Managing rental properties in different cities
Mr Laxmi Narayananan NRI who resides in UAE is the owner of 2 residential properties purchased as an investment of which one is located in Bangalore and the other in Chennai.
Property Maintenance and Management:
Rental management and home maintenance for the 2 houses were done manually through friends or family members at their convenience and listings were posted by the owners. High number of calls and leads led to a continuous disruption of daily activities and took up a lot of time. Visit coordination to show the house was carried out in a haphazard manner by neighbors and relatives resulting in high losses due to vacancy and rent losses. Rent used to be deposited in the bank / collected from the tenant manually by relatives and were continually delayed. Mr. Laxmi Narayanan used to receive calls for each and every problem, however small, which was a true hindrance by itself. Inspections used to be carried out only when Mr Laxmi Narayanan used to visit India once a year and used to take up 2 – 3 days of his vacation.
|Marketing the property and key handling during visits||TheHouseMonk Rentals’ Marketing team along with the property managers handle marketing and visit management once the keys were handed over|
|Maintenance of the property is done with the help of relatives / local un-certified vendors||Background verified / Certified vendors are sent to complete all home maintenance requests that are raised on the TheHouseMonk Rentals app|
|Documentation is done with the help of uncertified brokers and not accessible when needed||All legal documents / background verification documents are collected and uploaded in the documents section and are available on demand|
|Rent collection is done manually and deposited in bank accounts when possible||Tenants apy rent through TheHouseMonk Rentals app and Mr Anand receives the rent on the 7th of every month as a part of the rent default guarantee scheme|
|Move in / move out formalities and re-tenanting resulted in almost 2 months of rent losses and poor quality of upkeep||Move in / Move out formalities and maintenance activities for re-tenanting along with marketing of the property and coordinating for tenant visits were taken up by TheHouseMonk team and the house was re tenanted in a mere 15 days|
Mr. Laxmi Narayanannow spends about 2 minutes a week reviewing the status of the apartment on TheHouseMonk Rentals app. His house which had taken a long time to tenant had been brought to a tenantable condition by TheHouseMonk’s inspection and home maintenance teams and all reports were reviewed and updated on the app.
The marketing and rentals teams used the auto rent calculator tool to inform Mr Laxmi Narayananof the market rate at the period and the 2 houses in the city were marketed on all portals by team TheHouseMonk. All visits were carried out at the potential tenant’s convenience which allowed Mr Laxmi Narayananthe freedom to sit back, relax and watch the house being visited. The tenants were finalized in 15 days which saved Mr Laxmi NarayananRs 1 Lakh which he used to incur as extra losses due to vacancy, during previous tenancies.
Rental agreements and tenant background verification documents were collected by TheHouseMonk team and uploaded in the ecosystem accessible to both owners and tenants through the app. Rent has been paid through the app by the tenant month on month and MR Anand has been receiving the rent on the 7th of every month without fail. The rent receipts generated on behalf of Mr Laxmi Narayananare sent to the tenants through the automated payment system implemented by TheHouseMonk tech team.
A periodic inspection is done at the property every 6 months and the report is updated on the app. Any maintenance activities / breakdown repairs that have to be completed are carried out by the operations team and the property is maintained in an immaculate condition. All regular home Maintenance requests are raised on the app and the quotations are approved by the concerned parties digitally. This saves all concerned parties a lot of time in oral communication and eases the flow of communication between them. A team of standard certified vendors assigned by the operations team at TheHouseMonk attend to these problems at the earliest and the receipts and feedback are uploaded and visible to Mr Laxmi Narayananand the tenants.
When a tenant had decided to vacate one of the properties a move out request had been initiated on the app which allowed TheHouseMonk to market the property before hand, complete maintenance activities complete the inspection, bring the house back to its original condition and tenant the house with absolutely no vacancy loss saving Mr Laxmi Narayanan another 50,000/- Rupees.
Mr Laxmi Narayanannow saves time, money and energy and has complete faith that his
investment property is in secure hands and will be returned to him in the same
state years after purchase. He does not visit India just for inspections or get
on calls with his tenants at ungodly hours to address their concerns.
“TheHouseMonk rentals platform has given us more time to focus on personal and business related activities on our arrival in India. When we use an app / technology platform for any of the other basic requirements, it is surprising that the thing we hold dearest to our heart – Our Property, wasn’t being managed by a technology powered agency!” Mr Laxmi Narayanan, Home Owner – SPL Bay Breeze, Regency Regalia
“ Repeated follow ups for rent payments and arguments with tenants on the condition of furnishings used to consume a significant portion of our weekends! TheHouseMonk team has assisted us in so many ways that it relieves us from any if the stresses we used to face with respect to real estate investments” – Raghavendra – Mrs Laxmi Narayanan, Co-Home Owner – SPL Bay Breeze, Regency Regalia.
Note:- Hours spent by owners to periodically inspect 2 houses including travel time