As per the statistics of the Dubai Land Department (DLD), Dubai has witnessed around 27,642 real estate transactions worth Dh111 billion during the past two years. Some 9,935 foreign investors accounted for 11,889 transactions worth more than Dh21 billion. These numbers bear testimony to the fact that the city’s real estate market is gaining popularity, presenting opportunities for locals and seasoned investors alike.
Dubai real estate market is a great place for professionals and entrepreneurs who want to be their own boss while willing to combat the risks associated with their new businesses. With many people becoming landlords, rental maintenance is the most important task many of them find arduous. After all, being on call 24/7 for any repair issues can get tiring, even for the most resilient property owner. Then, there are time issues as well. That is why property management in Dubai is becoming a real cause of concern these days.
Starting From Scratch
When finding out the perfect property management company, it’s typical of a landlord to ask a standard set of interrogations. These often cover bottom-line financial outcomes, standard practices and measures and general expectations. While those are all great questions, there are other enquiries that can be much more strategic, revealing and conducive to generating results for your business. Without further ado, let’s get to them!
How Many Properties Are You Currently Managing?
It is significant to consider that your future property management company will be able to give your real estate the attention it needs. Therefore, you should also enquire if it’s familiar with how to tackle tasks associated with the specific property.
The management of a duplex is considerably different from that of an apartment or from a villa. The laws vary depending on the number of units in a complex. Therefore, ask your management company about their strategies for managing different properties.
What Is Your Fee Structure?
It can be a make or break situation when it comes to selecting a property manager. Keep in mind the fact that, in most cases, management companies are paid based on the amount of rental income coming in from the property.
However, there are many additional charges such as maintenance markups, tenant finder’s fees, emergency on-call services, maintenance reserves, court costs, and evictions that you should be aware of. Therefore, your fee structure should be clearly outlined by the property manager with everything put in writing.
How Are Potential Tenants Evaluated?
Your property may be acquired by many rentals. Having a system for screening potential tenants should be your area of concern.
Does the manager run credit evaluations and background checks? Do interested tenants have to fill out a rental application? Does the company double-checks employment history? You should comprehend who makes the final decision as to whether or not a tenant will be allowed to lease the apartment. Remember, it is your investment!
Who Handles the Maintenance Work?
Many property management companies in Dubai such as propertymanagement.ae handle the maintenance tasks as per the size of the properties. Keeping this criterion in view, there can be a maintenance staff or a contractor that should be handling your real estate.
Understanding who is doing the task is important to make sure that you can keep the authentic records of what has been done and by whom. Depending on your location, and the type of task that needs to be fulfilled, a licensed, certified, or accredited contractor may need to accomplish the task. Therefore, you may need to provide them with necessary permits and property examinations..
It goes without saying that there are several snagging companies in Dubai for its residents but choosing the right one is the real challenge. It may seem to be an arduous task at first but with little effort, you can get peace of mind for the rest of your life.