General

01.

Do you have rental services for independent houses?

Currently, we only handle flats in gated communities and residential complexes. If we expand our services to include independent houses in future, we will let you know.

02.

In which cities are you currently operating?

Currently, we are operating in hyderabad. We will be expanding to more cities in future.

03.

Do you manage commercial properties?

At present, our services do not include managing commercial properties.

04.

Do you manage properties for PG/shared accommodation on Oyonest.com?

Currently, we do not manage PG/shared accommodation. We rent out an entire flat for 11 months.

05.

How much does Oyonest charge for its services?

Oyonest's Property Management Fee is 15 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.

Security deposit

01.

Who handles the security deposit?

Oyonest will pay you the security deposit for your apartment. You can keep the security deposit for as long as you have a contract with Oyonest.

02.

When do I get the security deposit?

Within three working days of signing the property management and rental PoA 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.

03.

What security deposit will I receive?

For properties in hyderabad, you will receive a security deposit equivalent to 3 to 5 months' rent, depending on the property and the market scenario.

04.

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 Oyonest, we will take care of tenant deposits and refunds.

05.

What security deposit does Oyonest collect from tenants?

Oyonest collects a slightly higher security deposit from tenants. This is typically equivalent to 4 to 6.5 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 instalment of the security deposit upfront.

Rent payment

01.

Who determines the rental price for my flat?

Oyonest, using its proprietary algorithms will determine the right rental price for your flat.

02.

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.

03.

Do you negotiate the rent?

No, we do not negotiate the rent with owners or with tenants.

04.

When will I start receiving rent from Oyonest?

Based on the market scenario, Oyonest 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.

05.

If Oyonest fails to find a tenant by the committed date, will I still receive rent?

Oyonest will start paying the rent from the committed start date, or on the date a tenant moves in, whichever is earlier.

If Oyonest 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 Oyonest and on every tenant change.

06.

When do I get the rent every month?

Rent will be paid on or before the 10th day of every month for the previous month. For e.g. Rent for January month will be paid on or before 10th Feb.

If Oyonest 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 Oyonest and on every tenant change.

07.

Will you deduct TDS from my rent?

If you are transacting in a domestic resident bank account, we will not deduct any TDS. If, however, you are an NRI operating in an NRO account, TDS will be applicable as per government rules. As per the current rule, 30% of rent should be deducted and paid to the income tax department against owner's PAN number for NRIs operating in NRO account.

08.

Can Oyonest withhold rent payments?

Oyonest doesn't withhold owner's rent. Oyonest can however, make deductions post owner's consent for repair bills or any payments to be made on behalf of the owner.

09.

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.

10.

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 Oyonest manage maintenance payments, as well.

11.

If the monthly rent that I receive excludes maintenance, what society maintenance dues are paid by the tenant or Oyonest?

Oyonest will ensure that regular maintenance is paid. All other costs, such as sinking or corpus funds, painting, facility installations/replacements, and other one-time projects must be borne by the owner.

12.

What happens if a tenant doesn't pay the rent?

Oyonest will follow up with the tenant for up to a reasonable time. If the rent is still not paid, Oyonest 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.

Agreement

01.

What agreements do I need to sign?

The owner signs a rental power of attorney. This authorizes Oyonest to sign a rental agreement or a leave and license agreement with tenants on the owner's behalf.

We also sign a property management agreement, which cover all necessary terms including rent guarantee.

02.

What agreements do you sign with the tenant?

Oyonest, with the owner's power of attorney, signs a leave and license agreement with tenants.

03.

Where can I see a sample copy of your agreement?

You can download a sample draft of property management service agreement here and the rental power of attorney agreement here.

04.

What is rental power of attorney?

It is a document executed between the owner and Oyonest which allows Oyonest 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.

Property management

01.

What services are included in Property Management?

New tenant acquisition

Screening of tenant and sharing of report with owner

Execution of lease/leave and license agreement with tenant

Collection of rent and 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)

02.

Who does the repairs and who pays for them?

Oyonest 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 Oyonest assistance to carry out repairs.

When the property is being handed over to Oyonest for the first time, 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.

03.

When will you repaint my house?

When taking over a flat from the owner, Oyonest requires that it be freshly painted. Owners can handle the painting themselves, or opt for Oyonest's assistance. When a tenant vacates the flat, it will be repainted at the tenant's cost.

04.

What if I have done royale paint in my flat?

We or tenant will not repaint the same and compensate a cost equivalent to premium quality paint as normal wear and tear. At the time of property handover, we will be converting royal into premium. Same for the tenant as well, we will charge them for the premium painting only when they are going to vacate.

05.

What is Oyonest Home standard?

The criteria which define the Oyonest 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 2-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 Oyonest Home standard

06.

Why do I need to upgrade my flat to a Oyonest Home?

Based on our experience and customer research, we have developed a list of typical tenant expectations from a rented flat. Meeting these basic requirements results in quick rentout of the apartment. Also, once the flat meets these basic requirements, you can avoid additional demands from tenants.

07.

Who will be the Single Point of Contact after I rent out my apartment to Oyonest?

After you rent out your apartment to Oyonest, you can reach our support team on +91 89778 22223 (10 AM to 7 PM IST) or write to us on support@Oyonest.com.

08.

Will Oyonest make Property Tax payments on the owner's behalf?

Oyonest 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.

Tenant relations

01.

Will I be able to inspect my flat while it is occupied?

Yes, you can inspect your flat while it is occupied. Give us 24-hours' notice and we will check tenant availability and organize the inspection.

02.

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.

03.

Can I reject a tenant I don't like?

No, Oyonest selects tenants based on the Oyonest Screening Process.

However, you may state preferences - e.g., family or bachelors, pets or no pets. We will screen tenants accordingly. We will not consider preferences based on religion, caste or food(veg/non-veg).

04.

How reliable is tenant screening? Who is liable in case of any unexpected situation due to tenant screening fault?

We verify tenant ID, address proof and employment status by thoroughly examining the documents submitted. Whenever required, we also conduct a thorough background check, involving self-employment proof, criminal record and credit record.

If there is any unexpected situation due to tenant screening fault, Oyonest will immediately terminate the tenant and complete all termination formalities. Oyonest will use best efforts to report any act of illegality to the appropriate forum and cooperate with any investigation.

05.

Is police verification part of tenant screening?

No, at present police verification is not part of the screening process.

06.

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.

07.

Will I get the tenant's details?

Yes, you will get the tenant's details. Oyonest screens tenants and their documents, and shares the report with owners. Oyonest will decide whether or not to rent out to a particular tenant after the Oyonest screening process is complete.

08.

Will I be able to communicate with the tenant?

Yes, you can. However, we prefer that you communicate with Oyonest and allow Oyonest to manage the relationship with tenant.

09.

Whom do I interact with on a long term basis?

On a long term basis, you will interact with Oyonest. We have a dedicated customer care service to provide assistance. In case of any queries or concerns, please e-mail us at support@Oyonest.com or call us on +91 89778 22223 (10.00 AM to 7.00 PM IST)

10.

Who will refund the security deposit to outgoing tenants?

Oyonest will refund the security deposit to outgoing tenants.

11.

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 Oyonest about the change. Oyonest will get the agreement updated and signed again, for documentation purposes.

Property usage

01.

Will my flat be used for commercial purposes?

No. Oyonest signs only residential rental agreements. We will not allow tenants to use your property for commercial purposes.

02.

Does Oyonest rent out to multiple people for PG/shared accommodation?

Oyonest 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 not rent out for PG accommodation or split rent between multiple tenants.

03.

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.

04.

How does Oyonest ensure that the apartment is maintained well?

We have a specialized team of professionals who deal with repair requirements.

05.

What happens if a legal issue arises, in relation to the tenant?

Oyonest's tenant screening ensures that such situations do not arise.

However, in an extremely rare scenario, if this occurs, Oyonest will assist the owner in legal proceedings, help in recovering rentals and support tenant eviction, at the owner's cost. Oyonest will not assume any liability of the legal proceedings and/or any consequential losses to the owner including rentals.

Termination

01.

When a tenant vacates the flat, will I stop getting rent?

Whenever Oyonest gets a termination notice from the current tenant, Oyonest will indicate a new monthly rent value to the owner, as well as the grace period required for Oyonest 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 Oyonest's finds a suitable tenant within the grace period.

If Oyonest 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.

02.

How can I terminate the contract with Oyonest?

There is no minimum contractual period for owners. Both owners and Oyonest can terminate contract with a 1-month notice.

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