Property Monitoring

5 Things about Property Monitoring that You Need to Know

With the increasing investment in property, for financial benefits, property monitoring is quickly becoming a service in demand. Property Monitoring basically entails, that an entity ensures the caretaking and basic maintenance of your property. This ensures that you need not visit the property again and again. Most so, property monitoring services help property owners generate revenue in a safe way, from their property investment. Tier 2 cities in India are now seeing a surge in demand for property monitoring services.

Are you wondering what to expect from a property monitor and how to go ahead with it? There are a lot of aspects and arenas in property monitoring. Let us look into those, in detail.

1. Commercials: Property Monitoring services charge a basic fee for monitoring your property. If your property is being rented or let to another entity, the property monitoring company will charge a certain percentage on the rent amount paid. This fee is taken to ensure that regular monitoring and reporting about the property stays in place.
2. Legalities: When engaging with a property monitoring agency, it is essential to sign a legal agreement about it. This ensures that the PMA can take care of any requirements the property may require. The terms and conditions of the agreement may differ from agent to agent. However, it is essential that you read through it in detail, and ensure that all your terms are addressed.
3. Maintenance: Taking care of day-to-day maintenance is a part of property monitoring or property management. Especially when the property is rented out to a third party. The PMA needs to visit the property at regular intervals to ensure its sanctity. They also need to be available to the tenants as proxy landlord for any maintenance issues that may crop up.
4. Marketing: A very important part of property monitoring is to ensure its market. A property monitoring agency needs to ensure that the price for the property is maintained by marketing it adequately. This is beneficial to the property owner, as it ensures that their investment keeps appreciating.
5. Updates: The property monitoring agency needs to keep the property owners updated about the property. From the external environmental aspects to the internal maintenance. If the market value of the property is starting to dip, because of the external factors around the property (like excessive construction or socio-political situations), the PMA needs to ensure that the property owners are informed about it, and there be a discussion about the way forward for the property.

These were 5 important aspects of property management that one needs to know. Today, a lot of youngsters take up this branch of real estate. While, till a few years back, only vintage players played this field, the market is now seeing a lot of fresh talent. As such, it is important for the property owners, property renters and property monitors to take care of all of the above pointers, before making a decision about it.