Simplifying real estate: What is property management, and do you need it?
Dubai has been topping the charts in real estate, from record-breaking deals to becoming an eye-catching branded residence hub - and it comes as no surprise that both resident and foreign investment have picked up rapidly.
While as a foreigner, investing in real estate can be a lucrative venture, it comes with its own set of challenges. One crucial challenge that often gets overlooked is property management. Someone to look after your property in your absence, especially if the property is placed on rent.
Whether you’ve been in the market for a while now or just starting out, understanding the importance of property management is essential for investors, as it helps maximise returns and minimise headaches.
So, what exactly is property management, and do you need it? Let us break it down…
What is property management?
Property management, as its name suggests - is the act of managing a property on behalf of another.
In simple terms - a property management team acts as a middleman between the owner and tenant, managing tasks like condition reports, rent collection, maintenance, and tenant notices to ensure everything runs smoothly.
Why should landlords opt for a property manager?
As explained previously, the biggest benefit of having a property managed is the peace of mind it gives the owner. Since the majority of new investors have been foreign investors, they are searching for someone to manage their property in their absence.
It helps landlords as they can relax knowing that there is an impartial third party protecting their property, so what services can landlords expect from property management?
- Collection, safekeeping and protection of the deposit
- Tenant Screening and documentation collection
- Full inventory on tenant check-in and check-out
- Accompanied viewings with prospective tenants
- A premium marketing package for your property including listing on all major property portals
- Preparation of the tenancy agreement
- Move-in preparation including - paint, cleaning, pest control and A/C checking (any maintenance at additional cost)
- DEWA connection for both landlord and tenant
- Key handover/tenant check-in
- Register tenancy with Ejari
- Rent collection arrangement
- Management of failed rental payments
- Financial reporting
- RERA compliance
- Tenant & maintenance management
- Renewal of contracts including negotiation of contract changes
Why does having a property manager make a difference to investors?
There are a varying number of reasons why property management benefits investors, such as:
Maximise occupancy and rental income:
Did you know that a professional property manager can help attract and retain tenants, ensuring minimal vacancies in your property? Not only can they market your property effectively, but also conduct thorough tenant screenings to find reliable renters, and enforce lease agreements to minimise late rent payments.
From maintenance to repairs:
The best part about property managers is that they oversee all maintenance and repairs, ensuring that your property remains in top condition. From routine upkeep to emergency repairs, they handle everything promptly and efficiently, saving you time and hassle.
They are legally compliant:
Navigating the complex web of landlord-tenant laws and regulations in Dubai can surely be daunting, and who wants to deal with that? Property managers stay up-to-date with all legal requirements, ensuring that your property remains compliant with local regulations. They handle evictions, lease agreements, and property inspections, minimising legal risks for investors.
Conflict resolutions:
Dealing with tenant issues and conflicts can be stressful. Property managers act as a buffer between landlords and tenants, handling complaints, resolving disputes, and ensuring that tenant concerns are addressed promptly and professionally - because who wants to deal with conflicts?
Finance management
Property managers will handle all financial aspects of property ownership, including rent collection, budgeting, accounting, and reporting, ensuring you have the money in your hands hassle-free! Not just that, they’ll make sure that you receive timely rent payments, track expenses, and provide detailed financial statements, giving you peace of mind and financial clarity.
Emergency management
Emergencies can arise at any time, from burst pipes to power outages - and who wants to deal with that? Property managers are on call 24/7 to handle emergencies, coordinate repairs and ensure tenant safety and satisfaction.
If you have something to be taken care of, why not check out our annual home maintenance packages?
Hope this guide was helpful!
If you’d like to have your property professionally taken care of - get in touch with our in-house experts.
Or if you’re looking for something more permanent - check out our annual packages!