In its endeavor to become a one-stop solution for anything that is 'Real Estate,' PropUrban, the online-to-offline investment advisory firm, has widened its horizon by recently venturing into Property and Rental Management Services (PRMS).
Under the PRMS model, the company aims to provide hassle-free property portfolio management to all discerning clients and offer end-to-end solutions including property maintenance, repair, and, last but not the least, tenant management. Alternately, we will also assist tenants in scouting for rental properties and hand-hold them through the entire move-in and documentation process.
Currently, the Indian rental residential market is pegged at USD 20 billion including USD 13.5 billion in urban areas, USD 0.8 billion in rural, and USD 5.7 billion across vacant NRI property brokerage.
These numbers are growing at a fast pace with more and more Indians opting to rent a place rather than buying. As such, PropUrban plans to be a vital part of this growth story in the rental markets.
Under PRMS, the company will assist both owners and tenants right from scouting for the right properties / tenants to property inspection to any repair work to signing of the rental agreement to the tenant move-in process.
That's not all! The company offers plethora of services post agreement closure as well. For instance, there will be dedicated relationship managers to assist in property maintenance and keeping a vigilance on the property even once the tenant moves-in.
So, what sets PRMS apart from the other players in the market:
-PropUrban pays owners the monthly rent on time, even when the tenant defaults. Thus, ensuring consistent cash flow
-Owners need not sign the rent receipts
-Security deposit is paid to the owner by PropUrban and each time a tenant vacates the property, the owner need not return the deposit as long as the contract is valid
-We repair, paint and clean the house once tenant moves out
-Owners are free from dealing with unprofessional plumbers, electricians and painters. PropUrban has empanelled professional and qualified vendors to ensure best care of properties
Thus, through effective use of technology we plan to address the growing concerns in the residential rental space and provide an everlasting experience for all tenants and owners alike through cost-effective measures.
At the onset, the PRMS model is operational in Bangalore with 250 units already on board within a fortnight of its operations. The Silicon Valley will be followed by Pune wherein we intend to commence operations in the month of August 2017.
Continuing its expansion drive, the PRMS team of PropUrban is targeting to have on board nearly 4,000 units in Bangalore, Pune, Hyderabad and Mumbai by the FY 2017-18.
Our PRMS model alone will help contribute as much as 15 percent of the total revenue target of PropUrban in the current fiscal.