Are you a real estate owner in Dubai overwhelmed by property management metrics? You may want to consider contracting a property management agency to ease your burden. A property management agency does all the donkey work for you in exchange for a certain percentage of the proceeds, including property advertisement, tenant relations, and rental transactions. All you Best Property Management Agency in Dubai have to do is sit back and await the income generated by your assets.
Property management requires shrewd professionals in order to be successful. There are scores of property management companies in Dubai owing to the rapid expansion of real estate investments over the past two decades. Picking the right property management company is a very crucial process that requires the utmost attention to basic details. Remember, you are looking for someone to entrust with what you probably consider your prime, most valuable assets.
This article offers you some resourceful pointers to help you choose the most appropriate agency to entrust with the management of your property in Dubai. Some important factors to pay attention to include
- Pick a credible local company
- Consider relevant specialization
- Evaluate the company’s experience.
- Check legal licensing and insurance
- Consider the company’s reputation
- Check current performance and track record
- Evaluate property management agreements and firm policies.
- Check proportionality of service charges.
1. Pick a credible local company
Begin your search by locating the most eligible property management company within Dubai to evaluate. This company must be well documented and must be up to date with all the recent real estate trends. They must also be very familiar with all the rules and regulations put in place by the UAE government concerning real estate development and management. Narrow your search to the best, most professional property management firms you can pinpoint within Dubai.
2. Consider relevant specialization
Real Estate properties fall under different categories, from residential properties to business premises, you need to find out the niche that your choice company specializes. You can then determine whether they are a suitable choice to entrust with the property you have in mind.
3. Evaluate the company’s experience
Company experience in property management is very essential to keep up with the high competition in Dubai’s real estate market. The property management has long-term experience in the field with credible references to back it up. Don’t shy away from asking for several credible references and verifying them. You don’t want to be placing a multi-million investment in the hands of budding, rookie companies. This is a risk you cannot afford to take.
4. Check legal licensing and insurance.
If you are seeking to trust a property management company with your valuable assets, you need to ensure that they have every legal clearance and approval document from the UAE government to provide these services. Engaging an unlicensed property management to manage your assets puts you at risk of UAE Issuing New Work Permits being penalized by the UAE government, not to mention how hard it will be to litigate the compensation of any losses that may occur in the company’s hands without insurance. It will be practically hard to hold them accountable.
Hence, always conduct preliminary research to find out all the legal licenses and additional documents you need to ask to see before you can employ the services of any property management company.
5. Consider the company’s reputation
Conduct your own research to find out how popular and well-spoken the firm is among tenants and other real estate investors that have worked or are working with them. Check online company reviews and ratings, as well. If the majority of the feedback you get is positive, then that means the company is reputable enough to be trusted with your assets.
6. Check current performance and track record
Evaluate the company’s performance and diligence by checking out the condition of some of the properties currently under their management within Dubai. Look at how they are committed to detailed maintenance. A good property management agency should act as a diligent steward for the properties entrusted to them. If any Best Property Management Agency in Dubai of these properties look neglected, then that is a red flag.
Also, try getting opinions from the tenants about what they think of the company’s tenant relations in terms of communication and solution provision. Try finding out the average time tenants spend in the properties managed by the company and check with property owners who have previously employed the company’s services to find out how satisfied they were. This can be a good way to gauge the overall performance and track record of a property management company.
7. Evaluate property management agreements and policies
Always ask to see the property management agreements you have to sign with the company. Find out their rates, and gauge if they are fair and proportional to their qualifications. Note any exit clause stated, outlined, and exempted responsibilities, as well as their conflict-resolution strategies for any potential disagreements. Check the agreements drafted for tenant leasing, too. The best property management company should be able to assure you that they got you covered in their agreement and your investments are safe.
8. Ensure they are charging reasonable rates
The services of a reputable property management company can cost quite a fortune. However, a good firm should be able to charge reasonable rates proportional to the type and size of your property and its real estate market value. Typically, property management companies in Dubai should charge you as low as 8% of the income netted by your property. You cannot afford to pay an arm and a leg for low-income properties as that will eventually cripple your business.
Owning real estate property in Dubai is quite a lucrative business. However, property management laws and regulations can be frustrating to effectively adhere to personally. This is where property management agencies step in to lend you a hand, at a fee, of course. These companies also come in Best Property Management Agency in Dubai handy when you have multiple properties that are impossible to manage single-handedly, or if you live or work too far from your investments to effectively manage them.
Either way, entrusting your property to steward companies needs particular selectiveness when it comes to credibility, qualifications and suitability. Ensure the company you pick has the appropriate paperwork, experience and skills to responsibly manage your assets at reasonable rates.