Frequently Asked Questions
DO YOU HAVE RENTAL SERVICES FOR INDEPENDENT HOUSES?
We only handle Apartments / Row Houses & Villas. If we expand our services to include independent houses in future, we will let you know.
HOW MUCH DOES ACME CHARGE FOR ITS SERVICES?
ACME's Property Management Fee is 20 days of rent, paid every 11 months. We also charge a tenant finder's fee for each new tenant. The finder's fee varies, depending on the time and effort required to rent out the property. If a tenant is referred directly by the owner, no finder's fee is charged.
WHEN WILL YOU REPAINT AND OTHER REPAIRS MY HOUSE?
When taking over a flat from the owner, ACME requires that it be freshly painted. Owners can handle the painting themselves, or opt for ACME's assistance. When a tenant vacates the flat, it will be repainted at the tenant's cost.
ACME will pay you the security deposit for your apartment. You can keep the security deposit for as long as you have a contract with ACME.
WHEN DO I GET THE SECURITY DEPOSIT?
Within three working days of signing the property management and rental MoA agreement, you will receive an amount equivalent to one month's rent, as part of the security deposit. The remainder will be paid within three working days after the first tenant moves into the apartment.
WHAT SECURITY DEPOSIT WILL I RECEIVE?
For properties in Bangalore, you will receive a security deposit equivalent to 3 to 5 months' rent, depending on the property and the market scenario.
DO I HAVE TO RETURN THE SECURITY DEPOSIT EVERY TIME A TENANT VACATES THE APARTMENT?
No, you do not have to return the security deposit every time a tenant vacates the apartment. As long as you have a contract with ACME, we will take care of tenant deposits and refunds.
WHAT SECURITY DEPOSIT DOES ACME COLLECT FROM TENANTS?
ACME collects a slightly higher security deposit from tenants. This is typically equivalent to 7 to 8 months' rent. The higher deposit allows us to continue paying you rent without disruption when a tenant defaults. It also allows us to maintain our cash flows that we need in order to pay first installment of the security deposit upfront.
WHO DETERMINES THE RENTAL PRICE FOR MY FLAT?
ACME, using its proprietary algorithms will determine the right rental price for your flat.
HOW DO YOU ARRIVE AT THE RIGHT RENT FOR THE PROPERTY?
We provide you with the best rent possible using extensive market research through different sources, coupled with our proprietary analytical models. The rent also depends on the apartment's amenities; furnishing, if any; and the market supply and demand situation.
WHEN WILL I START RECEIVING RENT FROM ACME?
Based on the market scenario, ACME will commit to a rent start date, and start marketing your flat. You will start receiving rent from the committed date, or from the date a tenant occupies the flat, whichever is earlier.
IF ACME FAILS TO FIND A TENANT BY THE COMMITTED DATE, WILL I STILL RECEIVE RENT?
ACME will start paying the rent from the committed start date, or on the date a tenant moves in, whichever is earlier.
If ACME is unable to find a tenant by the committed date, we will pay you rent for a maximum of two months. This applies to the first time you sign up with ACME and on every tenant change.
WHAT DEDUCTIONS OR ADJUSTMENTS ARE MADE IN MONTHLY RENT?
In general, we don't make any adjustments apart from:
Our service fee, which is accepted by the owner in the agreement, and
Repair bills which are approved by the owner.
On request, we can make payments on the owner's behalf and deduct them from the monthly rent.
DOES THE MONTHLY RENT INCLUDE MAINTENANCE CHARGES TO THE SOCIETY
Since the owner will typically receive updates about maintenance dues from the society regularly, it is easier for the owner to pay maintenance directly to the society. Also, it is easier to manage maintenance payments when tenant changes in the mid of a quarter. So, in general, we propose that rent be inclusive of maintenance.
However, owners can choose to have ACME manage maintenance payments, as well.
IF THE MONTHLY RENT THAT I RECEIVE EXCLUDES MAINTENANCE, WHAT SOCIETY MAINTENANCE DUES ARE PAID BY THE TENANT OR ACME?
ACME will ensure that regular maintenance is paid by tenant. All other costs, such as sinking, Capex or corpus funds, painting, facility installations/replacements, and other one-time projects must be borne by the owner.
WHAT HAPPENS IF A TENANT DOESN'T PAY THE RENT?
ACME will follow up with the tenant for up to a reasonable time. If the rent is still not paid, ACME will serve the tenant with a notice to vacate the flat. The owner will continue to receive rent without delays till the end of tenant's notice period.
WHAT AGREEMENTS DO I NEED TO SIGN?
The owner signs a Memorandum of Agreement . This authorizes ACME to sign a rental agreement with tenants on the owner's behalf.
We also sign a property management agreement, which cover all necessary terms including rent guarantee.
WHAT AGREEMENTS DO YOU SIGN WITH THE TENANT?
ACME signs Rental agreement with tenants, on behalf of Property Owner.
WHAT IS RENTAL AGREEMENT?
It is a document executed between the owner and ACME which allows ACME to sign a rental agreement with tenants on the owner's behalf, based on terms already agreed upon. A sample draft of this document is available here.
IN WHICH CITIES ARE YOU CURRENTLY OPERATING?
Currently, we are operating in Bangalore. We will be expanding to more cities in future.
DO YOU HAVE RENTAL SERVICES FOR INDEPENDENT HOUSES?
WHAT SERVICES ARE INCLUDED IN PROPERTY MANAGEMENT?
New tenant acquisition
Screening of tenant and sharing Official details with owner
Execution of Rental agreement with tenant
Collection of deposit from tenant
Inspection of property whenever required or on owner's demand
Handling of tenant complaints and repair requests
Processing tenant termination and security deposit refunds
Carrying out repairs and renovation on tenant change to prepare the flat for a new tenant (at the outgoing tenant's cost which is damaged)
WHAT AGREEMENTS DO YOU SIGN WITH THE TENANT?
ACME can provide assistance in getting repairs done, through trained supervisors and a list of select vendors. However, owners and tenants are not obligated to use ACME assistance to carry out repairs.
When the property is being handed over to ACME for the first time and if any Major Repair arise, the cost of repairs is borne by the owner.The cost of ongoing repair is borne either by the owner or the tenant, depending on the nature of the repair and its cause.
On tenant termination, if repairs and renovation are required in the house due to damage, etc. caused by the tenant, they will be paid for by the outgoing tenant.
WHAT IS ACME HOME STANDARD?
The criteria which define the ACME Home standard are:
Ample lighting everywhere in the house, including bathrooms, balconies, utility area
Fans in all rooms, including living and dining area, study room and servant's room
A minimum of one 3-door wardrobe in each bedroom
Kitchen should be furnished with cabinets below the slab; a sink; a water tap and an exhaust via chimney, exhaust fan or window
The utility area should have a provision to set up a washing machine (water inlet, outlet and power plug)
Each bathroom should have a hot water connection (with a 15 litre geyser), wash basin, mirror, towel and cloth hangers, western style commode, health faucet, shower, soap dish and exhaust fan
A doorbell is also mandatory for the house
The flat should be freshly painted and cleaned with all the fittings in good working condition for the flat to meet the ACME Home standard
WHO WILL BE THE SINGLE POINT OF CONTACT AFTER I RENT OUT MY APARTMENT TO ACME?
After you rent out your apartment to ACME, you can reach our support team on 080 32323432 (9.30 AM to 8.30 PM IST) or write to us on email@example.com
WILL ACME MAKE PROPERTY TAX PAYMENTS ON THE OWNER'S BEHALF?
ACME can pay Property Tax for owners, at an additional cost. Owners who would prefer to avoid the extra cost and make Property Tax payments independently, can do so online.
WILL I BE ABLE TO INSPECT MY FLAT WHILE IT IS OCCUPIED?
Yes, you can inspect your flat while it is occupied. Give us 48-hours' prior and we will check tenant availability and organize the inspection.
WHAT HAPPENS IF TENANTS CREATE A NUISANCE IN THE SOCIETY?
We check the validity of complaints raised and issue a warning to tenants, for the first complaint. For repeated offences, we can ask tenants to vacate with short notice.
WHAT IS THE SCREENING PROCESS FOR A FOREIGN TENANT?
For a foreign tenant, we submit all immigration documents (VISA, passport) to the designated police station.
WILL I GET THE TENANT'S DETAILS?
Yes, you will get the tenant's official details. ACME screens tenants and their documents, and shares the report with owners. ACME will decide whether or not to rent out to a particular tenant after the ACME screening process is complete.
WHOM DO I INTERACT WITH ON A LONG TERM BASIS?
On a long term basis, you will interact with ACME. In case of any queries or concerns, please e-mail us at firstname.lastname@example.org or call us on 080 – 32323432 (9.30 AM to 8.30 PM IST)
WHO WILL REFUND THE SECURITY DEPOSIT TO OUTGOING TENANTS?
ACME will refund the security deposit to outgoing tenants.
IF YOU RENT TO A GROUP OF BACHELORS, WHAT WILL YOU DO IF 1 OR 2 MEMBERS LEAVE?
In such a scenario, tenants need to inform ACME about the change. ACME will get the Rental agreement updated and signed again, for documentation purposes.
WILL MY FLAT BE USED FOR COMMERCIAL PURPOSES?
No. ACME signs only residential rental agreements. We will not allow tenants to use your property for commercial purposes.
DOES ACME RENT OUT TO MULTIPLE PEOPLE FOR PG/SHARED ACCOMMODATION?
ACME signs a single contract with tenants for a flat. If a group of bachelors want to rent, all of them sign a single agreement. We do not execute multiple agreements with multiple tenants for the same flat. We do rent out for PG accommodation or split rent between multiple tenants.
HOW WILL YOU ENSURE THAT THE FLAT IS NOT DAMAGED BY TENANTS?
We make tenants understand the importance of managing the flat by agreement and instruction. We conduct on-demand inspections to ensure that the flat is well-maintained.Despite that, if tenants cause property damage, they need to bear the cost of repairs.
HOW DOES ACME ENSURE THAT THE APARTMENT IS MAINTAINED WELL?
We have a specialized team of professionals who deal with repair requirements.
WHAT HAPPENS IF A LEGAL ISSUE ARISES, IN RELATION TO THE TENANT?
ACME's tenant screening ensures that such situations do not arise.
However, in an extremely rare scenario, if this occurs, ACME will assist the owner in legal proceedings, help in recovering rentals and support tenant eviction, at the owner's cost. ACME will not assume any liability of the legal proceedings and/or any consequential losses to the owner including rentals.
WHEN A TENANT VACATES THE FLAT, WILL I STOP GETTING RENT?
Whenever ACME gets a termination notice from the current tenant, ACME will indicate a new monthly rent value to the owner, as well as the grace period required for ACME to get a new tenant.
The owner will start receiving rent at the revised value within the grace period after the tenant vacates the flat, whether or not ACME's finds a suitable tenant within the grace period.
If ACME is unable to find a tenant within the grace period, we will pay you rent for a maximum of two months. This applies to every tenant change.
HOW CAN I TERMINATE THE CONTRACT WITH ACME?
There is no minimum contractual period for owners. Both owners and ACME can terminate contract with a 45Days notice.