Introduction

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Real estate is considered one of the safe bets for investors due to the factors like higher returns, secured investment, and the chance of uncertainty is comparatively less than others.

It must be supervised at regular intervals if it’s not used for its own purpose to make sure that the property is well-maintained.

In today’s blog, we will see an overview on what is real estate or property management?

Real Estate Management/Property Management

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Real Estate Management or Property management is the supervision of residential, commercial, and industrial properties, including apartments, detached houses, condominium units, and shopping centers. 

It typically involves administering property owned by another party or entity.

The management company helps to manage the daily operations of the rental property or portfolio of properties on behalf of the landlord. 

Types of Property Management

Source: https://www.aceableagent.com/blog/property-management-definition-and-types/

Who is a property manager?

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A property manager or estate manager is a person or firm charged with operating a real estate property for a fee when the owner is unable to attend to such details personally or is not interested in doing so.

The manager oversees rental operations as well as the upkeep of the property and coordinates the buying and selling of a property with a real estate agent.

Every state has its own laws regulating the activities of property managers.

Source: https://landlord-resources.theblueground.com/en-ae/property-management/property-manager/

Source: https://www.rpmcentralvalley.com/time-to-hire-a-property-manager/

Source: https://www.thebalancesmb.com/what-is-a-property-manager-2124842

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Source: https://landlord-resources.theblueground.com/property-management/property-manager/

Functions of Property Management

Source: https://www.integrityrm.net/castle-rock-property-management-why-a-property-management-company-is-a-necessity/

Scope of property management services in India

Property management services are very common in western countries where the landlords appoint a property manager from a real estate agency to take care of their properties and they in turn maintain it by visiting the properties at regular intervals and giving an update to the landlords on the same.

Major cities in India like Bangalore, Mumbai, Hyderabad, and Chennai fall under the category of a booming rental market, owing to government regulations, tax deductions and the fast-paced growth of rental management companies across these cities.

In India, before COVID-19 the asset management services were primarily used by NRIs to look after their properties.

After COVID-19 the asset management services have evolved from providing basic hospitality services to being enablers of concepts such as safe and efficient residential complexes and workspaces.

While most service providers in India are emphasizing health, wellness and sustainability in both residential and commercial complexes, others are looking at shifting their focus from residential property management to institutional and commercial operations.

Source: https://www.mordorintelligence.com/industry-reports/india-facility-management-market

Source: https://www.mordorintelligence.com/industry-reports/india-facility-management-market

Please read the https://www.mordorintelligence.com/industry-reports/india-facility-management-market report for detailed information on the property management services market.

Real Estate Regulation Authority (RERA)

RERA stands for Real Estate Regulatory Authority came into existence as per the Real Estate (Regulation and Development) Act, 2016 which aims to protect the home purchasers and boost real estate investments. 

The bill of this Parliament of India Act was passed on 10 March 2016 by the Upper House (Rajya Sabha). 

The RERA Act was effective on and from 1 May 2016. At that time, out of 92 sections only 52 were notified. All the other provisions were effective on and from 1 May 2017.

Source: https://getmeroof.com/blog/a-guide-to-understanding-rera-and-its-impact-on-indian-real-estate/

Application Process

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Property management software

Property management software should be a one-stop-shop for landlords and property managers to oversee every aspect of their tenants, leases, and units.

The best property management platforms are comprehensive in functionality while remaining streamlined and easy-to-use.

You should be able to access any feature within just a couple of clicks.

Speaking of features, the best property management software will have all the following:

• Secure tenant portal: Send one-on-one messages or community-wide announcements, collect rent, receive maintenance requests, and share documents securely and easily.
• Work order management: Receive maintenance requests from tenants, create work orders, assign them to vendors, track their progress, and pay your vendors–all in one place.
• Document management: Create lease documents and turn them into templates. Send lease documents to tenants and collect eSignatures in a few clicks. Upload signed documents and never lose them.
• Advertising and applications: Create a custom website and list your properties on it, then connect to popular listing sites like Zillow and Trulia to post your properties on them. Collect tenant applications and run extensive background checks at no cost to you so that you find the best tenants for your units.
• Mobile app: Go with a software that has a fully functional mobile app which gives you the same functionality as the desktop version (including the ability to upload photos and videos).

This is just the tip of the iceberg when it comes to the potential of property management software.

Ultimately, you should look for a platform that’s powerful, user-friendly, and that offers unlimited customer support to get you set up for success.

Source: https://www.propertyme.com.au/blog/property-management/how-to-start-a-property-management-business

Conclusion

Hope you enjoyed reading the overview on what is property/real estate management and how does it works?

See you soon in next blog!!! Stay health