Hiring a property manager is usually a good idea when buying property in Dubai, whether you have a wide inventory or just one flat that you bought as an investment. It’s just as important to hire a good estate agent as it is to hire skilled personnel who will relieve you of all the day-to-day pressure of managing your property (from dealing with tenants to registering agreements to even handling maintenance and repairs), allowing you to focus on the benefits of your asset. However, because you are handing a significant investment to someone who is virtually a stranger, it is a good idea to do your homework thoroughly.
Here are some suggestions for finding the best property manager for your property, whether for lease or full management:
Get a Consultation
Using your network is the greatest method to find reputable property management. Ask your friends, coworkers, or family members if they have worked with property managers in Dubai. In addition, make sure to acquire more than one recommendation or opinion on the same individual or company.
Another smart suggestion is to contact the agent who assisted you in purchasing the home in the first place. A number of realtors in Dubai provides property management services. For example, Binayah provides both property and lease management. As well as a variety of other value-added services like dealing with rent committee issues and registering your title deed.
Conduct Active Research
Aside from approaching your network seeking references, any knowledgeable investor understands the need of conducting their own research. Google is your buddy, but make sure to check for information from multiple sources — Facebook forum posts on the company’s business page or private groups (search for terms like real estate investors Dubai‘ and ‘Dubai property’) are a fantastic method to see what the general public has to say about various property managers. In addition, if you identify just a few property management companies that have received great feedback from your network and your own research, you have hit pay dirt.
Meet Them Personally
There is no better way to assess someone than to meet them in person. Set up gatherings with the property management businesses you have identified, and plan your list of questions:
Where do they now put available properties on the market? Make a note of this, go back, and look at the listings later; you want to make sure they are professional and present residences in the best light possible, in both text and photos.
- What does the administration fee cover? What’s more vital, what is not and how many such services will cost if you need them.
- How long do you think it will take to lease your property?
- What are their specialties in Dubai?
- What factors go into determining the price of maintenance and other services?
- Procedure for handling finances, rent collecting, and so on?
- What happens if a tenant’s rent is late or not paid at all?
- Will you and your tenant just communicate with the property manager? If not, what is the total number of players?
Check out What They’ve Done
If possible, pay a visit to a property that your prospective property manager is currently managing. How does it appear? What are the present tenants’ opinions of the management, and have there been any problems? When it comes to hiring property management, there is no such thing as too little information.
When it comes to viewing them in action, it is also a good idea to look into their qualifications. Check to see if they have finished the CPM (certified property manager) course offered by the Dubai Real Estate Institute. While the course is not required for property managers in Dubai. It is a good approach to assess the foundation of your shortlisted candidate. Even if the property management you want to deal with does not have this accreditation. That should not rule them out — trust your instincts.
The procedure may appear difficult at first, and with a little research. You will be able to identify a reputable property management firm in no time, providing you with an invaluable piece of mind.