We have listed some real life true stories. We have changed the name and place to protect identity. You might also have heard about properties being taken over by miscreants. When a property is not attend properly by the property owner anything can happen.
Savitha is from Bangalore. Her family has few properties in Chennai. She got married and lives with her family in Japan for the last 8 years. They visit India every year. They have been managing the property using the help from their friends and relatives. The tenants who were there for last seven years have vacated and they needed help. However, since the people who helped them are not cooperating in the recent past they decided to take the help from property management companies. After deliberating for a long time they came to us. They asked lot of questions and finally decided to become our clients. They asked for discounts which we did not agree. Then they wanted to do some repair work (refurbishing). It was all minor requirements like fixing fans, bulbs, heaters and also some semi major wood work. We quoted a rate which was minimal one day labor charges for a handyman and few days work for carpentor. However, Savitha said the rates are high and told that when she came to India she will supervise all this and do it herself and then give it to us for property management. She came to India for three weeks vacation with her children. She was able to complete all the work as she planned. But, if you look closer the story is different. She completed all the work. But at what cost. She came for holidays. But, she spent most of the time for the repair work organising. She got a good deal for all the work done. But, what she did not realize is she spent all the valuable time in India for organizing this.She has not calculated the time for her self for supervising the job. All she did during her stay was doing this. She did not take her children anywhere. She also got very exhausted. We explained to her that if she had spent 15 or 20 % more as supervisory charges to us- she could have done the same job with out any hassles. Only then she realized the value of professional property management services.
Diwakar has a vacant plot in Porur, Chennai. When he bought this property it was like a farm land. Nothing was there in the surrounding areas. So he was under the impression that this property will take some time to appreciate. All neighboring plots became buildings or houses except this plot. After several years one of his friends called him and asked why he has sold this gold mine since price are expected to sky rocket. Diwakar was shocked to learn that a local rowdy who has political clout was running a tea shop there for many years !
Arunagiri lives in Hong Kong and is an NRI. He has lived in and around Chennai and wanted to invest in a property. Recently he bought a property in a High Rise Apartment complex that has over 1500 apartments with all high end amenities in Chennai. When the time for hand over came – he visited Chennai personally to take charge. In the mean time he also spoke to several Property Managers to manage the property and short listed one. He came to Chennai and engaged a Contractor for carpenter work through a known source and to take care of all the interior furnishing of his new house. He spent all his 3 weeks of vacation just finalizing the carpenter and follow up on the work. The carpenter contractor started the work and the work was going on fine. Arunagiri had to leave for Hong Kong. The work was not completed on time. There was no one to take care of the property and follow up on the carpenters. He got very tensed.
He contacted us and requested us to follow up on the wood work. We had told him that we do these services only for our PM clients and expressed our inability. He tried to monitor the contractor from Hong Kong. But there was no progress. He contacted us again and became our client. We took a look at the property and started following up on the contractor. However, the contractor backed out saying that he needs more money to complete the job. Arunagiri was ready for that also. But the contractor was not able to bring in carpentoers to complete the job. The time was passing and no work was done.
Arunagiri fired the contractor and then requested us to complete the work using our team. We usually do not get into these type of work since the work is not much but at the same time we need to pay the carpenters for the time. We had to find a new set of carpenters to finish the job. The job was tough becasue we had to spend more time on purchasing the same quality and color finish of the wood used. It took almost three weeks for us to finish. Our team did a good job.
Arunagiri was very thankful to us for jumping in and completing the unfinished job work. His initial though was to save money and that is why he delayed in egnaging a property manager and also found his own contractor. He also spent most of holiday time to stay and follow up the work and supervise. The end result was finally achieved. But he had to go through lot of stress due to that. He also spent 1 1/2 times more than the original budget. Vacation time that he gets every year was gone. Now he feels that he should have given all the responsibilites to a professional company who does this in the first place
Kalyani is from USA. Her children are all well settled and live in United States. Kalyani has been living in US for the last thirty years. They speak Kannada. But, they have connections in Tamilnadu India. Her husband had bought some property in Coimbatore in the eighties. One of their friends had suggested to buy this property. Kalyani husband invested in this 5 ground land. They just left it to appreciate. They even forgot about it. Kalyani husband’s cousin was having all the original documents. Kalyani and family rarely traveled to India since all their family members are in the United States. Few years back – the cousin had come to visit his daughter’s family in US. At that time he gave all the documents to his Kalyani and her husband. Her husband decided to sell that property and give it his wife for future. Following year Kalyani husband died due to some illness. The cousin also died the year later. Kalyani did not know what to do with the property. She did not know how to transfer the property to her name as she is the legal heir of her husband. She requested her children to do the needful. But, the son and daughter have been very busy with their work and life and they did not know how to proceed. They were out of touch with the Indian system. They asked their friends to help. The friends did some ground work. But there was no result. So, Kalyani decided to travel to India to sort it out. She came to Kovai. She contacted her friends and relatives and tried to get the name transferred in her name. There were practical problems. She does not know Tamil and she did not know how to handle government departments in India. She made several visits to the Tashildar office. But in vain. She contacted some brokers. Brokers started fleecing her. She spent lot of money but nothing happened. She spent more than one lakh. Three months passed. The brokers were demanding another one Lakh. Finally, she got very vexed and frustrated and went back to United states without doing anything. This happened last year. Then she was trying to find out solutions and asked local friends to help. One of them suggested to try Property Management companies in Coimbatore. Since she had a very bad experience in India dealing with this issue – she was very skeptical. But she decided to try it out. Someone referred her to us (360 Property Management). She decided to trust this company since it was referred by a good friend. She contacted us. We heard the whole story and told her that we will do one step at a time and help her out. First after getting all the details we got her patta. Then we got the property transferred in her name. But, since she did not have back up documents it took nearly four months. Progress at every stage was explained to Kalyani. Charges were collected in stages. The documents were finally handed over to her with all issues sorted out. She was very happy with it. She wanted to sell the property and approached us for selling. We arranged for sale and sold the property 6 months later. She is now very happy that she trusted us and made the decision. She has been referring us to all her friends and relatives ever since.
Muthu had bought a new house. He was one of the first to buy this apartment which is part of a gated community. This was an investment house for him. He was hoping he they can find a suitable tenant for the same using local real estate brokers. He was also planning to use the help of his relatives. He is an NRI and he wanted to sort out all things during his three week visit to India. All he was able to do was to registration and get possession of the house. He wanted to save some money by trying to find a tenant by himself. He advertised and waited for the right tenant. He got few inquiries but nothing materialized. His relatives also were not able to help him as they were busy in their own work. He contacted a Property Management company to assist him. But he was very skeptical on how a professional company can take care of his property. What if they misuse the property? This went on for some time and he did not take any decision. Two years passed. Other apartments were filled one by one. The owners came and occupied. Some let it out for rent. Muthu’s house was the only one that was vacant from the beginning. Finally, one of his friends recommended property managers to him. He hired them and got his rented to a good tenant in two months time. He has lost almost two years of rental income.
Kishore lives in Mauritius for the last 24 years and is a NRI. He had gone on a government project. The project kept extending. He started liking the country and settled there. He got married and took his wife there. He has a family property in Chennai. This is a 3 bedroom house in Chetput. His parents were living there. His father passed away in 2005. His mother passed away in 2006. He is the only son. When he came for the last rites for the mother he stayed for few months and found a tenant for the house. The tenant was working in a private firm and the family was very decent. The rent was Rs. 10,000 and the advance was Rs one lakh. The rent was below market value at that time – but since the tenant was good he Okayed it. The tenant was paying the rent on time. Kishore visited India in 2010 for few weeks and left for Mauritius. After that the tenant slowly started paying the rent late. After few months he even stopped paying the rent. Kishore spoke in telephone and told him he is concerned. But the tenant said he has some financial issues and will settle it soon. This went on and there was no solution. Now, it is almost five years since the last rent was paid. He contacted many of his relatives to help. The relatives went and spoke to the tenant. But the tenant was not cooperating and said he will settle it soon. He also continued to stay there.
The property is worth several crores of Rupees. Kishore was due to retire in a few years. He always wanted to come and settle in Chennai in his house after retirement. But he is not able to vacate the tenant from his property and is in deep mental stress. He has put a case against the tenant and waiting for justice.