Buying real estate in Dubai, whether you have a diverse inventory or simply one apartment that you bought as an investment, hiring a property manager is always a good idea.
Just like it’s crucial to hire a good estate agent, it’s equally important to hire trained professionals who will take all the day-to-day stress of managing your property away, (from dealing with tenants, registering contracts to even handling repairs and maintenance) leaving you to enjoy the benefits of your asset. However, as you are entrusting a valuable investment to someone who is essentially a stranger, it’s a good idea to make sure you do your homework right!
Here are some tips from Bayut.com on choosing the right property manager for your investment, whether for leasing or complete management:
get a referral. Get five
The best way to get a good property manager is to rely on your network. Ask your friends, colleagues, family members if they’ve had any experience with property managers in Dubai – be sure to get more than one reference or opinion about the same person or company.
Another good idea is to ask the agent who helped you buy the property in the first place. Several real estate agencies in Dubai also offer property management services. For example, an agency such as Better Homes offers both property and lease management options along with a host of other value added services such as dealing with rent committee cases and registering your title deed.
do your own research
Beyond just asking your network for references, any savvy investor will know that their own research is key. Google is your friend, but be sure to look up multiple sources to find out all information – Facebook community posts on the company’s business page and private groups (search for things like ‘real estate investors Dubai’ and ‘Dubai property’) are a good way to see what the world at large are saying about different property managers. And if you find a few property management companies with positive reviews from your own research and your network’s feedback…you’re onto a winner!
Meet them in person
There’s no better way to gauge a person than by meeting them face to face. So once you’ve shortlisted a few property management companies, set up meetings/interviews with them and prepare your list of questions:
- Where do they currently advertise available properties? Make a note of this and check out the listings later – you want to make sure that they’re professional and showcase houses in the best possible light, both through their words and their photographs.
- What is included in the management fee? More importantly, what isn’t and how much it will cost, should you require those services.
- How long can you expect to wait for your property to be leased?
- Which are the areas of Dubai that they specialise in?
- How is pricing for maintenance and other services calculated?
- How are finances, rent collection etc handled?
- What happens in the case of delayed or non-payment of rent by the tenant?
- Will the property manager be the sole point of contact for both yourself and your tenant? If not, how many players are involved?
see what they’ve done
If possible, try and visit a home that your potential property manager is currently taking care of. How does it look? What do the current tenants think about the management, have they had any issues? There’s no such thing as too little information when you’re looking to hire a property manager.
When it comes to seeing them in action, it’s also a good idea to check out what their credentials are. See if they have completed the Dubai Real Estate Institute’s CPM (certified property manager) course. While the course is not a pre-requisite for property managers in Dubai, it’s a good way to ascertain your shortlisted manager’s foundation. However, even if the property manager you’d like to work with doesn’t have this certification, that shouldn’t put them out of the running – go with your gut!
The process may seem a bit arduous at first, but with a little bit of legwork, you will be able to find a good property management company in no time, giving you priceless peace of mind.
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