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How Can a Real-Estate Agent Help to Manage, Buy, or Sell Property?

How Can a Real-Estate Agent Help to Manage, Buy, or Sell Property?

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A real estate agent plays a significant role that proves exponential in managing properties for their owners.  This crucial role involves marketing, tenant screening, drafting lease agreements, and property maintenance. Doing these things is like a nightmare. Besides, you should be acknowledged about the legal matters, law, updates taking place in them, and expertise in managing a property. That’s why people, especially non-residents of India (NRIs), should consider hiring a property manager or consultant.

Here in this blog, you will discover how a real-estate agent can effectively guide you to manage your property.  It will also spotlight their responsibilities and contributions.

  • Domain Knowledge

Being domain experts and experienced, these agents have extensive market knowledge. They can easily understand the trend in the local real estate market. Understanding true values and rental fashion is like a walkover.  This knowledge helps property owners to come across the optimal rental price for their properties. It can also prove elemental in comparative market analysis, which guides these agents to assess similar properties in the area. With this information, recommending accurate rental rate that can maximize rental income for property owners.

  • Easy Marketing

Marketing the property is one of the primary tasks of these agents. They use various methods and employ different channels for providing buying and selling assistance to customers.  These channels can be online platforms like social media networks (Facebook, Instagram, YouTube, and LInkedIn). These professionals run advertising on these networks, which helps in creating a useful and valid property listings. Such listing are made more impactful by adding high-quality photographs, compelling descriptions, and necessary details to generate interest and engage intended buyers or sellers.

  • Tenant/ Buyers/Sellers Screening

This is another crucial aspect of property management, and real estate agents excel in this area. They work on standard and proven processes to verify and evaluate prospective tenants, buyers, and sellers. Actually, this kind of screening includes conducting background checks, verifying employment and income, and assessing creditworthiness. By performing rigorous screening, property managers ensure that owners find a reliable and responsible party. Their assistance can help you reduce the risk of late payments or property damage.

  • Easy Documentation

To sell or buy, the documentation is a must. A layman or NRI may not be aware of updated complementary laws and regulations. The end-to-end documentation support of experienced property managers helps in discovering the upgraded laws and all legal requirements. Moreover, they are able to help in preparing for buying and selling by enclosing Khata/ Patta, a copy of payment receipts for property tax, stamp duty and registration, and utility bills. NRIs are mostly aliens to these requirements because they cut off from the country for a long time. For them, these agents are like angels.

  • Property Inspections

Effective property management involves regular property inspections, and the hired real estate agents conduct these inspections. They assess the property’s condition, identify documentation needs, and ensure buyers or sellers are complying with the terms of agreement. In addition, these agents can address maintenance issues promptly, preventing them from escalating into more significant problems. They also come up with lease terms, such as restrictions on pets or smoking, in order to maintain the property’s condition and value.

  • Rental Clearance

The property managers handle rent collection and financial management for property owners. For rent collection and maintaining accurate financial records, they are inarguably efficient. These experts can also provide detailed financial reports to property owners, allowing them to track income and expenses related to their properties. This happening streamlines the financial aspect of property management, providing property owners with a clear overview of their investment’s performance.

  • Property Maintenance

This is an ongoing responsibility of this profile. The property agents often keep a contact list of trusted contractors and legal service providers that can promptly address documentation and property maintenance needs. These professionals skillfully coordinate and oversee maintenance tasks, ensuring that properties are well-maintained and addressing any issues that may arise. By promptly addressing maintenance concerns, they help preserve the value of the property and enhance tenant satisfaction.

  • Resolve Conflicts

It’s important to maintain peace in the property. Some annoying tenants may create ruckus and bitter the relations. In that case, these managers intermediate, address concerns, and facilitate effective communication.  In the event of disputes or conflicts, they bridge the gap through negotiation and problem-solving skills and find mutually beneficial resolutions. This helps maintain a positive landlord-tenant relationship and ensures a harmonious living environment for all parties involved.

  • Update About Laws & Regulations

Another area where real estate agents provide value is in staying up to date with changing laws and regulations. Property management is subject to various legal requirements, and agents stay informed about any changes or updates. This ensures that property owners remain compliant with laws related to rental properties, avoiding potential legal issues or liabilities. Agents provide guidance and advice to property owners, helping them navigate legal complexities.

Lastly, real estate agents offer peace of mind to property owners by handling the day-to-day operations of property management.

Young millennial indian husband and wife doing domestic paperwork, accounting job and reviewing paper bills, receipts at laptop computer, using online calculator and paying mortgage rent fees on internet - economic crisis
How Are NRIs Helping Indian Economy?

How Are NRIs Helping Indian Economy?

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NRIs are people who used to live in India but now live in other countries. They help India by sending money back to their families, which in return strengthen the Indian economy. This money increases the foreign currency and makes sure the economy is stable. In the year 2022, NRIs sent a lot of money back to India, which was more than what the World Bank expected.

This happening increased India’s inward gross remittance, which spiked up to $107.5 billion during the FY 2022 as per the RBI Governor Shaktikata Das. The inward remittance upped the projected amount by the Word Bank, which was $7.5 billion.

India’s forex reserves have crossed $600 billion again due to stabilizing exchange rates and high remittance flows after a year in June 2021, which fund imports, pay off external debt, and strengthen the currency. The reserves had reached a high of $642 billion in Sep 2021 before falling below $600 billion in May 2022 due to the pressure on the rupee following the Ukraine invasion. It helped the government to release its external debt amount, strengthening Indian currency.

Remittance Strengthening Microeconomic

When people who live abroad send money back to their families in India, it helps India’s economy. This is called remittance, and it makes up about 3% of India’s economy. Remittances are important because they help India when it’s facing economic problems from other countries. They’re the second-biggest source of money coming into India from outside, after services exports. Recently, India’s trade situation has gotten better because the difference between the number of goods it exports and imports has gone down, and more people than expected are sending money back home.

The amount of money India spends on buying goods and services from other countries is more than the amount it earns by selling goods and services to other countries. This is called the current account deficit. But in the last few months, this deficit has gone down because India is exporting more services and importing fewer goods. Due to this, India’s foreign exchange reserves have increased to more than $600 billion from $524.5 billion on October 21, 2022. Remittances, or money sent back by Indians living abroad, have played an important role in this. By adding to India’s foreign exchange reserves, remittances have helped India protect its currency from big ups and downs.

Why is Remittance Increasing?

India received $89.4 billion in remittances in 2021, making it the world’s largest recipient. The World Bank expects that India’s remittances will reach $100 billion in 2022, growing at a 12% faster rate than 7.5% in 2021. The recent increase in remittances is due to a change in the profile of Non-Resident Indians (NRIs) and a shift in the countries they send money.

According to a World Bank report, the United States is now the top country from where remittances to India are sent, surpassing the United Arab Emirates. This is because Indian migrants have been getting better jobs in countries like the US, the UK, and some in East Asia, instead of low-skilled jobs in countries like Gulf Cooperation Council (GCC). This shift has helped increase the amount of money sent back home to India.

From 2016 to 2020, the proportion of remittances sent by NRIs from countries like the US, UK, and Singapore has increased significantly (from 26 percent to over 36 percent), while the proportion of remittances from countries in the Gulf Cooperation Council (GCC) like Saudi Arabia, the United Arab Emirates, Kuwait, Oman, and Qatar has decreased. This indicates that more remittances are now being sent by NRIs who are better off financially.

More and more NRIs in the US are climbing the social ladder, and as they do, they are sending more money back to India. A lot of Indians who have been living in the US for over 10 years have earned higher degrees, which help them move into higher-income groups.

The Indian people living in the US are well-educated and highly skilled, with many of them having a graduate degree. In contrast, the number of US-born residents with a graduate degree is much lower, i.e. 13% of the US-born residents. Additionally, most Indians (82% of all Indians & 77% of foreign-born Indians) in the US have at least a high school degree and are fluent in English.

When Indians in the US have higher education, they earn more money, which leads to more money being sent back home as remittances. Indians in the US have higher education levels and earn more than the average American. This has led to an increase in remittances from high-salaried jobs, particularly in the service sector. In 2019, the median household income for Indians in the US was nearly $120,000, which is way more than $70,000 for all Americans.

More Indian students are opting to study in developed countries, which will further increase the upward mobility of Indian diaspora in the US. As their income grows, particularly in developed countries, remittances are likely to increase.

The UPI linkage with Singapore’s PayNow allows for lightning-fast and inexpensive cross-border funds transfers through mobile apps. Typically, the cost of international money transfers is almost 5%, but this new system can reduce it to less than half, which will likely increase India’s inward remittances. It’s an efficient way to transfer money from abroad to India, and it can be duplicated in many other countries if it proves successful.

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