PropMac

Taking care of NRI properties in India

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November 26, 2014

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NRI

NRI-property-management

NRI-property-management

Non-resident Indians have invested heavily in Indian real estate market in the last decade. Since one of the founding members was himself an NRI for a decade before starting this venture, we clearly understand what problems NRI’s face to maintain their properties in India.

Telling old parents or relatives to look after the property becomes a serious inconvenience for both you and them. Let us see some inevitable overheads involved in maintaining property for NRI’s in India.

1. Money Spent:

Even if an NRI comes to visit their property once a year and tells his parents or relative to come and visit frequently (say once every 1 or 2 months), take into account the transportation cost ( car, airfare, train or taxi). May be you can tell your parents to visit often, but will your relatives spend that much money and time every 1-2 months. Most likley your inspection will be delayed to 6 months instead of every 1-2 months. If your relatives are helping you to maintain your property, you will not only taking a big favour from them but probably getting expensive gifts for them to return their favour, and sometimes spoil relationship with them in the end anyway. More importantly, if your flat is rented our and tenants feel that no one comes and inspects the property from owners side, chances of mishandling of your property go up significantly. If your property is not inhabited (empty flat, office, plot etc..) it will probably be victimized too.

Everyone realizes this overhead cost, but the charm of owning the property and appreciation involved in the long run is usually too lucrative. We are here to fill that gap.
2. Money lost:

If you have to take leave from work to inspect or maintain your property, it is a net loss both in terms of money (ex: lost wages) and time. Why use up your vacation time for this when you can get a property management company for a fraction of the cost.
3. Stress, danger of overlooking things etc..

If issues are taken care at an early stage, it is always better. In India, things are not as nicely organized on foreign countries. NRI’s know this very well. When we inspect a property we send live photos or video, something you cannot expect your friend to do for you. If we notice any other issue, we will inform you.

4. Should you buy, sell or hold your property:

Since our representatives will try figure out about the nearby developments in the area and convey you. It will give you a pretty good idea on the future course of action. May be you have a property in a nice area but there are 5 other similar apartment complexes coming in the area then you may want to take an exit as there may be an oversupply in that region.

5. Fraction of cost:

In most cases our service costs between 0.1% to 0.5% of the cost of your property. We operate on a razer thin margin.

6. Transparency and care:

If you want us to check out something specific during our next visit and we will do it for you. If we feel it if a time consuming affair we will give you the quotation appropriately.

NRI’s are our most valuable clients. Check out our packages to see what suits you the most.

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