THE REAL STATE OF REAL ESTATE- THEN & NOW
We’ve come a long way, not long enough but just enough as far as real estate is concerned (among other things). There were times when finding a reliable tenant meant spreading the word, insane background checks; all to ensure that the house was in good hands. As a tenant, the foremost concern was to have a drama free tenure with a landlord who could trust you & who you could trust in return. Circling newspaper ads, making countless phone calls and answering inane questions was the norm. The process itself was time consuming and seemed futile at times. At this point exactly, your friendly neighbourhood agent would make a heroic entrance and take over. Some relief, some heartache and lots of negotiations from both ends would then result in deal closure.
We’d say the turn around time for the entire exercise would be around a few months at the least. We have known tenants & landlords who’ve been on the lookout for close to a year because they’ve had reservations based on past experiences or just because they had a ‘bad feeling’ about the whole deal. While all seemed well with the age old system, something changed around 2013. Smartphones were still a novelty in India and the classifieds section with the ‘to let’ ads and the ‘for rent’ listings’ started disappearing. Most people were now listing their properties for rent online & there was a sudden barrage of property portals.
Around the same time, property dealers joined the ‘revolution’ and the worldwide web became their playground. Although not a foolproof, the internet could be manipulated to make the tenant and landlord feel at ease before trapping them in the ‘web’. Along came smartphones and the apps along with it made listing, searching and renting easier but due to certain unscrupulous practices still in play, reliability became a concern. There were many aspects of the entire rental procedure which wasn’t automated and since there was some amount of manual intervention involved, it didn’t put the tenant or the landlord completely at ease.
Lately, a few services that address these underlying issues have simplified the entire process enough for everyone. Even people with little to no access to the internet. With verified listings, qualified agents and regulated rent payments along with property management services, Indian real estate is on the road to getting a complete make over. Services such as RedGirraffe have brought about a new wave of change.
For a landlord managing a property in a city/country they’re not living in at present, serves up a whole range of issues. For a tenant, managing the paperwork & property upkeep while keeping the landlord updated can be prove to be more than they bargained for. Services that had been a necessity abroad and were unheard of in India are just a missed call away.