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.
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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.