Frequently Asked Questions – FAQ
What is Property Management?
Property management is the operation, control, and oversight of real estate as used in its most broad terms. Management indicates a need to be cared for, monitored and accountability given for its useful life and condition. This is much akin to the role of management in any business.
Property management is also the management of personal property, equipment, tooling and physical capital assets that are acquired and used to build, repair and maintain end item deliverables. Property management involves the processes, systems and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization and disposition.
What are the services available under Property Management?
Managing Tenants, Rental Assistance, Plot Monitoring, Property Monitoring, Renovation, Refurbishing, Follow up and Payment of Utility Bills, Inventory Check at the time of vacating, Painting and Cleaning Homes when tenant vacates, Periodic Property Inspection and reporting, Document Procurement, Facility Management, Finding tenants, Rent Collection, New Construction, Space Management, payment of property tax and metro water tax.
We also undertake tenant fixing, assistance in property tax assessment, name transfer with corporation, metro water and EB , Carpentry work, Modular Kitchen etc., at additional charge.
What are the steps taken in Real Estate Selling and Buying Assistance?
360 Realty services offer Real Estate Buying and Selling Assistance to our customers. Step by Step Real Estate Buying and Selling Assistance is clearly explained in our “Real Estate” page. This Realty services is currently offered in Chennai Metro, Greater Chennai, and Coimbatore
We are interested in buying a property. We also need to sell our old property. Can you assist in Real Estate ?
360 Property Management offers Real Estate Buying and Selling Assistance in Greater Chennai, Chennai Metro and Coimbatore.
People who are interested in Real Estate and want to buy or sell property finds the going tough as they are not able to evaluate local market conditions due to poor access to legal information. This is where reliable Real Estate company like 360 Property Management Services comes handy. With our analysis and information that we share, we will make sure you make highly informed choice every time.
360 Property Management provides world class service to its valuable clients where consumers would be not only able to buy and sell real estate but also find financial and legal assistance, all under one roof.
Please visit our Real Estate page where we have listed step by step process in Real Estate Selling and buying that 360 follows. Our experienced team will guide our clients at every stage. We have also listed few properties that are available for sale and for buying.
Can Property Management Company find tenants for my property?
Finding Tenants is part of Property Management Services. This service is available only for clients who are our availing our property management services in Chennai and Coimbatore. Renting is easy. But, renting to a qualified tenant is much harder. In our qualification process, we take several measures to ensure that the applicant is a good quality tenant. First, the Property will be inspected and market rental values will be suggested before looking for tenants. Potential tenants will be searched through paper and online advertisements. Credit check will be performed on the potential tenant. Rental Lease agreement will be drafted and the agreement between the owner and tenant will be finalized.
Tenant deposits rent amount in our bank. Then why do I need Property Management?
Collecting rent is not the only service Property Management Company offers. Many home owners think that Property Management Company just collects rent from the tenant and their charges are high for this service. They think the rent amount is deposited directly in the bank every month. They need help only when the tenant vacates and they can get a real estate broker for the same. But the job of the Property Management Company does not end with just collecting rent. They act as the representatives of the property owner. They make sure all the utility and other dues related to the property are paid on time. They keep a watch on the property on a regular basis and inspect them and inform the property owner of any issues. When a tenant vacates the property the property management company accepts possession of the property and takes an inventory check. Property Management company also helps in getting the place ready for letting out for rent. They also assist in finding tenants. These are some of the work done by the Property Management Services.
What is Rental Property Management?
Many landlords manage properties on their own, while for others, a resident manager or a property management company makes good business sense. If you plan to manage rental property, you’ll need organizational and management skills, along with a good working knowledge about real estate matters.
Rental property Management is part of the Property Management Services. The following process is done for Rental property management services :-
Advertise vacant property for rent. Show available property for rent and interview prospective tenants. Screen the best candidates for your rental property by requiring written applications with references. Evaluate prospective tenants by investigating their backgrounds, credit histories, personal references and employment histories.
Conduct periodic inspections. Help to maintain a good tenant landlord relationship.
Why should I hand over my property to a professional for Property Management?
Well, there are several reasons to hand over your property to a professional for Property Management. The most important one is the multiple skill levels in all areas including Labor resource and maximize productivity among other things. You will end up gaining in multiple ways. First and foremost you will have peace of mind. You need not have to disturb or request those unwilling relatives or friends. What you need is service. You pay for it and get it. If there is any lapse on the part of the Property Management Company you can ask them straight away. You have the right because they are your service providers. But, the same is not possible when you are obligated to ask your friends or relatives and you have to beat around the bush.
What are the property management fees?
What you will pay your Property Manager as Property Management Fees will vary depending on what services you require, the type of property you own, and where your property is located. In general, hiring a property management company is more economical than most people expect, especially when you consider what you get in return without the time commitment of managing a property.
Please fill out the inquiry form in our web page with property particulars and 360 will get back to you with a quote.
360 offers property management services in Greater Chennai, Metro Chennai and Coimbatore.
How often will the property be inspected?
Since the tenants will be living in the property we cannot disturb their privacy too often. But we routinely visit the property at least once in 6 months with prior information to the tenants. We check for any property damage and any other developments concerning the property.
We also keep in touch with the tenants over phone.
What are the information that every tenant should be aware of
Most of us at some point in our lives have lived in a rental property, whether alone or with friends/colleagues/family. Selecting and living in a rental property is not an easy task. We tend to overlook important things which often come back to haunt when the lease ends.
“Like any contract, rent agreement is also binding. A rental transaction is the tenants’ largest monthly transaction. Therefore, a s/he should be well-equipped with information when entering into a rental agreement,” says Ankur Budhiraja, an owner of AB Corporation
Navigate the renting process with ease by following the below-mentioned tips:
1. Thorough research of the locality and the rented property:The first task in the renting process is to check the safety quotient of the locality and its neighbouring areas. You can do so by speaking to residents of the locality. If the exercise seems tedious to you then you can log in to www.advice.magicbricks.com and find out locality information under ‘Locality Reviews’. Also, check what safety measures the prospective landlord is providing. It is advisable to get all information incorporated in your lease document.
2. Be prepared with documents: Accumulate all required documents such as identification, proof of employment and income, etc. before meeting the landlord. Having all documents handy can help in closing the deal fast. Usually, this helps when the prospective landlord has other tenant parties to choose from.
|Documents to be verified before renting
• Title Deed – Proof that the person renting or leasing out the premises is the actual owner of the place
• Building share certificates – In case the place being rented out is a part of a co-operative society or colony, share certificates needs to be checked
• Electricity bills – Should be in the owner’s name
• Verification of built-up area – You can either measure or use an architect for verification
• No-objection certificate (NOC) – A certificate that specifically mentions several conditions. For example, some do not allow bachelors or others such as `only vegetarians’ or ‘no pets’ need to be part of this document
3. A written lease: A written document is a proof of what you and your landlord mutually agree upon. A verbal agreement does not offer much protection to a tenant and landlord. Words cannot be used as proof in future but a documented can.
4. Know what your lease says: Understanding the lease is very important for a tenant. It is wise to take the advice of an expert once all the points and clauses are documented. Make sure you check the lease and local tenant privacy laws. It helps you understand how and when your landlord can enter your property. If a landlord starts entering your apartment without notice, you’ll know what your rights are. Apart from this, a tenant should know how to end the tenancy and what can happen if you don’t follow the rules. Understanding the lease documents also helps you know the rules about the return of the security deposit.
|The Top 7 factors
2. Proper documents
3. A written lease
4. Understanding the lease
5. Responsibility of maintenance and repairs
6. Regular communication with landlord
7. Follow eviction rules
5. Maintenance and fixes: A tenant should know which repairs your landlord is responsible for and which fixes he/she need to pay for. A landlord is required to provide a habitable environment, which means that the property that you are renting should be such where one can shift and live immediately. Adequate air ventilation, heat, water and electricity, and a safe structure are certain basic requirements. Landlords should also replace or repair things such as the walls, loose floor tiles that can trip residents before handing over the keys to the tenant. However, once tenant takes over, he will have pay for any breakage and repair.
6. Keep communicating: It is good to be in touch with your landlord once a while. Keep communicating your concerns about the home like about the faulty wiring or no water issues so that it can be handled properly. Apart from this, a regular communication can help you build a bond/relationship with your landlord. If you have that, a landlord will understand you when sometimes you get late in paying the monthly rent.
7. Know when to fight an eviction notice and when you should move out: There is no point fighting an eviction if you have not followed the rules mentioned in your rent agreement and your landlord has asked you to move out. You can attempt to set things right with your landlord, but if you can’t, it is time to move on. If you are legally in the right, a lawsuit still may not be your best bet. But you still have a chance to deal with your landlord.
Courtesy: Times of India / Neha has written on industries such as real estate, franchise, and outdoor advertising.
How frequently will I receive reports from Property Management Company?
The more you are aware of how things are going with the property, the better it is. As a property manager we will send periodical reports about the property and update collection of rents and payment of taxes on regular basis
How are the vacancies handled?
We will try fill them ASAP using various publicity methods. We have paid for premium accounts with various leading property web sites. If required we will also go through other normal practices like releasing classified ads in local newspapers and local real estate net work. We post the properties in our web site and also in social networks. We also put sign boards in and around the property for walk in clients.
What are the methods for handling repairs and maintenance?
First we assess the problem and take quotes from our own network of professionals (mason, carpenters, electrician, painters etc.,) and send a quote to the owners for approval. The rates are very competitive. We also detail the types of repairs we can and cannot do. Only after getting the approval from the property owner and payment for the same, we start the work. We will also let the property owner know the exact time frame it will take to complete the job. We report the progress to the owners and if necessary we send photos and videos. On Completion, all the statement of accounts and details of work executed will be given to owners.
What is a Patta? How important is a Patta and how do we obtain it?
What is a Patta:
A Patta is the most important document for any property Assessment. It is an account of assessment of a property. It is a legal document issued by the Government in India in the name of the actual owner of a particular plot of land. The patta can also be issued for lands having buildings or individual houses etc. constructed on them. It records the details about the property. It will also contain the exact location of the property, size, built up area. This is mainly for the payment of the property tax. This also determines who is responsible and liable for the payment of Property tax.
Other details to be noted – For properties with buildings or houses, it can be shown that the property is being continuously occupied which is not possible for any barren tract of land. In most cases, it can be obtained from the Revenue Administrative Officer in the concerned administrative district. In some cases there may be several owners for a single property. Separate Pattas will not be issued in such cases and there will be one Patta with the name of all the co-owners mentioned clearly. Patta will not be issued for lands having undivided shares.
How do we obtain a Patta?
The standard procedure is to apply at the concerned Revenue Administrative Office or Tahsildar office or any other appropriative administrative office. The application should be in the format which is prescribed by the Revenue Department. Relevant documents related to the property needs to be enclosed along with details of the owners. The officer might request an interview with the applicants if there is any necessity. When there is any legal dispute for the land for which a patta is requested, the officer could also make an onsite visit.
How important is a Patta?
Patta is the most important ownership record. It could be used to establish the right of the ownership in a court of law. If there is no will drafted by a person before his death, the successors or next of kin are automatically entitled for the patta. They can apply for the name transfer in their name. The renewal of a Patta must be done only after a transfer or a transaction has taken place with respect to the concerned property.
What is Encumbrance certificate and where to apply ?
Encumbrance certificate, popularly known as EC, is a certificate issued by sub-registrar of the area in which the property is located. All the details of any transaction on the property will be listed in it. It is important for you if you decide to buy the property, take out a loan against the property.
What are the documents required for applying EC?
Schedule of property as in the registered document along with document number, Name of the present owner. Some offices requests for the Xerox copy of the document.
Is there any specific time period for which the EC has to be obtained?
It depends on the purpose for which it is required and what was the last transaction registered in the property. Generally banks ask for 13 years and in some cases it is said 33 years is safe.
Where to apply EC?
The records are computerised from the year 1987 in the Registration department. If one applies for EC for a period after 1987, EC can be applied with sub-registrar, anywhere with in the state. Prior to computerisation period, one has to apply with respective sub-registrar under whose jurisdiction the property lies.
What is time period to obtain EC?
For computerised period, that is after 1987, EC can be obtained in 2 working days. Prior to 1987, one has to find out the proper sub-registrar office for the property concerned. Sometimes, identifying correct sub-registrar office it self will take time, since bifurcation of certain offices, amalgamation of certain offices and creation of new offices have happened. Once proper office is identified, EC is issued with in one week after application is filled.
There are certain documents that need not be registered with sub-registrar office. And legally, sub-registrar can not be held responsible for issuing defective EC, as they issue the certificate with a foot note to that effect.
How to choose a Real Estate Rental Agent or Property Management Company in Chennai?
You may be confused and not sure whether you want to hire a property management company or a Real Estate Rental Agent. You’re not alone in your confusion. Most people use both these terms to describe someone who leases rental units, manages the ongoing tenant relationship, and maintains the properties under his care.
It is generally assumed that many rental property landlords or owners hire someone to mange lease only and it makes sense to refer to that person as rental agent or leasing agent rather than as a property manager. In Chennai they are also referred as Rental or Real Estate Brokers.
The Property Management company usually does both. They also have the flexibility to create a need based contract for you based on the specific services you need. Some Property Managers do specialize in leasing. These companies are particularly adept at marketing properties, showing them, and working with prospective tenants to get vacancies filled. Other property managers may excel more at other aspects of rental management, such as establishing a rapport with tenants, building relationships with vendors, being proactive with maintenance, and working to quickly resolve any issues.
A rental agent or a real estate broker who specializes in leasing only can generally get a property rented within 30 to 45 days. Of course, this totally depends on the market. It also depends on the location of the property. There are talented rental agents who can generally fill vacancies twice as fast as their counterparts Meanwhile, a property manager who is more expert at maintenance can often get projects done for about half the going market rate. When renting your house, it is very important to understand the rental market conditions where the property is located. You should also consider your personal priorities. Only then you can hire the professional whose strengths best suit your needs.
When we are far away how can we rely on some third party to manage my property?
The cost that comes along with outsourcing property management makes people wrinkle their noses. But it’s possible to soothe your objections if you consider the overall advantages of hiring professionals – and hire the right ones. When you are considering people to hire, you should consider the recommendations of friends, relatives and other referrals. Jot down all your queries, doubts and contact the company and ask questions. Just as you would screen any business decision, you want to feel confident and trust the person you choose. Talk to them over phone and in person a couple of times if possible. The caveat to all this is obviously that outsourcing will prove a crummy decision if you trust the wrong folks to do it. You want to hire a reliable and an expert company who will do the job right. To manage your property – If you pick the right kind of people who can take care of your property and run it well, who wouldn’t outsource?
What are the Checklist for NRI’s buying a property?
Be aware of the legal aspects of property investment Familiarize yourself with Foriegn exchange Management Act (FEMA) Research online and talking with other buyers
Check builder’s delivery and quality performance history
Study the layout plan and amenities to know the open area
Review the penalty clauses in the agreements ( for cancellation, delayed payments)
know the project and payment schedule and period between milestones
Check all free items – registration, caretaking, VAT and service Tax
Interact regularly with customer representative for project staus
We need Property Tax Assessment for our property. Do Property Management companies do this service?
Yes. We assist in getting Property Tax Assessment for your property. We offer this service for our Clients in Chennai and Coimbatore. Building plan approval and document copies has to be provided along with the request for Property Tax assessment.
How to keep the tenants happy?
Getting your property ready to rent, advertising the vacancy in local newspapers and online, showing the property, and screening tenants are some of the most costly and very labor-intensive tasks involved in owning and profiting from rental property. Once you have found good and an ideal tenant, it is very important to retain the tenant. Retention of that renter will become an important aspect of the business. Here are some useful tips on how to do that:
1. Being professional: Be friendly and flexible and your tenants will likely return the favor. You like to deal with a tenant who is really reliable and respectful and communicative—and your tenant expects the same thing from you.
2. Maintaining good relationship with clear agreement: Clear rental agreement sets the stage for a trouble-free landlord and tenant relationship –other than the monthly rent and utilities. The agreement should tell very clearly who’s responsible for what in the event that repairs are needed. If the property you are renting includes a empty space or a garden you need to be clear about who will maintain it.
3. Dealing with problematic tenants promptly: If you are managing a multi family residence – like an apartment for example – dealing with tenants who are undermining the resident’s ability to live together peacefully is very crucial. Having troublesome neighbors will drive ideal tenants away from your building more quickly.
4. Answering calls: Most tenants prefer to deal with professional property management companies for the simple reason that they know it is someone’s job to quickly help them resolve any issues that may arise. Making it a priority to take your tenants phone calls or to return their calls within 12-24 hours is very essential for the business.
5. Take care of repairs: In addition to answering the calls, let your tenant know that they’re important to you by taking care of any needed repairs without delay and in a timely manner.
6. Making some cosmetic improvements: If you are really fortunate enough to have a long-term tenant, be sure to offer them fresh paint or some minor upgrades once every two or three years.
7. Send Cards or Gifts: If there are some renters who do not give any problems and you want to appreciate, you should let them know. A Festival card with a personal note with some small gift is a good example. When some receives unexpected gesture- that could help go long way- toward encouraging tenant loyalty to you.
8. Respecting renter’s privacy: We need to Respect the privacy of the tenants. They don’t want to see or hear from you unless they have a problem. We need to totally respect that. You’ll occasionally need to gain access to the property for one reason or another, but when you do, be sure to give proper notice, and try not doing so more than twice a year.
9. Go easy when raising rents: If you rent your property in a weak rental market and find your tenant’s lease ending in a stronger market, it can be tempting to raise rents by the maximum legal amount. However, good tenants should be offered a rent that is slightly below market rates. This can be a powerful retention tool, which will potentially save you a lot in turnover costs.
10. Offer incentives to tenants who help you fill vacancies: This will assist you in searching for new tenants. Also you will increase your chances of retaining the ones you already have if you end up placing their friends in the same building.
Legal Heir certificate - Why is it required and how to apply?
Why is Legal Heir Certificate required?
To transfer properties, investments, shares, insurance policy benefits, retirement benefits if the deceased was in govt employment, name transfer of vechicles of a deceased person who have not left a will. Legal heir certificate has to contain the purpose for which it is obtained. If a legal heir certificate for example did not mention shares, they need to re-apply or get an endorsement to that effect in the legal heir certificate.
Who are legal heirs?
Normal cases: Wife (first wife/second wife) and their sons, daughters, mother and legal heirs of predeceased son
Who is the Authority to issue legal heir certificate?
Thasidar of the area where deceased lived.
Who can apply?
Wife or Husband or son or daughter or mother
What are the documents required?
Death certificate of the deceased, proof evidencing the relationship between the legal heirs and the deceased such as ration card, birth certificate, passport, voters id, marriage certificate etc.
What is the procedure?
Apply for legal heir certificate to Thasildar along with application form with Rs.2/- court fee stamp affixed on it. After an enquiry through Revenue inspector or VAO in the area where the deceased lived, Thasildhar will issue a legal heir certificate.
Other Points to be noted:
Any person who believes that he too is a legal heir, will always be entitled to ignore such Legal Heirship Certificate and institute appropriate proceedings before a competent court.
The court which is called upon to adjudicate in such proceedings will disregard the Legal Heirship Certificate and will decide the matter
What are the Concierge Services Offered ?
Concierge Services – obtaining Birth Certificates, Patta, Legal Heir Certificate, Marriage Certificate, Death Certificate, Encumbrance Certificate, Non availability of Birth Certificates. Errands are also offered . Concierge service is normally provided to clients who avail 360’s Chennai and Coimbatore Property Management Services
What is Event Management?
There are different types of event management. Business and Family are the main. NRI’s who like to conduct important family events like marriages are totally dependant on their relatives and friends. When they hire a professional management company they are taken care of in all aspects. They need not worry about anything and just concentrate only on receivng and taking care of the visitors. We provide event management services for our clients in Chennai, Coimbatore and other major places in Tamilnadu. Our event management services covers all areas of the event from Marriage Hall booking to food.
Role of a Property Management company
One important role of a “property manager” is that of liaison between the ownership or landlord can call it their property providing a buffer for those owners who are desiring to distance themselves from their tenant constituency. Duties of property management generally will include a minimum of these basic primary tasks:-
1. The full and proper screening or testing of an applicant’s credit, rental history and ability to pay.
2. Lease contracting or accepting rent using legal documents approved for the area in which the property is located.
3. Mitigation and remediation regarding any maintenance issues, generally within a budget, with prior or conveyed consent via a Limited Power of Attorney legally agreed to by the property owner.
There are many facets to this profession, including managing the accounts and finances of the real estate properties.