mall to medium size societies in India can greatly benefit from using a society management software. These software solutions can streamline and automate many of the day-to-day operations of a society, making it easier for society members and the management committee to stay organized and informed.
Rental property management can be a challenging task in India, as the country has a unique set of cultural, economic, and legal factors that can make it difficult for landlords and property managers to navigate. In this blog post, we will explore some of the key challenges that are commonly encountered when managing rental properties in India.
Society management software has become increasingly important in India as the country's urban population continues to grow at a rapid pace. With more and more people living in apartments, gated communities, and other forms of housing societies, managing the day-to-day operations of these communities has become increasingly complex. Society management software helps to streamline the management process and make it more efficient.
Importance Of Property Management Software Systems for Owners & Property Managers When you own a rental real estate property, it's often far too easy to have something fall through the cracks. Even minor things like forgetting to schedule a repair or not posting a rent payment can cause unhappy tenants and better vacancy levels to some extent, leading to lower cash flow and property underperforming. In this article, we'll discuss how property management software helps both small land investors and enormous property management companies improve operations and maximize the performance of rental land investments.
Having a good tenant is like picking a multi-bagger stock in the stock market. It not only gives you good returns in the short term but also gives you great returns in the long term. Good tenant Makes property manager's life easier. Some of the attributes of a good talent include timely payment of the rent, taking care of the property, having a good rapport with the manager, and having a clear communication channel with them. Therefore, if a property manager wants to have a good tenant, they need to screen them from the rest while the potential tenants apply for the lease agreement.
Running a successful property management business requires acquiring more tenants so that the number of vacant spaces is less than the number of tenants living in the apartment or building. Therefore you need to keep your lead-to-lease conversion rate high if you want to earn profits. Before we dive into the topic let me explain to you what is leads- to- lease conversion rate.
Every Successful Property Management Business needs to expand after some time. Expanding your Property management business into new areas will help you acquire more tenants and gain more profits. According to an industry report, 77 percent of surveyed property managers anticipated portfolio growth in the next two years. If you want to expand your property management business but don't know where to start, you came to the right place. In this blog, we will discuss few steps that you can follow while expanding your business to multiple locations.
Routine property maintenance is an important task while maintaining a property. It helps Now, As a landlord, you might be thinking that saving those extra bucks might help you buy your favorite dream car in future but trust me those little leaks in pipes could turn into gigantic water sprinkler which will flood your apartment and also your monthly expenses. Therefore here are some 7 common tasks that you should definetly add into your Routine Property Maintanance list:
If you want to run a successful Property Management Business, You have to acquire more tenants to get rents for the property leased but the most crucial part which annoys most of the landlords is the late payment of rents. There is always that one tenant in the apartment who says that they don't have money but you can see them buying expensive gifts for their sweetheart.
Late Rent Payments can affect your business' Cash Flow Negatively. If your only source of income is from the rents, then late payment also hinders your ability to pay back your bills, which traps you in a vicious cycle of late payments, starting from your tenant and ends with you saying the same to your creditors.
Property Management business is heavily reliant on its Tenants. Therefore if you want to run a successful property management business you must focus more on retaining your old tenant and acquiring new ones. In this case, tenant communication plays an important role. You may be asking why It is so important that a whole blog is written on it.
In today's age, Everyone wants to be heard and kept informed. Just like when you hear about a celebrity breakup and stick to the news all day just to know who gets to keep the puppy. If you keep your communication channels open to your tenants all the time it will increase customer satisfaction as they feel a part of the whole process and they might renew their lease or refer others to join too. It will help you become more pro-active with problem-solving and fix little issues faster which generally takes a lot of time. Now you have` full knowledge that why it is important
Managing an apartment could be a huge task especially when You have a lot of tenants living in the apartment, basic tasks like collecting rent and keeping track of your worker can consume the whole day and in the end, you don't have time to spend with you and your family. And let's not talk about the paperwork and the tenant records, those things need a separate room assigned to them. If you can relate to this problem, Don't worry you are not alone. There are many individuals and real estate companies who are facing the same problem. But let's be happy that we are currently living in the 21st century where there is a solution for every problem. Many companies have created a new application that helps you manage your property.
Before diving into the subject let us know what this application is and what it does. Yes, I know this application has a name and normally people prefer to call it as property management softwares.
Have you ever invested in mutual funds/stocks?
If yes, you would have already known that there are fund managers/portfolio managers who optimize your Return on Investment (ROI) and they charge certain fees to make sure your wealth is protected and potentially grows over the years. Fund managers are able to do this because they monitor different stocks of different industries and fairly build good intelligence around to move the funds at right time in the right proportion. So fund managers and their algorithms are doing the job for you while you are sleeping.
When you invest in real estate, who manages your investments? Who optimizes your ROI? Don't you think managing your real estate investment in good condition contributes to an increase in your real estate asset value? How much is the leakage in ROI of your real estate investment when
Property management is all about looking after or overseeing the rental properties. Rental properties could be residential (households, apartments, community buildings, student accommodations), commercial (retail shops, warehouses, industrial buildings), land, shopping complexes, etc. The responsibilities of a property manager are various, the two most important are to make sure the rental properties are maintained in good condition and the rental yield is optimum. We will discuss more on responsibilities and processes in a different article that will cover specific things about Tenant management and Landlord management.
Property management involves tenant management, landlord management, property maintenance, and a lot of other activities associated with these.
The current norm of property management in India: Real estate brokers are largely involved in finding a tenant for the rental properties. Tenant management and landlord management in India are largely matchmaking's where Real estate brokers or agents help find the right property for the tenants and find the right tenants for the landlords. In this process, Real Estate agents charge brokerage fees and execute the rental or lease agreement (most do it). That's the end of their involvement.
It is important to learn from international examples where rental housing is being subsidised through viability gap fund and subsidy vouchers.
Urbanisation in India has been declared as Messy and Hidden by World Bank in its report Leveraging Urbanization in South Asia, 2015. It is characterised by exclusionary urbanisation, rising disparities, access and quality of urban infrastructure and basic amenities, regional imbalances, weakly empowered city governments, lack of reforms and institutional capacity, among others.
Over the past few months, the lockdown has allowed for the natural world to begin to heal itself of the harm that has been caused to it by us. Is this creating a better place for us? Maybe, yes. But should we thank COVID-19? Definitely not. Since its outbreak, COVID-19 has affected all of our lives, far more so than any other disease in living memory. Although it has helped to benefit our environment, we shouldn't have had to wait for a disaster such as COVID to achieve this, we could have been more proactive towards planet earth all along.
The moment we see or hear Digital
, Technology
or
Marketing
are the words which we anticipate to follow.
Most of the Property Management companies may have adopted Digital
Marketing
for their business which may be producing desired
results. Digital marketing is a process which requires
continues exploration and refining the strategy so that
businesses achieves the defined goals. There is lot more to it
and there are many gurus who have produced tons of high quality
information freely accessible. But this information needs to be
processed and applied to your business. This is where some
digital marketing experts/agencies come into picture. We will
take-up Digital Marketing
for some other day. Let's
look into Digital Technology
or Digital
for
Property Management domain.
Problem Statement : Property360degree.com being a property management product had to be a solution which would be accessible on any device (based on use cases of on-field and in office usage), supporting all time zone, different currencies and different kind of stakeholder's like Property Manager, Owner, Tenant and Vendors to carry out end-to-end operations collaboratively.
In short, it had to be a start-up building a SaaS product with zero cash-flows. We wanted to create a solution:
