Affordable Housing for the Middle Class

“What does affordable housing in Gurgaon, with its high-lifestyle, urbanization, and posh-societies look like?” You may think, given that Residential Flats varies in its meaning for different demographic profiles. Especially in the Indian real estate market, affordable housing has a connotation for housing for the lower income group (LIG), by which they too can enjoy a comfortable living and security. With the incumbent government’s focus on this section and more on the affordable housing, it seems like the real estate sector has been able to get the boost that it had been waiting for of late.

However, there is an important trend that needs to be taken note of before the government claims that its affordable housing project is a success. The term affordable housing, in different contexts, also has a local meaning. According to this, affordable housing includes housing options for a segment of population that can become potential home buyers in a city. If we take this definition into consideration, there is a sizeable population in every city, which although it will not identify with or fall under the LIG, is equally incapable of allotting a large budget for buying homes. It is not only sensitive and cost-wary but is looking forward to finding a house of a decent budget-size within the realms of the city. A typical example is of the residential flats in Gurgaon, which although are well-furnished, but do not still fall under the budget for the middle class.

When we take this population’s demands and needs a little more seriously, we find that there is a dearth of properties in good locations within the city, which buyers can afford. These buyers often have a budget of INR 30-40 lakhs, but more cities including Delhi NCR have a deficit in properties which match this budget range. Usually properties which are around INR 20 lakhs are still on the outskirts lacking good transportation and other facilities required by the urban middle class. This means that there is indeed a requirement for more housing under the affordable housing section, where different demographic profiles can find properties for themselves.

There is an urgent need for developers to come up with budget housing projects in the larger cities. As modern India moves towards development and rising aspirations, affordable housing and the security that comes with it, is increasing. This appears to be a very high opportunity for developers who can count on a boost in the real estate industry. More absorption of the housing projects in the urban cities is also a strong indicator of the socio-economic growth in the country, thereby projecting a positive image. While the demand is strong and only increasing, there are a lot of policy-level changes that need to be introduced.

Not only will the affordable housing for the middle class prove to be a sustainable business model for the future, it will also allow more cities to come up to ranks. More affordable housing projects will assure developers that they do not struggle with inflation or even setbacks in the economy. Another trend that one needs to channelize is that more real estate investors are now eyeing budget and affordable housing projects. Where luxury homes and premium homes find it hard to make it through a rough economy, affordable housing is still on the move. The healthy demand in addition with more money coming in steady from investors means a healthy micro-economy. It is now time for builders and the government to give this proposition a try, ensuring that the overall development of the country happens throughout.

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Property Management Fees: A Necessary Investment To Cater Problems

Giving house or a portion of the house on rent is one of the common practices followed by mankind from the years. It can also be said that giving property on rent is the source of earning extra income by sitting at home. Going through this practice lots of people either extend the portion of their existing house or construct extra houses forgiving on rent. All these activities in the beginning seem quite simple to them and they exhibit their properties proudly in front of their known ones, but their happiness is not less than a bubble that vanishes in the span of few seconds.

From vanishing I do not mean that their property vanishes or collapses, but I mean the problems which they face before and after giving property on rent smashes their dreams of earning substantial earnings from property within the short period. This is mainly because of complications related to the property giving on rent, because giving property on rent is not stagnated to allowing someone to stay in your house and pay you the asked rent to you. There are lots of formalities which being as a landlord is expected to be followed by you, with this you also have a plethora of responsibilities towards your tenants to which are expected to be accomplished by you on demand.

Anyhow, all these problems can be realized only by the person who has constructed additional property only for the purpose of giving it on rent, because generally if someone has given a portion of his house for rent he can easily look after the matters related to tenancy. But, if a person has developed some additional property, then there are chances that he will definitely realize that managing a property giving on rent is everybody’s cup of coffee.

So how to get rid of this problem is the matter of concern among such landlords or property owners. Interestingly, with an objective to provide remedy to such landlords for their problems today there are various property management firms which look after towards all the matters related to giving property on rent. These groups or firms are mainly constituted by the group of experts having knowledge in dealing with the issues related to the property given on rent.

Types of Property Management Fees: Although property management fees refer to the amount charged for looking after the property given on rent, but depending upon their requirements the property management firms charge the fees in different formats. Some of them are referred below:

1. Monthly Management Fees: It is self understanding term and refers to the payment made to property management firm every month for the services rendered by it. This payment is made for the varied services offered by the group, including receiving rent from the tenants, regular inspection of property, property maintenance, attaining the complaints received from the tenants during odd hours, etc. The amount of this fee mainly varies from 7% to 10% of the monthly rent received from the tenants.

2. Leasing Fees: This fee refers to the investment made for advertising the property, showing the property to your prospective tenants, screening tenants and checking their previous credit score, getting all the legal documents prepared accordingly and various other tasks. This is generally one time fees and mainly varies from 75% to 100% of the rent for the first month.

3. Maintenance Fee: It mainly refers to investment made by the company for maintaining the condition of your property. As a general practice this type of fee is mainly charged on terms and conditions determined between the property management company and the landlord. If the landlord takes the responsibility of looking after the maintenance of property no fees is paid to the group, but in case if the responsibility is handed on the shoulders to the group. Then, depending upon the terms, conditions and maintenance fee is paid to the group.

4. Late Fee: If the tenant is not able to pay the rent on the determined date, in that scenario the management firm might opt for collecting the full portion of rent or certain percentage of rent depending upon the mutually agreed conditions.

5. Eviction Fee: There might be circumstances when the landlord might wish to get his house vacated before the end of the contract. In that scenario the management company can help him in getting the tenants evicted from the house either through mutual agreement or via court. Depending upon the efforts and time, the property management company can charge the necessary fees for the same.

In return for their service the payment which they charge in simple words is known as property management fees. By charging these fees these experts agree to take full care of your property on your behalf and look after all matters starting from searching of tenants for renewal of their rent contract to solving their complaints and getting the property vacated from them after accomplishment of the contract.

6 Steps To More, And Better Real Estate Listings

Since a real estate agent, must sell, and/ or list houses, in order to generate commissions, and make a living, it might be a good idea, to review and examine, some sort of system, to potentially, get more and better listings. This article will, therefore, attempt to, briefly discuss, one approach or system, to achieve these objectives, successfully and consistently. I refer to this process as the RICH IDEAS 6 Steps to More, and Better Listings.

1. Get the appointment: What will you do, in order to assure, you are able, to get in the door, to, at least, present, why, a homeowner, considering selling their house, should choose you, as their agent and representative? How much time, effort and attention, will you focus and commit, in order, to gain additional personal exposure, demonstrate your unique assets/ approaches, and why you should be chosen? How will you get more appointments? Do you have a personal marketing and branding approach/ system, which will positively distinguish you, and attract others, to you? Will you perfect, the techniques, and methods, which properly prepare you, to convincingly, address and answer any and all concerns and objections?

2. Listen before you speak: One must be careful, to make the presentation about the needs, concerns, priorities and goals, of the homeowner, rather than the tendency, to make it, all about you! Will you ask the right questions, and consistently focus, on what, might, best impact, the homeowner? Never assume you know, or have, all the answers, but, rather, be willing to listen effectively and thoroughly, before you speak!

3. Relevant presentation: When you present your listing presentation, how will you know, you are articulating, a relevant, meaningful, effective message? Will you merely discuss features, etc, or will you effectively communicate and articulate, in a benefits – based manner?

4. Make your presentation about them, not you!: How will you know, if you are addressing, the issues and concerns, which are most important, to a specific homeowner? Will you listen far more than you speak? Do you understand, for most people, their favorite sound, is the sound, of their own voice? You have two ears, and only one mouth, for a reason, so take advantage of this, and listen, at least, twice as often, as you speak. Explain thoroughly, slowly and completely, until you are convinced, and they acknowledge, they understand and agree!

5. Answer their questions and concerns, but don’t open up a Pandora’s Box!: Never assume you know what might concern someone, and never answer an issue, you perceive, as a concern, until it is asked! When you presume a concern, which doesn’t exist, you might create, problems which don’t exist! Always answer every question/ concern, however, thoroughly, completely, and to their satisfaction!

6. Close, and get the listing: Never fear discussing the commission, you feel you deserve, but, rather, emphasize, why you are worth it, and how you will best, provide meaningful, relevant, meaningful service! Realize, if you want the listing, you must take the time, and close, the deal, effectively. Provide the quality of service, which makes you distinct, real, and better!

Become a more successful real estate agent, by using these 6 steps, to more and better listings. Never abandon your commitment to absolute integrity, and focus on how you will best serve your clients!