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Property management services in big demand in Dubai:
As the Dubai market has grown, so too has the demand for related
services such as property management. Often, when thinking about real
estate agencies and the services offered, sales and leasing are at the
forefront, but other related professional services can be just as
crucial.
The boom in Dubai has attracted investors from across
the globe, all eager to capitalise on the high capital growth and
strong rental yields here. The large increase in property owners since
the freehold property law was introduced, particularly with people who
reside overseas, has significantly increased the market for property
management companies.
Given the high value of a property, be
it commercial or residential, the importance of the role of good
management of the building should not be underestimated. Taking care of
an investment and optimising its returns can be a full-time job. It
also sometimes brings with it hassles that are difficult enough to
resolve when you are close by, but near impossible when you are a few
thousand kilometres away.
So what exactly is property management and what services do property management companies offer?
Property
management is about taking care of all aspects of the running of a
building to ensure it is properly maintained. The areas management
services cover can include: maintenance, lease and tenant management,
asset inventory and insurance and finance issues such as accounting,
rent collection, banking and advice on financial returns.
The
main reason for the growth in the market is that it makes the entire
leasing and maintenance management hassle-free for owners while at the
same time giving them the peace of mind that their asset is in good
hands. A property management company takes care of all practical issues
of the maintenance and rental process on behalf of the landlord,
sourcing a suitable tenant, handling contracts, managing the tenancy
and resolving maintenance issues. All of these are fairly arduous tasks
for anyone without the necessary expertise.
I think there is
sometimes a misconception that professional property management is only
for owners of full buildings or multiple units, but this is not the
case.
The reality is that there are many individual owners out
there who hand over management of their units. In some ways, the
economies of scale make it more valuable to these clients, gaining all
the required expertise while at the same time, capitalising on a strong
brand name to market their unit.
From a tenant's perspective,
a professionally managed unit is a more attractive option when looking
to rent, as it should ensure a streamlined and efficient service
In
terms of selecting a property management company to use, the best piece
of advice I can give is to carefully choose a company based on it's
ability to protect what is probably one of your most valuable assets.
Look for a reputable firm with relevant experience in the market. I
always think the best way is to ask around; speak to friends, family
and colleagues about their experiences and ask for recommendations. Do
your research on the company; do they have a qualified and trained team
and are their sub-contractors qualified?
Once you find a good
company, you can sit back, relax, and enjoy the fruits of your
investment, never having to worry about that broken shower or rent
cheques again.
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