Real Estate property management was not possible in yester years and people were not able to use their property in a better way. Some were not able to do it due rules and regulations for Rent control act and NRIs were not able to utilize their property due to fear of loss of their assets. They were also scared of not getting their property back.
In contradictory situation the residents were not able get house on rent at affordable prices. The owners were not convinced to let their homes on rent due to lack of professional organizations to look after their assets. In the present era the property management organizations are providing services of look after their property in the absences of owners.
Demand from local and NRI market
Property management organization is extending its services of looking after the houses, apartments, duplexes and villas. As per the industry experts around two lakhs apartment demand for property management organizations. The demand is not only raised by NRIs but also from the migrants who are moving to other towns for better job opportunities. So the demand for such organizations is flaring up due to the people who are moving to other towns after buying new property.
According to the sources these types of companies are already working in Bangalore. Some are expanding their venture in other states and towns as well. There is less competition in this business but after few years more companies will enter into this market. There are twelve international companies going to enter very soon in this business. They provide many types of services like cleaning, maintenance, contracting, pest control, signage and safety as well.
The people who are working abroad and residents working in metros taking services of remittance of dues and other necessary services from such companies. The growing importance of Real Estate property management companies not only realized by its owners but also builders as well. They require them at the construction stage and designing stage as well. It will make builders understand the ins and outs involve in the exercise of building maintenance.
The last few decades have witnessed a steep rise in the development and enhancement of the real estate as a profession, and today a few big companies as Charisma Condos are on its highest level. The benefits of the real estate services are to all different types of people and it is essential for many key features like:
It provides shelters to people.
It provides people with ample of employment opportunities.
It serves as the backbone of the economic system of the country.
Besides these points, the real estate essentially serves as the basic foundations of any country since the country’s economy is highly based on the development of the real estate. People tend to get worn out while in search for their appropriate land or property on their own. Thus, the real estate agencies help people in obtaining their dream houses by making their work of searching homes quite simpler and easier.
Thus, the job of an intermediary or a link between two different people or parties is performed by the real estate agents or workers. Here, one of the parties is the seller or trader of the property while the other is the probable buyer of the same land. Both these sellers and buyers are brought down to an agreement of making a deal, which is essentially the work of the real estate. It is their job to ensure that the sellers get the right price for their land and consequently obtain a perfect deal. For this job, the real estate workers are paid a tremendous amount of money (or brokerage) from both the parties after finalization of deal. This compensation is usually spread amongst the lot of people responsible for making the deal happen. The services given by the agents are based on many points like:
It basically depends on the contacts of the real estate corporation. The corporations are most often started by a group of individuals who are well aware of the things in market that require attention, while they develop the business.
Promoting their job on the basis of their clients and their supports is perhaps the most important task for getting clients interested in trading different types of land, homes, etc.
The techniques and methods employed to handle customers and to attract more customers are unique and vary with states and countries. Thus, an agent is responsible for performing various roles. While a few agents choose to favor and help the purchasers, others choose a more balanced path and try to make a just and ideal deal.
The agents choose to offer remarkable services to the buyers interested in properties. They often choose to go out of the way to help the sellers or buyers and represent the former in front of the latter and vice versa. It is seen that a singular real estate agent can help both the parties reach common grounds during the deal but this situation does not occur often. This service offered by associations is called a dual agency.
The combined development and growth of a country in brought about by the real estate as they are in fact, the most real and fundamental economic developers.
There are many happy investors with the renaissance of real estate industry. However, a very few are actually aware of the underneath reason. In an optimistic industrious scenario around, not uncommon if someone pays higher credit to the commercial sectors for the rise of real estate arena. However, the fact says a bit different. Analysts have to claim that the flood back of the residential segment is one of the prime reasons behind the exciting real estate initial quarter. It is here to note that the residential part was coming across with one of its rough phases since last year, until this initial quarter.
Surprisingly downed markets in high-up cities:
Well, though the past year was a bit more highlighted about the timid progress of the residential real estate sector, the actual scenario talks the process was there even a couple of years back. Though the comparatively low-key zones of the nation didn’t witness much devastating performance, the demand was a bit listless actually in high-up cities. Well, good news is that the scenario has changed significantly.
Key revival strategies:
There are various factors involved that are being said to be pretty decisive about the current scenario. One of the most prominent among these are the redefined prices in various key zones as an effort towards prompting the properties finding it difficult to be sold.
Significant flexibility has been offered as well with the newly introduced projects in terms of budget. Features of the projects of such are set being absolutely wise and understanding the potential of the targeted user groups.
It is here to note that the overall residential real estate market has witnessed a whooping six times growth in comparison to the past years. The boost provided by the flexibility in terms of price has enabled the users in terms of enjoying eclectic options, minimal prices and down payments.
Why it slumped?
Enough talked about the underneath reasons behind the revival of the residential real estate. However, it is equally important as well to put focus on the aspects those are actually responsible for the fall that was witnessed. One of the prime reasons behind all these is said to be due to the increases in catalogues. The increase in catalogues is said to be due to extra emphasis being put by some investors instead of understanding the characteristics of the timid market. Through the process, it obviously becomes difficult for them to offer flexibility in price. Hence, a buyer who was once supposed to buy the property changes his mind citing the price as a reason. In short, the art of playing with the bargain game matters.
From buyer’s point:
Well, the fall in market is not one ended; the buyers are also responsible up to some extents. Apparently, the buyers in contemporary times have gone a way lot investigative. People in contemporary times don’t mind in asking why a property is not getting sold or since when it is in the state of being unsold. Naturally, earlier, when people used not to enquirer any of such were getting disappointed with a set price; neither was paying any opportunity for the investors to show any flexibility.