Thursday, 9 May 2013

Residence Operations Services To Regulate Next Homes In The Loaded

The trend of second homes among the Bangalore’s elite has given rise to a whole line of service providers called the Property Management Service Providers (PMSP). A market that was initially restricted to a city like Bangalore or Hyderabad has now expanded its target base covering tier II and even tier III cities as well. In the last few months, advertisements of PMSP companies have grown  fold.

A PMSP‘s deliverable encompass a whole gamut of varied services including high end services like the ground work and suggesting reliable property that the buyers can invest in, negotiating lease arrangement, doing a background check, ensuring someone reliable rents the place, getting lease agreement and registration done and simple tasks like taking care of house tax, the rent, providing/supervising repair and regular maintenance services like dusting and cleaning and even coordinating repainting of the house, ensuring property security (in case it is kept locked).

Sometimes, the owners prefer to have the second homes as a vacation place, in which case the PMSPs tie up with housekeeping service providers, and take on the job of handling the finances, security and supervision of the homes.
“The PMSP has to be someone who understands the property financials, is well informed about the availability of property at exclusive locations, the market rates and he should also be able to hand hold the buyer when it comes to getting a reliable tenant at an optimum price, and be able to provide all the lease agreement services efficiently,” says Abdul G Sait, CEO of Basket Option, an integrated financial services company that recently launched the Property Management Services vertical.

“It is a service that has been common in developed nations for decades and has finally come to our shores thanks to the NRI and expat communities’ interest in the Indian residential property market,” he adds.