What is the current situation of the Indian real estate sector?
Since the last few years, the real estate sector in India has been witnessing substantial hard times. Even major players are struggling to fight the downfall of the industry. According to Binu Prakash, a real estate thought leader and the Founder and CEO of SANGAU, the introduction of stringent regulations such as Real Estate Regulatory Authority (RERA), Goods & Service Tax (GST), etc. are some of the add-ons that are causing the builders to fall back. However, these regulations are benefiting property buyers in terms of better property prices and reliability in the purchasing process and delivery.
The rise of online companies like SANGAU is another interesting trend in the sector. These companies are uplifting service quality by providing transparent and flexible real estate solutions for buyers and owners.
Which specific real estate needs does SANGAU identifies and resolves?
Established in 2007, SANGAU is eliminating the buyers’ or sellers’ dependence on the broker community for purchase, sale, and rent of a property. The Bangalore-based company is following the path of clarity and reliability in the real estate sector with property management and rental services which are beneficial for both owners and tenants. The idea of developing these unique services came into Binu’s mind when he was abroad and needed someone to take care of his property in Bangalore. Unfortunately, there were no such service providers that could cater to his needs. Meanwhile, like Binu, numerous people were facing the same challenge. Therefore, Binu decided to overcome this situation with SANGAU. He started approaching property owners and explained to them the significance of property management services. Owners who were already in search of such facilities were satisfied with SANGAU’s offerings and today it’s been nearly 12 years that the company is successfully handling numerous properties.
How does the company bring transparency to property processes?
“At SANGAU, we believe any house should breathe and for this, there should be occupancy. We strive to give maximum return on investment to owners by ensuring maximum occupancy”, shares Binu. Thus, SANGAU provides owners with 2 product offerings—The BASIC package that includes regular property inspections, preventive maintenance, and statutory payments. Additionally, the PREMIUM package comes with an addition of Rent Management to the BASIC package services. The PREMIUM package involves multiple tasks such as advertising property for rental, finding a suitable tenant, maintenance services during tenancy, vacancy inspection, and settlement of security deposit payment. There are no extra or hidden charges in property expenses and all the transactions are done via cashless payments for transparent transactions. The company follows a No-Sublet policy for owners’ properties. According to the selected package, the owner simply has to pay property management service charges for a year which is the same amount as the ‘one month fee’ paid to brokers only to identify and confirm a tenant.
For tenants, SANGAU provides a wide choice of properties to choose from. The prime benefit to go for SANGAU services is “zero broker fees”. The company operates with no broker fees or commissions and there are no hidden costs to tenants while moving to a selected property. Additionally, all the documentation is done free of cost. During the tenancy, the occupant has access to a dedicated staff of SANGAU, who resolves their maintenance issues. To build up good relations with owners, tenants have to be prompt in their Rent payments and payments to Resident Owners Association. In such cases, SANGAU’s staff liaises with Resident Owners Association on behalf of the owner and the tenant to ensure a smooth functioning and a healthy relationship.
Which ways does SANGAU adopt to offer quality real estate services?
To provide hassle-free property maintenance, SANGAU outsources all the maintenance operations to certified vendors. The company has a very strong base of vendors who strictly adhere to the quality standards and cost-effective process while providing timely delivery. SANGAU presently has a dedicated team of 16 team members, working in various functions including administration, marketing, operations, finance, and accounts. Speaking about his expert team members, Binu shares, “We are very process-oriented. We have checklists and templates for just about everything. These online systems and processes help us immensely as it ensures consistency of quality deliveries every time.” Further, to stay on track and updated with modern skills, Binu and the team follow key performance indicators like client feedback. SANGAU’s way of satisfying client demands based on feedback has improved the company service quality and client retention. Due to the financial and operational transparency, most of SANGAU’s customers have been using its services for more than a decade.
What are the upcoming improvements and plans?
While focusing on offering a complete Property and Rent Management services, SANGAU looks forward to continuing its legacy of providing maximum property occupancy and maintenance operational efficiency which has been a major driver of customer retention for SANGAU.
Going forward, SANGAU aims to expand its operations in Tier 1 and Tier 2 cities. Binu shares, “We aim to be the biggest residential property management company in India. We are investing in systems and solutions to improve user experience online for prospective tenants that will enable them to make quicker decisions and minimize the number of property visits to finalize a home.”
Finally, sharing 3 valuable pieces of advice from his years of experience in managing SANGAU, Binu asserts three points to be considered as an entrepreneur—firstly, take no heed of people who don’t believe in your destiny. Secondly, manage clients and deliver on their expectations as they are the prime reason behind the existence of your business. And thirdly, Binu says, “Your staff is important. They represent your company when they manage your Clients or Customers. Take good care of them.”
