Hiring a property manager is usually a smart move when buying real estate in Dubai, regardless of whether you have a diverse inventory or just one flat that you bought as an investment.
Similar to how important it is to work with a good estate agent, it is equally important to work with qualified professionals who will relieve you of all the daily stress associated with managing your property, including dealing with tenants, registering contracts, and even handling repairs and maintenance. This will allow you to take advantage of your asset. However, it’s a good idea to make sure you complete your research properly since you are handing a significant investment to someone who is virtually a stranger!
In order to select the best property manager for your investment, whether for lease or full management, propertysearchuae.com has provided the following advice:
ASK FOR A REFERRAL. TAKE FIVE
Using your network to find a reputable property management is the greatest option. Ask your friends, coworkers, and family members if they have any experience with Dubai property managers. Be sure to gather many references and opinions about the same individual or business.
Asking the realtor who first assisted you in buying the home is a smart option as well. In Dubai, a number of real estate companies also provide property management services. A company like MMP, for instance, provides both property and lease management choices in addition to a wide range of other value-added services like handling rent committee disputes and registering your title deed.
COMPLETE YOUR OWN RESEARCH
Any smart investor will understand that doing their own research is important in addition to just asking their network for referrals. Google is your buddy, but make sure to check out several sites to get all the facts – Finding out what the general public is saying about various property managers may be done by searching for terms like “real estate investors Dubai” and “Dubai property” on Facebook’s community individuals and community postings. And if you come across a few property management companies that have received favorable feedback from both your network and your own research, you’re onto a winner!
GO MEET THEM PERSONALLY
Meeting someone in person is the only accurate method to judge them. So, when you’ve narrowed down your list of potential property management companies, schedule appointments or interviews with them and make a list of questions to ask:
- Where are the properties now being advertised? Make a note of this and return to the listings later to make sure they are professional and present the homes in the best possible way through both their written descriptions and their pictures.
- What expenses are covered by the management fee? What isn’t and how much it will cost, should you need those services, are more crucial considerations.
- How long will it take for your property to find a tenant?
- What regions in Dubai do they have a focus on?
- How are the costs for upkeep and other services determined?
- How are money matters, such paying rent, handled?
- What happens if the tenant pays the rent past due or not at all?
- Will you and your tenant only be able to reach out to the property manager? If not, how many participants are there?
CHECK OUT WHAT THEY DID
Visit a property that your prospective property manager is currently looking after, if at all feasible. Looks like what? Do the present-day tenants have any complaints regarding the management? When searching for a property management, there is no such thing as too little information.
It’s also a good idea to look into their qualifications prior to witnessing them in action. Check to see if they have passed the CPM (certified property manager) course offered by the Dubai Real Estate Institute. Although the course is not a requirement for property managers in Dubai, it’s an excellent approach to determine the basis of the candidates you’ve narrowed down.
Go with your instinct even if the property management you’d want to deal with lacks this accreditation; it shouldn’t rule them out of the race.
The search may seem difficult at first, but with little diligence, you can quickly identify a reputable property management company, providing you with precious piece of mind.
