NoBroker.com launches property management services with rental guarantee for owners

Brokerage-free, real estate platform NoBroker.com has launched comprehensive property management services with rental guarantee for NRI property owners and owners who have properties in other cities.

With this service, NoBroker takes on the financial risk of ensuring that the property owners get rent on time, every month, even when the existing tenant vacates and the house becomes vacant for a month or two before the new tenant comes in. NoBroker takes a fee of 8 per cent of the monthly rent, to provide this service to property owners.

“Steady demand from our NRI customers and customers who have houses in other cities to manage everything from house inspection, painting, repair & maintenance, to preparing the rent agreement, finding new tenants when the previous tenants vacate and organising home visits for prospective tenants, led to the launch of this rental guarantee service six months ago” said Amit Agarwal, co-founder and CEO, NoBroker.com.

“Today, we manage 1,000 houses - a mix of independent houses and apartments, across Bengaluru, Mumbai, Pune, Chennai, Hyderabad, Delhi and NCR. Nearly 40 per cent of the customers using this service are NRIs living in the US and the Middle East and the rest are those who have houses in other cities.”

With travel becoming a huge constraint during these times, NoBroker’s rental guarantee service has many takers and is witnessing a lot of traction. “We aim to manage 1 lakh houses in the next few years” said Agarwal.

When the lockdown was announced in March-end, unlike other start-ups that resorted to salary cuts and lay offs, NoBroker decided to retain its employees and hire 130 more to support growth of its existing and new streams of revenue.

Asked if demand has gone back to pre-Covid levels, Agarwal said, “Demand has come back to pre-Covid levels since the second half of June to 7 lakh unique customer interactions/per month. The only difference is that now we see more demand in Bengaluru, Hyderabad and Pune than pre-Covid levels and less demand in Covid-hit cities like Mumbai, Delhi and NCR. We are on track to finish hiring 130 more across technology, operations, business, marketing and customer facing roles.”

NoBroker has 1 crore registered users and 40 lakh properties listed on its platform. The start-up participates in the entire user journey starting from house search to movers & packers, home loans, home painting and cleaning services, legal services etc.