFollo, is a prominent property management company in Gurgaon, offers innovative Propcare services with a customer-centric approach. MyFollo envisages transforming the way real estate advisory and transactions have been going on for decades.

Leveraging 15+ years of advisory expertise, the firm has been successfully offering Propcare services in the Delhi NCR region. Offering its gamut of services, MyFollo has created 2500+ HNI relationships, manages assets worth 9600 Cr+, executed 1200+ transactions, and provided assistance to 23+ family offices.

**Responsibilities of a Property Management Company**

Services provided by Propcare

Marketing and Lettings (the action of renting out a property)
Rent collection & Deposit
Possession Assistance
Property Keys Management
Property Maintenance & Repairs
Tenancy Management
Interiors for Rentals

Procedure to manage your property with Myfollo

With the intervention of technology at its core, MyFollo offers a gamut of Propcare services in Delhi NCR, including property marking, rent collection & deposit, possession assistance, key management, property maintenance, and tenancy management.

how to submit your property for mandate to MyFollo — **Process to submit your property for management to Propcare, a division of MyFollo**

At MyFollo, the proficient team of professionals has a personalized dashboard for every customer to maintain their real estate assets. To avail their quantum services all, you need to do is –

a) Select an online Propcare management package from their specified list of property packages for vacant, rented, including a special package for zero upfront brokerage

Property Management Packages delivered by MyFollo — **Packages offered by Myfollo**

b) Make an online payment for the package you select and sign a contract

c) Once done, in the next step there will be a generation of the property management schedule

d) Now you have access to an online property management dashboard to view all the related activities to your property

Client testimonial

MyFollo empowers its business on a performance-driven culture and has a mission to offer top-notch propcare services to its clients. Over the years, the firm has achieved exponential success in offering relentless services in real estate transactions and asset management.

From preparing IM, conducting meetings with potential investors, and finally effective and efficient structuring of the deal, the firm aided Finance Jackson Group with its Commercial real estate in Noida. As for the Unified Credit Solution, the firm has leveraged dynamic end-to-end Propcare services in Gurgaon from fulfilling their mid to long term objectives for managing their real estate assets.

An expert in handling property management services in India, MyFollo, with its team of proficient, knowledgeable, and proactive professionals, offers multiple suggestions on the real estate portfolio. They enable seamless transactions for Kinetic Motor Company Ltd., thereby aiding them to resolve the complexities of decision-making at family offices.

Bottom-line

Today significant cities Pune, Mumbai, Bangalore Chennai, and Delhi NCR are the booming hub of the rental market owing to the fast-paced IT Hubs that have come up over the years. Seeing a market opportunity, several NRIs and residents are increasingly investing in these properties as they offer high rental income and capital appreciation.

But being a landlord is a daunting task, especially if you plan on placing your residential abode for rental usage. From maintaining an attractive state-of-art décor to dealing with troublesome tenants’ legalities, the task seems never-ending! To ease the landlord’s job and reduce the hassle of NRI Property Management, several prominent Property Management Companies in India offer innovative end-to-end property management solutions.

Problems faced by NRI’s while investing in India

June 30, 2017 Myfollo 18,422 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.

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.

How to estimate and evaluate property?

June 9, 2017 Myfollo 19,666 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.

Self Estimation
Real Estate Agents
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.

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.

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.