The real estate industry and property management are the two sides of a coin. One’s existence without the other is a mere process, ceasing to function and exist.
The year 2018 saw significant changes in the real estate industry. Property management (which translates to the management and care of properties to establish them as a good bet in the real estate market) has never been more important. For a city like Bangalore, which is seeing rapid growth in the real estate industry every succeeding year, property management has become a individual entity as well. The birth of more and more property management systems across the city is a vivid portrayal of this.
Good property management is the answer to all woes in the world of real estate. Once you have invested in a property, it is extremely important to maintain and upkeep it to standardize its value in the market. Hence, it is obvious that property management is the bone and crux of the industry, but let us look at how exactly a good property management system benefits the property holders in the long run.
Market value– A well maintained property is the gem of the crown in the real estate market. Such a property grabs a truckload of eyeballs whenever it is put on the list.
Good revenue– Complimenting the point above, when a property is well maintained, it automatically sets up its bar and becomes a magnet for all the prospective buyers and tenants. thus, it can be stated that a well-maintained property is a good source of revenue as well.
Effective for long– There are certain factors to be considered while listing a property in the market, and a clean, maintained, functional house is the foremost of all. So, it means that if a property is maintained from the beginning, it saves a lot of money from the last moment touch repairs.
Safety factor– The matter of safety is a huge concern when it comes to the real estate market. So, it is obvious that if and when a property is well maintained and managed, it symbolically alienates itself from any sort of danger and distress, be it manual or natural.
Non-negotiable– When a property is bought, the negotiations done by the buyer or the realtor is primarily based on either the location or the condition of the house. So, if the seller has been maintaining the property generously, the price of the property is most bound to be non-negotiable when it is put down in the market.
Peace and health– A healthy home is a happy home. Only when a house or a property is maintained properly, it keeps away health hazards, which in turn keeps the health of the owner and the family good. A managed property is the way to peace and health.
The business model in the real estate industry today is fairly plain- invest in a fairly cheap property, get it repaired, put it down in the market for rent and then use the profits to pay the loan, if any.
Over-time the buyer earns money off the rent and improve their credit rating to repeat the process. Whatever the process may be, property management continues to be an inevitable part of it.