Maintaining and Maximizing your Investment
Effective property management is a convenient and cost saving solution for property owners. It is a beginning to end hassle free service that looks after property, owners, tenants, tenancy contracts and maintenance repairs. There are many factors to consider in order to maximize the revenue potential and maintain the investment of any property.
The benefits of a reputable and reliable Property Management company can be vast. If you wish to generate revenue from your investment your ultimate goal would be to find suitable Tenants as quickly as possible for the right rental amount. A priority for busy property owners is the convenience of the service to assist with all the tenant enquiries and receive timely notifications of tenancy requirements. To avoid any periods of vacancy, it is very important to have the confidence your property will be exposed effectively in the market to reach a wide audience of potential tenants.
Many Tenants prefer renting a property that is managed as they know that the property is more cared for with regular inspections and maintenance contracts. Tenants also have access to immediate contact through the managing agent rather than direct contact with the Landlord. This point of contact for both Landlords and Tenants provides a convenient service that removes the time and stress involved for homeowners.
There are many laws and regulations in Dubai regarding the leasing of properties. In the event of any leasing disputes legal costs can be substantial and an effective property management company should offer background knowledge & experience to assist towards a quicker solution. Owners need professional and transparent advice in the best interest of their investment and need to be kept informed of Landlord rights and any amendments to the relevant laws.
Property Management companies can also assistance with third party payments which offers overseas owners an effective solutions to banking requirements. On time payment of maintenance services can be vital for non-local owners. Equally as important are ongoing inspections and care of your property. Property inspections are generally conducted on a quarterly basis for those occupied with long term Tenants. This will provide owners with assurance that the terms and conditions of the contract are being abided by and your Tenants are maintaining your property. The knowledge, experience and contacts the property management companies have in getting the right maintenance company to service your property will save you money in the long term.
In the event you cannot travel to Dubai at the time of building completion for the handover, a property management company can step in and represent you.
A legalised Power of Attorney is often required if you cannot attend in person.
Familiarity with not only the procedure but also the standards of Developers in Dubai, an experienced property management company will ensure no defective items are missed during handover inspections. Identifying faults is key as later this can result in costly repairs once the property warranty has expired. Your management company should advise on required final payments and procedures that are outlined by Developers to ensure a smooth collection of keys.
Over the past 10 years, Dubai has seen a growth in Property Management Companies. This activity is supported by a pool of international property owners who need their investment to be under the right care in their absence or simply for their own convenience. When searching for a property management company research companies that have the right experience and credentials. Check the company's business operations which includes their property portfolio (number of properties managed and which areas), office location and working hours. Check the experience and longevity of the property management team as this is very important to build long term connections and have assurance of expertise and know the people you can rely on and contact. Customer feedback and testimonials always provide insight into their existing client ratings of their performance and service standards and can normally be found on company's websites.
All real estate activities in Dubai are governed by RERA and in addition to a Trade License, a RERA certificate is required. Check the activity on the Trade License as they can vary depending on the type of business. Management Companies with Real Estate Supervision Activity are not entitled to receive or collect rental cheques in favour of their companies. Your chosen Property Management company must have the license activity of "Leasing and Management of Other People's Property" which allows them to collect and disburse rental funds. This should be further supported with a Government capital commitment and bond of AED5M.
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