Top 6 Things Landlord should do during the COVID19 Crisis: Tenant Management

COVID-19 has changed the way of life with lockdowns and curfews in several major nations across the world, including India. 185 countries are now affected by the virus and no end appears to be in sight. In a time like this, everyone is going into panic and desperation mode. Schools and colleges are shut, offices and malls are also shut. For property owners, Tenant management is also getting affected during this crisis.

The rapidly spreading virus has had a huge toll on property owners, delaying rent collections, indefinitely postponing maintenance and renovation work and, even while social distancing is being practised. No landlord wants to risk visiting a tenant and collecting rent.

The pandemic has even put a chokehold on rentals and handovers, making it tougher for landlords who want their properties occupied. If you have tenants, always remember to treat them with kindness as this saga plays out. With the situation changing form almost every day, stay informed on what’s happening so that you can get ahead when it comes to managing your tenants and your properties.

In a time like this, you, the property owner, must rise and prove yourself as an excellent landlord by honing your tenant management skills. With that mind, we are presenting you with six important tenant management tips that can help both you and your tenant during this crisis. 

Six Tenant Management Tips In The Time of Coronavirus

Switch to Online Rent Collection

From net banking to digital wallets, technology has empowered everyone to transact without physical touch. Ask your tenant to transfer their monthly rent via net banking or popular digital wallets such as PayTM or Google Pay or PhonePe to your preferred bank account. Remember that companies are now forced to cut employee salaries due to the crisis. So, if your tenant has had a pay cut, you could consider slashing your rent by 20-30% to make them breathe easier. Being a great landlord means understanding the troubles your tenant might be going through and helping them during that time.

Check-In of Older Tenants

Do senior citizens occupy one of your properties? They are most vulnerable to COVID-19, especially if they already have health issues. Keep in touch over the phone with your older tenants and check on their health and also ask if you could help them in any way. Older tenants will need help with shopping daily essentials such as bread, milk, eggs, vegetables or even medicines. You can arrange for delivery of these essentials on a weekly basis making the crisis just a little better for them. By doing so, you are not only doing a humane deed but also strengthening your relationship with your older tenants.

Prioritize Service Requests

With lockdowns being enforced all across the country, it will be impossible to handle maintenance requests as you did before. Sending service vendors to your properties will need to be done with a cautious eye. Firstly, you’ll need to ensure that your service vendors are safe from the virus. While professional contractors stress upon these details, individual workers do not. So, you should consider switching to hiring a service vendor from an agency – one that keeps its employees’ health and well-being at its core.

Tenant Management-Service Vendors

Meanwhile, you should create a list of all the necessary service requests and prioritize them based on their urgency. A re-paint isn’t the same as a plumbing problem. The former can be handled at a more appropriate time while the latter needs to be addressed immediately. You should also inform your tenants about the situation and ask for their patience. Keeping a clear, stress-free head during this time can in effect bolster trustworthiness as a landlord.

Enforce Social Distancing

Tenant Management-Social Distancing

Social distancing and reducing contact with other people are recommended measures to take to avoid the spread of COVID-19. While this may complicate your tenant management duties, it’s better to stay safe. Your actions will also save your tenants and their families from the virus.

Put off any and all maintenance checks and other routine tasks that you’ve scheduled. Once again, if you prioritize your tasks based on its need and purpose, you can protect yourself and others from the pandemic. Inform your tenants to not welcome relatives into the property. If you have property managers working for you, ensure that they also protected from the virus with masks and sanitizers.

Protect Your Tenants And Your Properties

Coronavirus spreads through contact. Hence, it is necessary to have your cleaning and housekeeping staff disinfect your property daily. If you have a commercial property, you should consider cleaning and disinfecting at least twice a day as commercial properties are visited by more people than residences. By having a sanitization plan in place, you can safeguard your properties and tenants from the virus.

You should also consider shutting down certain amenities as, during a time of crisis, it’s better to isolate the problem into a common area. If you own a commercial property, you can inform your tenants to close or remain open in minimum capacity so as to avoid a larger influx of customers.

Be Firm With Your Tenants On Social Distancing

One of the unwritten rules of tenant management is to be assertive and inform your tenants to not spend too much time outside or in the company of people other than their household. If your tenants have been to one of the affected countries since January 2020, you must ensure that they have been tested for the virus. Ignoring this could be disastrous. While it is possible for your tenants to assume that you are being controlled, they will nevertheless understand your concerns. Try convincing your tenant to stay indoors and spend more time with their loved ones.

Conclusion

In your role as a landlord, you can do your part by preventing the spread of Coronavirus. While this will affect that your monthly revenues, remember that everyone in the world is taking a financial hit as a direct result of this crisis. It is essential for you to stay informed on the situation and practice flexibility in your duties as a landlord. We hope that you will play the part of the superstar landlord and see yourself and your tenants through this crisis.

With OwnersTown, you can be a smart owner. As you can perform all your tenant management from your mobile phone. From collecting rent to sending important notifications and reminders, finding verified service providers, everything can be done with maintaining social distancing.

Sign up for free with OwnersTown and start managing your properties today! Contact us for more information and a free demo of our platform.

Top 10 areas in Bangalore for commercial property investment

Bangalore is indeed a hotspot for Commercial Property Investment. 

When you carry out Commercial Property investment in Bangalore, it provides great opportunities for investors to have a regular income. Commercial Properties yield a high return of investment making it the most happening real estate sector.

Adding to that, Since the commercial properties have a high rental end, investors now find the market pleasing enough to invest. 

Why Commercial Property Investment?

When there are residential property investments, why do investors have to choose Commercial Property Investment? If you are in here for the long run, you will know to choose commercial properties over residential is the wisest choice. The rents are high for a Commercial Property. To not forget, you are not dealing with someone who wants to buy, sell, or rent your property. You are dealing with the corporates which means you are out there for big deals. 

Let us give you some reasons as to why you should choose commercial property investment, 

1. Significant Growth in your career

You are in a Commercial Property Market, you will get familiar with a set of other businesses out there which makes it easier for you to seal a deal with much bigger clients. That’s what contacts are for, right? 

2. Dealing with Corporate Companies

Commercial Property Investment is a great market only because you will be dealing with Corporate Companies. This can be considered a great catch, you will be open to having conversations with more people from the corporate sector where if you target properly, they can easily become your clients. 

3. As a matter of fact, less competition

You don’t have to hustle every single moment trying to put yourself first. It means you have to work but do not have to take so much pressure, the competition is very less. All you need to do is figure out who needs a Commercial Property right away. There you got yourself a deal. 

A Big Sector with fewer Competitors does feel like doing a cakewalk. 

4. You can get great Income

A Commercial Property does bring good income than the residential market. That’s why investing in a commercial property can be a really great idea. 

If you are renting out a commercial property, no matter what the odds are, you will keep getting your checks for rent. They got to do business somehow, so the rent keeps rolling. 

Is Bangalore a Good place for Commercial Property Investment?

There is a demand for commercial spaces in Bangalore making it an ideal option for Commercial Property Investment. 

Commercial Property Investment in Bangalore has skyrocketed in the past few years and it will continue to do so. You can absolutely get in touch with a Commercial Property Management Company to guide you and provide you with leads. 

If you manage to Invest in a Top Commercial Property in Bangalore, you can easily earn a fortune. A good means of ROI is all an investor needs, Bangalore has been continuously serving a healthy ROI for quite some years now. Keep in mind that no matter what place, there is no place for the disappointment if you smartly invest in a Commercial Property. 

Top 10 areas in Bangalore for Commercial Property Investment

Given all the information about the Commercial Property Investment, you sure now know Bangalore and Commercial Property Market go hand-in-hand. If you can’t find a good Commercial Property to invest in, You do know who to contact, Ownerstown Property Management Company will be there for your aid.

 

Here, We will provide you with the Top 10 areas in Bangalore for Commercial Property Investment, 

1. Electronic City

2. Whitefield

3. Outer Ring Road

4. Domlur

5. Bannerghatta Road

6. Mysore Road

7. Koramangala

8. MG Road

9. Yelahanka

10. Indira Nagar

These are the established and the most sought after commercial hubs in Bangalore. If you happen to invest in Commercial Properties from any of the areas mentioned above, you can get in touch with the ownerstown Property Management Company. 

Why Does Location matter so much in a Commercial Property Investment?

If you are set out to find yourself a good place to invest in a Commercial Property, all you need is the right location. Because businesses are searching for places that can help them grow. Why would someone run a business in a place no one is aware of?

The location you choose should be beneficial for the businesses when they rent. Also, the location you choose to invest in a property will decide it’s resale value. 

You should be careful and smart or maybe take help from a Property Management Company before doing so. 

What are the factors to look out for before investing in a Commercial Property?

There are three things that you need to analyze before investing in a Commercial Property, 

● Great Location

● Ambiance

● A property that is Properly Maintained

If all of these are set, you are good to go. 

Key Benefits of Investing in a Commercial Property

The Commercial Property Market has greater risks than the residential Property Market. We mean to say that the Commercial Property Market requires a huge investment than the latter. 

But to top that risk, there are some interesting benefits of investing in a Commercial Property.

Some key benefits are, 

● High Income

● Greater Equity Potential

● Commendable Appreciation Value 

● Guaranteed Returns

Bangalore is a city full of entrepreneurial dreams everywhere around the corner. They all set out in the quest for finding the best Commercial Properties for their business. This is where you pitch in with a great price and lock the deal. 

Even though there is uncertainty in the situation right now, businesses are taking advantage of this opportunity to find a great place for their company. 

As you know that there is going to be a rush for businesses to find a great commercial property in a great place, you can go ahead and invest in a Commercial Property.

Closing Notes:

There is always a thirst for commercial properties and that makes commercial property investment a reliable choice. You can find great commercial properties with excellent amenities from Ownerstown Property Management Company, one of the best Online Property Management Companies in Bangalore. 

Happy Investing!

Things you should know before buying Premium Properties in Bangalore

It is a big dream for everyone to buy or own a Premium Property. There is a misconception about buying Premium Properties, they say investing in a Premium Property could be a bit of an issue. But the point is it’s the best decision to invest in a Premium Property if you are doing fine financially. If you are interested in investing in Premium Properties in Bangalore, Property Management Companies could be of great help. Consider Premium Properties in Bangalore for your game of investing.

Premium Properties are more like one-time investments. You sure will have to do some meticulous thinking before buying one.

Why Buy a Premium Property?

“Why a Premium Property?” is the main question that pops for people who hear that someone has bought a Premium property. Because with a kind of money like that one can buy 3 to 4 units of 2BHK or 3BHK properties.

Property Buyers always need something new, something exciting to look out for. Hence, the upgrade. To be frank, Premium Properties are in great demand. It may not look like that but is true.

There are Premium Property builders in Bangalore dedicated to delivering their clients quality properties.

Why buy Premium Properties in Bangalore?

Bangalore is one of the finest cities in India to live in. Don’t you think that the pleasant nature spread all over the city makes you want to blend in there? Property in Premium Property in Bangalore got to be a great investment since it contributes a lot to the big real-estate market in India.

However, buying a Premium Property in Bangalore is not a big job but finding a Premium Property that you love is. To support your search and introduce you to your dream property, Property Management Companies at the back work hard.

Also, one of the main advantages that come along with buying a Premium Property in Bangalore is that you get a lot of options. If you like a property and feel that the area is not your cup of tea, you can request the Property Management Company that is helping you in finding your dream property to help you with another property.

(Premium Properties should be bought only when you feel that this is the one. Because if one thing goes wrong, it has the capacity to derail your plan. Remember that it involves a huge sum of money).

Things you should know before buying Premium Properties in Bangalore

Premium Properties in Bangalore is a great catch for modern property investors. But before investing or buying a Premium Property, there are certain things that you need to be aware of,

●     The reputation of the Builder

●     Amenities you have at a Premium Property

●     If it’s an Investment plan, High Annual Yield

●     USP’s

●     Location of the Property

●     Size of the Property

●     Pre-approved mortgage

●     Word of Mouth

●     Resale & Appreciation Value

The reputation of the Builder:

There are dedicated builders only for building Premium Properties in Bangalore. Greater is the reputation of the builder, safer you are buying the property. Trust us or not, the builder name makes a big difference in marking the property “Premium”. Practically saying, you wouldn’t buy a premium property from a builder who has no history with the bigger projects in that area. That says it all.

Although the premium Properties in Bangalore are pricey, it is worth it if it is bought from a builder who has an immense reputation in the field of construction.

Amenities you have at a Premium Property

Keep in mind that the facilities that you get at a Premium Property should match the price you have paid to own it.

Make sure your big premium property have all the amenities like a private garden, park, jacuzzi, mini spa, amphitheater, swimming pool, tennis court, basketball arena, gym, etc.,

Amenities you have at your property are the second most important factor you look for before planning to buy it.

If it’s an Investment plan, High Annual Yield

If you buy this Premium Property as an investment, you can get high returns when you leave it out for rent.

For a property worth crores, you can easily go out and call a rent that justifies the amenities you have at the property.

USP’s

USP’s in today’s Premium Properties are interesting.

A Premium Property in Bangalore once had Butterfly Garden to attract the clients. A Property Management Company can give you a heads up about the property you want to buy.

Location of the Property

You know that Bangalore marks a great platform for traffic and rush. Buying a Premium Property in a city like that and not considering the location could easily become a nightmare.

Know what’s in for you before buying. The location of your property should be close to all the necessary facilities like hospitals, restaurants, malls, supermarkets, etc.,

Size of the Property

You are paying a huge price. Call in for a property that has ample space.

A typical Premium Property In Bangalore should at least be a 4BHK. In case you don’t know, there are builders who build premium 2BHK which costs equal to the premium 3BHK. Don’t fall for it. It is not worth it to buy a 2BHK premium Property and add a tag “Premium”.

Pre-approved mortgage

A client who has a pre-approved mortgage could easily be the builder’s or the seller’s potential target. In this case, you will get the best offer possible for the property. A Pre-approved mortgage puts you in a better position where you know the credit you are approved to access. This makes you have choices in properties and rule out the ones you do not want.

Word of Mouth

Another important factor to know before buying a property is the word of mouth about the location. Have a gentle interrogation with the families nearby. Inquire about the place and the surroundings. This gives you a nice opportunity to get introduced to your fellow neighbors and you may get a different perspective about the property.

Resale & Appreciation Value

You know what you are in for when you have planned to buy a Premium Property in Bangalore. The resale and appreciation value is completely based on the amenities you have at your property.

A Premium Property in Bangalore that too at the most sight after locations makes it easier to seal a great deal while selling it.

Closing Notes:

If a Finest Premium Property in Bangalore and at a Prime Location is what you are looking for, you may need to contact the Ownerstown Property Management Company in Bangalore. They offer a safe pickup and drop for the clients who are planning on buying a Premium Property in Bangalore.

You can book your premium properties with Pride and Pleasure in 4 single steps. You can avail this great offer between 31st July and 15th August.

All you need to do is go to the official website of the Ownerstown Property Management Company, talk to your personal property expert, get all the details about the premium property that is suggested to you, ownerstown will arrange you a visit to the property, and book your property with a great deal.

How do I pay my BBMP property tax 2020-21 online?

What is a Property Tax? 

Property Tax is a one of the important taxes that is imposed on the ownership of the property which should be paid annually to the local government. The Property Tax is imposed on all the properties of the real estate where the improvements are made to the land such as construction or when there are changes made to the property on the land.  

You can choose to pay the Property Tax Online since most of the places are under lockdown due to the pandemic caused by the Novel Coronavirus and exposing yourself outside will bring many uninvited issues. 

Why do you pay Property Tax? 

In contrast to the income tax, the Property Tax is subjected to the respective state governments. 

The tax you are paying will be used by the government for developing and enhancing the amenities that are provided to the public like bus stops, roads, schools, maintenance of the public areas and properties, parks, etc., 

If you utilize Online Tax Payment, you don’t have to take the pressure of going outside to pay your taxes.  

Benefits you get from Paying Taxes on time:

There are options in Paying your Property Tax, you can either choose to pay your Property Taxes on a half-yearly basis or annual basis. However, if you are paying your taxes on time, you get to enjoy the benefits that are stated below, 

1. You will be free from the penalty for paying late

If you are paying your Property Tax late, you should pay it along with the penalty. The penalty that is to be imposed will be 5 - 20% of the total due which is quite a handful of money and it could be worse if you own a much larger property or of that sort. Instead of paying late, why don’t you try paying the Property Tax Online?

2. You will be entitled to the Early Bird Benefits

Paying early has its own benefits. The government has announced its early bird scheme to encourage the owners to pay the tax on time. All state governments have various schemes like You can expect up to 10% concession if you pay your taxes early. You can use the Online Tax Payment platform to pay your property taxes while being at home. 

3. You can avail Income tax benefits

If you have purchased a property, you can get income tax benefits under Income Tax Acts. 

For instance, if you have purchased a property, you can claim deductions under the section 80C of Income Tax Act. Therefore, if there are any expenses in regards to stamp duty or any other registration charges can get compensated. You will need a No Objection Certificate (NOC) from the Municipal Corporation to register the property in your name, if you miss out paying property taxes on time, you will lose this Income Tax benefit. 

4. Help the government with a step for improvement

The tax you pay helps the government in enhancing the public places and make it a better place. In short, by paying the taxes on time, you help the government to function actively. 

The Online Tax Payment system is enabled by the government to save you the time. You need not go down there to the office to pay your taxes. Why go down to the office when you can do it in less than a minute from your home?

How do you pay BBMP Property Tax Online?

You can easily pay taxes online by using a SAS application number. After submitting the application number, the taxpayers can pay property tax online with their credit card/debit card or you can even make use of internet banking to pay property tax Online. 

The property number is considered very important since it is needed to begin the payment process.

Pay your BBMP property Tax online using the following steps, 

1) Go to the official BBMP website for Property Tax

2) Type your SAS Application Number and click on the tab ‘Fetch’. 

3) After the SAS Application Number is confirmed valid, the name of the owner of the property is displayed on the screen for confirmation. Click ‘Confirm’ once the name of the owner is displayed on the screen. 

4) The details of your property will be displayed on the next tab

5) If all the details about the website are correct, click ‘Proceed’. You will be directed to the V-form of the website, check for the particulars, and click ‘Proceed to Next Step’. Here, you will be able to see the calculation of tax for the property based on the details you provided. 

6) Click Proceed after confirming the details and this will direct you to the form IV of the Property Tax. Just make sure the details and the information so provided are correct.

7) You can proceed and pay the tax now. 

8) You can make Online Tax Payment using credit cards or debits cards or through net banking. 

9) Once the payment is done, a receipt will be generated to acknowledge the Online Property Tax Payment.

If you face any issues in filling the form out, you can approach BBMP. the details are provided on the website itself. 

The BBMP Property Tax for the year 2020 - 2021 should be made online to ensure safety. The pandemic has caused enough damages already and we should step up and be the responsible citizens of our country. The Online Tax Payment won’t take so much time out of your day, the process is also very simple that you yourself can pay the Property Tax online. Also, if you pay before April 30th, you can avail a discount of 5%. 

CLOSING NOTES:

BBMP Property Tax 2020-20201 can be paid online and the procedure to pay the BBMP Property Tax Online is explained Step-by-Step for your understanding. Please make the payments on time or you will have to suffer when you have to pay the dues along with the penalty and it will take so much money out from your savings. Stay Home, Stay Safe & Pay Online.