If you are a tenant, a landlord, or working in a property management company, you must have experienced that Tenants and Landlords get involved in disputes frequently because they are likely to be unaware of the real estate laws for tenants and landlords in India. How can this problem be resolved? The answer is, maintaining a happy relationship between both parties by the medium through property management services. Being aware that India’s one of the topmost property management companies, it’s our responsibility to guide you and make you aware regarding the basic knowledge of these rights, for a managed and untroubled relation between both the parties involved but before reading about the laws for tenants and landlords, take a glimpse on the role of a Property Management Company in providing the services you require as a tenant or landlord.
What Role Does a Property Management Company Play As a Mediator?
In a nutshell, the role of a property management company is to act as a mediator between both parties while keeping in mind the laws for tenants and landlords. They take the charge of the real estate as a third party. For example, Browku Pvt. Ltd. One of the topmost and emerging Property Management Companies in India that acts as a mediator between tenants and Landlords, provides services like tenant screening, from rent collection to repairs, eradicating brokerage costs for the tenants and beyond. Following are some of the major roles a Property Management Company Play as a Mediator to make the process simplistic.
- Marketing and Leasing:
When you first employ the management firm, they ought to make a preliminary tour video of the house with suggestions for what needs to be updated and repaired. These suggestions are meant to help you make improvements to your house that will draw better tenants and reduce the likelihood of lengthy vacancies. Additionally, they might include any maintenance required to make the house move-in ready and compliant with any laws, such as installing smoke detectors and door locks if needed.
Your home’s marketing will be handled by the property manager. This covers images, films, online publications, and presentations. Their responsibility is to successfully market your home so that it can rent quickly and easily.
- Maintenance:
After you hire them as your management firm, property managers will take care of all maintenance at your property including the initial repairs and improvements to get it ready for rent
They ought to keep a list of reliable contractors they utilize for repairs. Some property managers employ their maintenance crew and have a contractor’s license. Regardless of whether a repair request is urgent, they must have a process in place. Due to this, it is simple for the renter to file a request and for the management to respond to it right away.
Most property management companies have a procedure in place for tenants to make maintenance requests, even for urgent issues that arise after business hours. Tenants may submit requests to the manager directly or online through a maintenance portal depending on the firm
- Screening and Selecting Tenants:
Prospective tenants will be screened by property management. To identify the finest tenant for your property, they’ll often perform a variety of background checks, contact rental references, run credit checks, etc. Some businesses will pick the first qualified candidate, while others will pick the best candidate from a small pool of candidates. People in a line in 3D, isolated over a white background, behind a large magnifier.
Established property management companies ought to have a written list of rental requirements that describes the factors they take into account when choosing a renter. It is crucial to have this document in writing since it enables the owner and the tenants to understand potential reasons why they weren’t selected. If the property management can cite public criteria as to why an application was rejected, it further reduces the possibility of accusations of a Fair Housing violation.
Additionally, they will create leases and, if necessary, modify them. All tenants will normally be required to sign a conventional lease. This might also include any necessary disclosures, such as lead, asbestos, and bed bug warnings. You could also want to include any unique clauses in the lease, such as what utilities or services (such as pool cleaning or landscaping) the tenants are liable for or for any animals.
- Rent Collection and Accounting:
Property Management Companies collect the rent from tenants. For this position, some businesses will have a designated property accountant. They are in charge of ensuring that everyone has paid and will impose late fines on those who don’t.
The landlord is responsible for initiating the eviction process if a tenant refuses or neglects to pay rent. The majority of homeowners are responsible for the cost of the attorney, although they probably have one who will help them with this process.
When the rent is paid, they will subtract the portion that belongs to them (the management fee) and any additional fees (such as a repair that occurred during the month). They will then give you the balance. Most businesses send a statement along with the deposit.
