If you’ve just recently become a landlord, then you might be struggling with managing it. Property management services in UAE Dubai will help alleviate some of this stress. Protect the value of the property by ensuring that it’s properly maintained and protected from bad tenants by partnering with a property manager!
Property management is the most important element of holding a rental property but it’s also highly stressful.
Renting property in Dubai is a highly profitable investment but it also comes loaded with stress. Many investors are not prepared and really have no idea what they’re doing, so they end up with problematic clients, unnecessary property damage, and end up losing their sanity. Property management services in UAE Dubai ensure that none of this happens to you! Here’s a look at the benefits of partnering with a property manager.
Maximize your ROI: Ensure you get maximum rent value and that you get the best tenants into the property.
Bad Tenants are Screened Out: Ensure that only the best tenants get into the property by incorporating a thorough screening process.
Save Valuable Time: Time is precious so investors are able to free up their time for more important things by hiring a property manager.
Swiftly Meet All Tenant Concerns: Problems within the property are a headache for investors. Partnering with a property manager ensures tenant concerns are met with no effort on your part.
Financial Management: Property managers ensure that all of the finances for the property are taken care of. This includes collecting rent, paying taxes, and budgeting the upkeep of the property.
Expert Marketing: With experience on their side, property management services in UAE Dubai know how to expertly market properties.
Property managers take care of the day-to-day needs of your property, saving you the hassle. The main job of a property manager is to serve as the bridge between the property owner and landlords. Here’s what you can expect when using property management services in Dubai.
Top property managers have the tools at their disposal to handle all financial aspects of your property. They set rates and collect rent from tenants. This is a huge benefit because most property owners are not familiar with market rent in the Dubai area, especially if they are foreign investors. So they might end up setting the rent too high or too low. Rent that’s set too high will cause the property’s vacancy rate to skyrocket while setting it too low causes the investor to lose out on thousands throughout the year.
Property managers in Dubai also take care of the uncomfortable financial issues like late rent and evictions. They send out official notices and enforce strict policies, ensuring that bad tenants are handled as quickly as possible. This also increases cash flow since non-paying tenants can be removed from the property promptly.
Maintenance of a rental property eats away at your time and sanity so remove this hassle from your life by partnering with a property manager. They will handle all of the maintenance task that pop up and work hard to keep your property in top shape! This achieves two things: It maintains the property’s value and it makes tenants happy.
Not only that. It frees up your precious time so you can use it for more valuable things, like putting together your next deal! Property managers also have experience in spotting minor issues before they become costly. In the long-term, the value offered by property management services in Dubai far exceeds the cost!
One of the biggest mistakes that property investors make when trying to manage their own property is filling it with bad tenants. Bad tenants can severely lower the property’s value. They cause expensive damage, don’t pay their rent, and refuse to leave.
Property managers have systems in place for finding the right tenants. They run checks on credit score, verify income, and have methods of researching the applicant’s work history. Filling a rental with good tenants improves its long-term value and boosts cash flow since these people are far more likely to pay their rent.
Property managers are expert marketers and will advertise the property using powerful tools. After all, they need it filled as much as you do! They have the experience, teams, and tools required to keep vacancy rates as low as possible.
Furthermore, property management services in Dubai also offer budgeting that ensures there’s enough money to pay necessary fees like insurance, taxes, and repairs so you won’t be caught off-guard. There are also other fees to consider, depending on the exact location of the property.
Property managers keep you out of legal trouble by making sure your property stays compliant with local laws. This is especially useful for foreign investors! Avoid legal headaches by letting a property manager handle all of the essential paperwork and following through with all local regulations.
Dubai property laws constantly change so having a manager equips you with the tools to keep track. A lot of foreign investors end up costing themselves a lot of money in penalties because they miss some new law or make one minor infraction.
It really depends on the property manager and location but the cost usually falls into the range of 6% to 12% of the property’s gross monthly income. Here’s how the cost is broken down:
Property Management Fee: This can be either a flat fee or a percentage of the monthly income. It’s different based on location. Also, experienced property managers often charge slightly higher rates since they are providing higher value.
Maintenance Fees: Property owners must pay for all maintenance costs. This is not included in the management fees. Although the property manager will handle the legwork, the money for repairs still comes out of your bank account.
Leasing Fees: Some property managers charge a fee for placing tenants into the property. This is designed to cover the marketing costs involved in filling a property.
Lease-Renewal Fees: Sometimes, a property manager will charge a fee even when a tenant renews their current lease. This fee is generally lower since no marketing is required to fill the property. But managers sometimes rerun the application and check histories just to verify that the tenant is still in good standing. Of course, some property managers waive this fee altogether.
Property management services in Dubai might seem like an expense but once you break down everything involved, you are getting far more value in return. You spare yourself the headache of having to manage rental property while also squeezing the most value from it.
If you are looking for the top property managers in Dubai, contact us today.
Senior Sales Adviser of Chelsea International Properties