Vikram Goyal (Jan 27, 2011, Asian Voice)
Property management is a long term relationship – it requires time, effort and care
The honeymoon period of owning a property lasts until the first time a repair is needed. A good property usually has very few ongoing problems. Over a period of time, a property that is lying vacant can develop problems just like one that is being lived in – but because it is vacant, no one
notices them until it becomes a major problem.
Mrs. Kaajal Mukherjee, a London resident, owns a flat in Kandivali, Mumbai which has been lying vacant for over 5 years. “We had given it out on rent but when the tenants vacated, we left it locked up as we could not travel to India at the time. Recently I went to inspect the flat and was shocked to find it in a terrible state. The rooms were filthy and the fittings were damaged beyond repair. At some point, maybe during a storm, one window had broken. Pigeons, squirrels and other animals had been entering the flat through this window and they had made a huge mess of the whole place. I wish we had come regularly to check the flat.”
In property management, prevention is definitely better than cure and a little routine maintenance and inspection can go a long way in keeping your property ownership problem free. Typically, we advise landlords to set aside between 0.5% to 3% of a property’s value for repairs and maintenance.
Some years, the only work required will be a coat of paint, where as occasionally major repairs like leaks or flooring will need to be addressed. In most cases a small touch up occasionally can extend the life of the fittings by several years.
Unesta’s property management service includes regular inspections of the property every 3-4 months. This inspection includes full reports and photographs so that you can see your property yourself as well. If any repairs or routine work is needed, then we will get you quotes from multiple vendors and manage the execution on your behalf as well.
Unesta’s full management service can assist you with the routine maintenance and repairs of your property. Our team in Mumbai can take all the stress out of your property ownership. If you have any questions about our services, would like to register your property or receive a free no obligation valuation for your property in Mumbai please get in touch with us.