The property and rental management division of Square Yards, Azuro, has confirmed US$300 million in AUM (assets under management) for its property management business. The company launched the subscription model for this vertical late in 2021 for those landlords seeking professional solutions, while succeeding in bringing more than 1,500+ properties under its umbrella in only one year.
The Founder and CEO at Square Yards, Tanuj Shori, feels that while landlords are steadily realizing the importance of credible and reputed professional guidance for real estate management, better ROI, and higher property values, there is also a commitment towards efficiency, pro-activeness, and better tenant experiences at Azuro by Square Yards. He adds that the company is using best practices in the industry along with digital tools and better engineering abilities for ensuring lower operating costs, occupant turnover, and risks for landlords.
Azuro takes care of each property management facet via a mobile app. Landlords can easily view properties and manage tenant requests and maintenance, while taking care of tenant onboarding, exits, rent payments, deposits, documentation, background verification, move outs, and move ins, along with maintenance and inspection, covering carpentry, plumbing, and electrical. The company already services 1,000 maintenance requests and more than 300 inspections each month, with 4.7/5 as its service rating.
The CBO, Azuro by Square Yards, Altaf Ahmad, feels that the subscription has been a big hit for homeowners as compared to the typical brokerage model, enabling easy tenant searches, move ins, move outs, finding new tenants, and management of everything related to the property with better pricing and product alike. He also states that the company has taken things digital with its Mobile App while managing rent receipts and payments along with background verification and documentation seamlessly, in tandem with inspection reports and service requests. The subscription also comes with its in-built home insurance feature that safeguards properties from any accidental damages as well.
Azuro wishes to tap into the global property management market which is forecasted to increase from USD$19.33 billion (2022) to USD$37.25 billion by the year 2029, with CAGR (compounded annual growth rate) of 9.8%. Consumers are also switching increasingly towards professional property management for their portfolios, ranging from multi-storied residential to non-residential properties. Azuro is looking at leveraging increasing demand in this sphere, while increasing its share in the property management market in the future years.
Square Yards is a technology-enabled, global real estate aggregator and India’s largest player for primary residential real estate. It’s subsidiary Square Capital is one of the largest marketplace for secured mortgages in India. Square Yards platform offers an integrated consumer experience & covers the full real-estate journey from search, discovery to research, transactions, home loans and post-sales service – fully integrating buyers to an extensive network of 500+ partner real estate developers, and 90+ banks & NBFCs. Square Yards is led by accomplished professionals, ex-bankers, and Ivy school alumni and is backed by the competence of more than 2500 employees in 30 cities and ten countries.