Property Management is not easy and your properties require the attention of dedicated and experienced professionals.
Your property is not just an asset…this asset needs to generate wealth for you regularly. Property needs to be managed efficiently so that the returns you receive grow with time and the ability of your property to generate those returns is not diminished, and that its value is preserved and enriched. This requires professional management, professional systems, professional processes, and strong ethics.
Below is a high-level process map we use to property management like it is our properties
Required Documents for Taking over the property
- Title Deed / Affection Plan
- Floor Plan
- Photo Gallery
- Keys & Access Cards
- Parking Details
- Owners IDs
- Original POAs
- Owners Full contact Details
- Warranty Manuals
- Service Agreements and contacts
- Civil Defense and Municipality reports
- Insurance Policy
- Community Rules
- Utility Bills
- Annual Service Charges
- NOC from developer
If the property has tenants already
- Tenant file
- Tenancy Contracts, etc
- Rent Ledgers per tenant
- Pending cheques
- Security Deposits
- Property Inspection (use improvement appointments with the tenant when needed)
Property Management Process
Financial Planning and Modelling
Property Value simply can be determined by current Rental income and Rental income trend less costs multiplied by 10-20 times depending on what the average ROI is prevalent in the market.
Rent is mainly driven by the market trend and should be reviewed at regular intervals. The rent is also determined by the additional facilities offered in the building like swimming pool, Gym, maintenance coverage, number of parking, etc.
Costs mainly include Utilities, maintenance, security, etc
Silver Keys helps with financial modeling and helps maximize the property value and returns
Marketing, Advertising and leads conversion
Includes strategies that will help attract more tenants and retain current tenants. Need to understand the target customers and promote to them the product at the right price.
This will include but not limited to having visibility (google maps for eg.), the satisfaction of the current tenants, goodwill of the real estate, Staging of the property, Proper advertisements, relevant boards at the site, etc
Making sure competent agents are reachable for inquiries this is a starting point to identify the lead which eventually leads to conversion
Silver Keys strategies are on the lines of minimum vacant properties
Tenant profiling and move in
Profiling and screening the tenant is important to make sure that the customer is long term, does not default in payments, etc. Checking his past profile from RDC, his employment status, financial capability, etc
The process starts with explaining the T&Cs, getting the payments, putting the relevant docs in place, and making sure that the condition of the property is good for the tenant to move.
Silver Keys would like to avoid disputes with tenants be it rental or maintenance hence profiling remains key to tenant acceptance process
Payment default Management
A proper lead conversion, tenant profiling, and move-in process will have a smooth rent collection outcome.
Payment defaults need to manage by follow up, understanding the tenant situation, legal action waivers from the landlord
Silver Keys has an inhouse legal team to manage payment defaults
A robust process needs to be in place to ensure that it’s easy for tenants to report issues and response time and resolution process is satisfactory. Maintenance logbooks need to be maintained, etc
Silver Keys has an in-house maintenance team to attend quickly to customer needs
Tenant Renewal / Move out Process
The renewal notification needs to go to the tenant 3 months before the contract expiry. Rent changes, negotiations, etc and a mini move in the process needs to take place
Move out process will need utility clearance, handing over the keys, etc, apartment check, and refundable security clearance depending on the apartment condition.
Silver Keys tries its best to retain tenants and has a solid mechanism for move out / renewal process