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1. SIGNING THE PMS CONTRACT
First, we sign a Property Management Service Agreement contract with you, specifying all our responsibilities. You will be assigned a specific Property Manager
2. DETAILED INVENTORY CHECK
Inventory management is a critical part of our service and our team does a detailed Inventory check of the property, noting all fittings, fixtures, damages and the general state. This inventory list is then maintained across tenants, and we ensure the tenant hands over you the property back in the acceptable condition to you [subject to normal wear & tear
3. MARKERING YOUR PROPERTY
If the property is vacant or the existing tenant wishes to vacate, we shall start the marketing immediately upon your consent, through numerous channels primarily Online, local broker networks, Vast Coldwell Banker network, Social media, and through our existing client base as well. If required we shall also do a video walkthrough of the property and use it across online platforms specifically in YouTube. While the property is vacant, our team will ensure the property is constantly monitored and updated to you.
4. SECURING TENANT
Once we have an interested prospect, our team completes the negotiation to get you the best rentals, as well as a standard verification protocol. Once we are satisfied, we send you a rental agreement draft, once approved further agreement formalities, token, deposit and rent cheques collection is handled by our team and handed over to you or deposited in your accounts. Any work in the property requested by the tenant, and approved by you is coordinated by us. We do a formal handover to the tenant with a sign-off on the inventory forms.
5. PROPERTY & RENTAL MANAGEMENT
- Periodical Inspections
We inspect all properties at least every 6 months to ensure it is well maintained. Pics on demand Although we send pics to the owner during our regular inspections, the owner can also request for ad-hoc pics.
- Rent collection & follow up
We collect postdated cheques for all 11 months of the rental agreement period [only an option not necessarily a requisite] or remind them each month to transfer the rents into your specied bank accounts, and in the event, there are any issues with the cheque clearance, our team will follow up until resolved.
- Rental Receipts
Every month your pre-signed detailed rental receipt is arranged to be sent to the tenant [upon clearance of rentals], which includes all details of rent collection, payment, charges and/or any other approved deductions
- Maintenance works
All minor works are paid for by the tenant, except in the first 30 days after move-in. For any major repairs, such as seepage issues, etc, our team can source vendors and coordinate the same for you.
- TDS certicates/Form 16s
In the event, the tenant is a company, and there is a TDS deduction, our team will follow up and source the TDS certicates every quarter for your income tax filing
- Exceptional Service to Tenants
We also strive to maintain a cordial relationship with all our tenants, so we can ensure that they are a happy lot and stay in your property for a long period.
- Periodical Inspections
6. Tenant Renewals
Every 11 months, the rental agreement with the tenant is renewed at the agreed-upon escalation, and fresh postdated cheques collected for the new period. We start the renewal process 3 months before expiry
7. Tenant Exit check/Settlement & Replacement
When a tenant vacates, we do a thorough exit check and calculate the costs of damages. We then do a final settlement with the tenant after deducting any unpaid bills, unpaid rent, and costs of repairs. We then restart our marketing process and work on Tenant Replacement (and the process repeats)
8. Property Taxes & Khata
We also assist you in case if you need our help in obtaining the property tax paid receipts, khata applications & encumbrance certificates etc.,
Our Fees are structured on from the SECOND YEAR onwards. Thus we have no upfront fees – you pay monthly and not annually and we charge of the rent per month as a monthly management fee, only when occupied from the second year onwards.
“Pay Per Use”
8.33% plus GST
For the FIRST YEAR: Our Fees are one month equivalent rent plus GST [paid post successful onboarding of a tenant]
Assuming the rent is ₹50,000/-
1 Year – On Successful onboarding of Tenant our Fee Payable by the owner is ₹50,000+GST which is the brokerage fee and property management services comes FREE of cost for this yearst
2 Year onwards – ₹4165+GST payable on successful collection of rentals each month & if the property is vacant, we don’t charge our Fee.