People with a huge number of assets need a caretaker to manage their property and it is the biggest decision one needs to make as an owner.
Many owners manage their property on their own or with the help of an employee often called as the property manager.
Property manager don’t come cheap. So for this, first of all you need to decide is whether you need one or not. You should consider hiring property manager only if:
If the above items are check-marked on your list, it means you need one. But how do you filter the best from the flock?
Below are the five key things need to ask a property manager candidate before you hire them:-
Contract Documents or an Owner’s Manual
The first thing you need to check is the owner’s manual. So that you can gauge their work and get to know what to expect in certain situations. Things like ambiguity and assumptions regarding the property should be should be removed at all costs, to avoid confusion later on.
Items to address in the manual could include the following:
With this manual of policies and procedures one could ensure what to expect from the property manager.
Effective communication serves as the heart and the lungs for every business transactions. Therefore, setting the rules for regular meetings and discussions is critical.
This varies from the owner to owner. One may think that no news is a good news while others may demand every detail about the property.
And this could be done through a phone call, by agreeing on time and frequency such as, once in a month, or agreeing to an email volume that can accommodate both parties.
Initial Property Inspection Drill
Now, after settling all the things, you want your property manager to inspect your property. You should help him with knowing every detail on property. The manger with this will prepare a ‘building file on the property which will act as central holding spot for all property details.
Some key items are the following:-
A well documented building file can be very useful for both owners and the property manager.
Tenants are the most important tasks for most of the owners and the property managers. You want your manager to take time to go and meet with each of your tenants. This goes a long way to building and cultivating great relationships.
When you work with a professional management firm, chances are that you will be provided with web-based portal to access your property details.
In most cases, you might be using the portal more often than you speak to your manager, so it could be a key component to your overall management solution.
These are some important questions that must be need be asked and known before hiring a property manager. Property contributes major proportion to one’s wealth. So, one shouldn’t overlook the emphasis which should be put on the boarding process of a reliable property manager.
The home buying process has changed significantly over time with the intervention of digital media between the buyer and the agent. Earlier it was limited to a newspaper advertisement or a yellow page corner from where interested buyers contacted agents to start with, following a long process of trips around the city to find a suitable home.
These days, it has been highly automated. There are more agents that want to contact buyers than there are buyers who want to contact an agent. This is mainly due to the monumental reach of digital media.
In such a situation, it is important for buyers to express genuine interest towards a home buying interaction and it is important for the agents to know when a buyer would actually not buy.
Let’s talk about the situation in detail :
The Buyer’s Dilemma
As a home buyer, you would be taking one of the most financially important decisions in life because a home amasses a large sum of money as well as your time.
Such a decision could not be taken in haste, without proper investigation and considering a handful of options. It is natural to spend some time before actually making the cut, and often back out on great looking houses just because things didn’t seem all right.
People these days have a large number of options in the form of flats, houses, villas and bungalows that are managed by responsible agents. Buyers clearly don’t spend as much time with an agent before finalizing on a home as they used to spend earlier, and might consider moving on to a new agent if things don’t go well for a month or so.
The Agent’s Dilemma
For agents, it has been even more difficult. They have to be resourceful, energetic and go beyond limits to show around the best properties in the town to seemingly interested buyers.
Many a time these buyers won’t really convert into customers but the effort cannot be reduced for each one of them that contacts these agents. This often wastes a lot of precious time for the agent, where he/she could probably talk to another party for a better deal.
The bigger issue at hand is that many customers are never going to buy anything from the agent but they act as interested until the very end, consuming both patience and time of the agent. This leaves the agent vulnerable to unrequited labour.
The Middle Ground
Thankfully, there is a middle ground on which, both the buyers and sellers can take a stand upon.
Buyers need to understand that the agent’s time is precious and so they must express their interest as honestly as possible. Buying a home is not similar to buying most things in general and hence if the agent isn’t rising up to the need, they must be informed about it as soon as possible.
Agents need to know that not every buyer would turn into a customer, for which they need to ask appropriate and a lot of questions from the interested parties. These questions will allow them to assess who to give more time and when.
These things will help agents bring out their best in themselves and buyers would find true advice for their money.
Being long established real estate agents, we have gone through the agent’s dilemma a number of times and we quite nicely understand what buyers want. Hence, if you are looking to buy, rent or sell a property, we will help you make the cut as profitably as possible.
Online property listing portals have changed the way buyers perceive real estate brokers, agents and consultants. In the current scenario, broker or an agent is generally perceived as someone who is merely introducing both the parties to earn a brokerage. With this perspective in mind, the question of whether brokers are still relevant pops up when buyers are searching for the properties for self- use or investment.
With rapidly advancing technology and media awareness, various platforms are available for buyers as well as sellers to meet directly and conclude transactions. This is also becoming true for sales by developers who are pushing to reach prospective buyers directly. Though this is true to some extent, it has to be clearly understood that the real estate brokers are also changing and becoming value added service providers instead of merely a transaction introducer. On the contrary, the role of consultant has become more relevant because:
New age real estate consultant is more than a broker and can be called an Advisor and Consultant who is providing large number of value added services.
As Authorized Channel Partners
In the case of new property purchase (ready for possession, pre-launch or under construction phase), where option of going directly to the builder is available, it is still prudent for the buyer to go through a broker firm which is an authorized channel partner for that builder and also provides one window service for all real estate transactions. The agency will take care of all kind of issues – legal, taxes, financial or otherwise which may not be available under one umbrella if dealing directly with the developer. They will also be able to present other options with proper comparison keeping in mind your unique requirements.
As One-Stop Service Provider
Property Consultancy and broker firms, who believe in providing value added services to their clients, invest in hiring experienced professionals from different verticals of real estate to be able to operate as one window service provider. For example, their teams have domain experts from financial, legal, taxation and of course realty background. They help search for properties meeting the buyer’s needs and evaluate the properties for due diligence from financial, legal and realty background to save their clients from frauds and dupers. That is something that neither a fancy listing website nor an individual operating as agent or broker can provide.
As Real Estate Investment Consultant and Advisor
Typically investment by any person are done mainly in financial Instruments like (a) FD, MF, Shares, Insurance (b) Gold (iii) Immovable property for self use or investment.
While monitoring of investments in first two options is easy, it is quite difficult to evaluate real estate portfolio for lack of standard yardstick and professional expertise to monitor. New- age consultancy firms with years of in-house financial expertise and realty expertise are able to monitor, evaluate and advice on this front.
How to find a good real consultant?
Real estate brokers who are evolving with time in the digital era are now focused more on building relationship than merely doing the transaction. They are doing so by assuming the role of consultants and advisors instead of merely connecting two parties willing to engage in buy-sell transaction. Established firms now provide value added services to their clients and this becomes more relevant keeping in mind that they may provide all these services at no extra cost.
Spacio Realtors is a real estate broker and advisory firm in Mumbai, India. The firm’s advisory services are ISO 9001:2008 certified and deals in residential and commercial properties in and around Mumbai. Spacio has a team of experienced professionals, who are highly skilled in the domain of realty and finance.
Would you blindly trust a real estate broker who gets recommended by your friends or relatives?
Property buyers, especially first timers, struggle to find an agent or a consultant not because there is a dearth of such professionals, but because it is difficult to trust anyone with your life’s savings. Irrespective of how youfind a broker, be it through social recommendation or through directory listings, as a buyer you must apply your due diligence to evaluate whether you can trust that professional assistance or not.
So what are the qualities of a real estate broker that you must look for or on what basis can you evaluate them?
Team Composition, background and experience
First of all find out how much experience your real estate broker has in realty domain. If he has a team, then what expertise the core members have. For example, our firm Spacio Realtors have key management team members from realty and finance domain. As a result, we are able to provide value added services to our clients including property investment, tax and legal advice. For every deal that we work on, we are able to assist our clients with tax structure, proactively take care of legalities involved including paperwork, check the financial potential of shortlisted properties, etc.
Check the credibility of the broker or agent who you are dealing with. Some of the ways include looking for any certification (e.g. ISO) awarded to the firm and membership of any reputed real estate association. Also, what are the company’s customers saying? Customer feedback speaks volumes about a product or service provider.
Every real estate agent or broker has an inventory of properties and they also rely on their network’s inventory as well. So if a firm only specializes in providing say buying, selling and renting real estate services for residential properties, then their network will also be effective if you want to sell or buy a house. In that case, searching for commercial space through this firm could be time consuming or perhaps may not yield sufficient options.
Real Estate is much more than just initiating a for sale sign on your property or driving you around to view properties. More than an agent, you need a consultant with their vast experience and market knowledge equipped to provide one window service.
So let’s say if you are an investor, then how about letting your property advisor firm manage your real estate investment portfolio or advice you about the type of place to put your money in- all in addition to the basic buy-sell-rent service. Another example is where NRIs can find a residential or commercial project in Mumbai through an agency and continue their relationship and let that agency manage the premises pre-lease and post-lease while taking care of statutory compliance like tax etc.
Related Content: Evolving role of real estate brokers as consultants and advisor
Trustworthiness and capability of the real estate broker firm can can play a very crucial role when you are dealing in property. Instead of blindly trusting someone with your hard earned money, evaluate the firm you plan to hire even if it was recommended by someone known to you.
Spacio Realtors and Advisors Pvt. Ltd. is a real estate broker and advisory firm in Mumbai, India. The firm’s advisory services are ISO 9001:2008 certified and deals in residential and commercial properties in and around Mumbai including but not limited to Navi Mumbai, Thane, Pune, Lonavla, Khandala. Spacio has a team of experienced professionals, who are highly skilled in the domain of realty and finance.
Connect with one of our experts. We look forward to helping you with your real estate needs.