Square Yards’ rental and property management division, Azuro, has confirmed achieving US$300 million in AUM (assets under management). The company had previously launched its property management subscription model in late-2021 for those landlords who are seeking professional property management services. Within one year, Azuro has succeeded in getting more than 1,500 properties under its property management spectrum.
Tanuj Shori, the Founder and CEO at Square Yards, stated that landlords are now increasingly understanding the need for credible professional advisors for managing their real estate portfolios, maximize their property values, and also their overall ROI (return on investment). He added that Square Yards’ professional property management solutions reflect its commitment towards more efficiency and first-class tenant experience in a more pro-active manner. He also stated that the company is already managing 1,500+ properties throughout the country, while enabling owners to lower risks and operating costs along with overall occupant turnover through best practices in the industry, latest tools for digital management, and robust engineering abilities.
Azuro supervises each facet of property management from its new-generation mobile phone app. It enables a centralized platform for landlords to view all their properties and enables management of other property-linked activities including maintenance tasks and tenant requests. Each and every aspect, from the onboarding of tenants to exits are covered, along with rent payments, deposits, all documentation like background verification, rent receipts, rent agreement, and move-ins and move-outs along with periodic maintenance and inspections covering plumbing, electrical, and carpentry work. This is all digitally managed via this app, while the company presently takes care of 1,000 maintenance requests along with more than 300 inspections every month in tandem with a service rating pegged at 4.7/5.
Altaf Ahmad, CBO, Azuro by Square Yards, stated that the property management subscription as compared against the usual model of brokerage has been a big success amongst homeowners, right from finding tenants and move ins until the move outs and also finding new tenants. Azuro manages each facet of the property and tenancy, while being way ahead with regard to pricing and product. He also added that the company has made strides in digitally transforming the renting experience with the mobile app, while being able to manage payments and receipts of rent along with background verification, documentation, service requests, inspection reports, and more. He also stated that Azuro will stay forever till you own the property even though tenants will come and go.
The property management subscription is also accompanied with an in-built home insurance provision for safeguarding the property from accidental damages throughout the subscription tenure. Fortune Business Insights has reported how the global property management segment may grow to USD$37.25 billion by 2029 from USD$19.33 billion in 2022, indicating 9.8% in CAGR (compounded annual growth rate). With shifting preferences of consumers for portfolio management, the need for tech-driven property management systems for handling both non-residential and residential assets has grown considerably. Azuro is ready to leverage this massive opportunity in the market, while scaling up its market share in the near future.
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Published Date: March 30, 2023
