Property management firms becoming vital part of real estate
Samkit Jain, Director, Bullmen Realty
To resist change is to resist growth. The present times are such that real estate businesses are sticking to this motto and are constantly evolving into a more organized business with each passing day. This whole wave of work at fast pace has paved the way for the new-age property management firms to become a vital part of the real estate business. However, as the contagion continues to make lapsed comebacks, people are more inclined on valuable assets that guarantee financial security in future, and real estate is emerging as the undeterred choice. However, the minute details of the process and complex paperwork involved might come across as overwhelming for many categories of buyers. This is where property management firms havea major role to play. These firms are playing an important role now; they are much more than the mediators between buyer and seller, handling multiple verticals from rentals, background verification and maintenance to loan management. Real estate demand in metro cities is witnessing a boom due to the multiplicity of different kinds of industries, MNCs, small-scale businesses, and home-grown brands. We also have NRIs looking at India as a perfect destination for investment due to fairly high capital appreciation. As there is a plethora of properties available, there needs to be a mediator to evaluate such properties for the buyers. The major concern for buyers remains the same and that is the hassle to do business with genuine realtors in the sector, as they do not have a thorough understanding of the market. The introduction of RERA has brought a great deal of accountability, but still it is extremely important to remain cautious with such heavy transactions. These firms give buyers assurance in terms of maintenance of properties, timely rental incomes, and background verification for their tenants. Property management firms also aid them in identifying the factors that may lead to the depreciation in their properties’ value and guide them towards safeguarding and making their property habitable as per the market value. Buyers and investors are willing to join hands with a property management firm that has a seasoned set of professionals and is experienced in specific micro markets. The additional advantage such firms have over local brokers is delivering services in an end-to-end online mode, readily accessible and updated in real time by their technical team. These firms also adopt digital marketing strategies, which expedites the process of property deals. Analytical research for each region is conducted at regular intervals to give owners the appropriate price/rental value of their property. All of these tasks which need market sensibility, a dedicated timeframe, and the right networking, make property management firms a crucial part of the real estate business, as they help the owners, developers fraternity do away with their unsold inventory at the right prices.