How proptech Oliveco’s management services is helping owners ‘remote-control’ properties
If you are a property owner, you might have had your share of hassles with brokers and tenants. Questionable deals, difficult tenants and dishonest brokers — these are just some of the complaints you will hear if you interact with other property owners in India. However, what if there was a way to rent out a property or manage it without any of these issues and without hiring a broker? Proptech startup Oliveco Estate Private Limited aims to do just that —making property management and rental deals more transparent for not just owners but tenants as well with an efficient network of service providers.
The Noida-based proptech startup is helping people remote-control their properties from anywhere in the world. With a robust nexus of professionals, Oliveco serves as a one-stop-solution for all property management services and seeks to increase the rental yield of properties with efficient management.
It offers expertise in more than 20 areas of property management which include 24-hour management services like finding tenants, verifying their credibility, preparing the lease, handling legal compliances, repairs, assistance in eviction and overall management of all other aspects of the rental property.
Where it all began
Founded by Umang and Shagun in 2020, the startup aims to make renting and managing properties stress-free for owners. While Umang has a background in the hospitality sector, Shagun is pursuing a B.Com LLB. The cousins are driven by their aim of solving the massive problem of shortage of well-maintained housing, and building the confidence of property owners who own real estate in other cities. Non-resident Indians, senior citizens, high net worth individuals and multiple property owners are some of the startup’s key clients.
The idea behind Oliveco stemmed from their personal experience and after meeting several other property owners facing similar problems.
Solving for tomorrow
The real-estate sector is bereft with challenges, and Umang says that Oliveco is looking to help solve them. “Despite the massive housing problem, millions of houses lie vacant due to low rental yield and a weak rental structure. This is a massive waste of national resources. NRIs, HNIs and senior citizens who invest in homes find it difficult to manage their properties. They prefer to leave their homes vacant, so as to avoid problems of renting and managing them. The risks involved in renting a home to someone keep them worried. We started Oliveco to help property owners feel confident about their properties, even if they are unable to maintain and manage them by themselves.”
Umang says that the startup’s unique offering of a ‘local custodian’ for properties is what sets it apart from other players in the sector. “We are not just brokers or mere managers of properties.We are personal consultants for owners. We support them through crucial steps like verifying tenants’ credibility, documentation, legalities, evictions and other such aspects where property owners might feel worried about. By providing strong legal support and safe management for their property, we instill a sense of confidence among the owners. We have a good network of service providers and key partners which make the process smooth and favourable for our clients,” explains Umang.
Once a property owner approaches Oliveco, the team first evaluates its rent. Next, it starts marketing the property and looking for credible tenants, while conducting background checks. It goes on to handle rent and deposits, oversees all maintenance and repair work, while ensuring that it is complying with all laws. “We take care of all hassles of property owners like late-night emergencies, evictions, chasing rent, damages, paperwork, finding contractors and other time-consuming tasks,” says Umang.
The COVID-19 challenge
The team at Oliveco didn’t let the pandemic hamper its workflow. While giving their best in serving their clients during such testing times, Oliveco ensured that the properties it was managing were maintained and cleaned while following the COVID-19 safety protocol.
As people across the world adjust to the new normal, Umang sees the property management space evolving in the coming months. “The number of people investing in properties is on the rise, which gives us the upper hand. In the coming months, people will start availing property management services like ours as they give them a level of comfort and ease and are a great way to remote-control their properties while sitting far away.”