Dubai continues to offer a wealth of enticing investment opportunities, one of which is real estate. Profiles of property owners who are leasing out their properties are referred to as landlords. They are usually business owners themselves or people looking for financial freedom while enjoying life. If some landlords can manage properties on their own, most of them need more help to attend to property concerns. This is a property management company is required.
Property Management companies is your investment advisor and property caretaker all in one. An experienced property manager like Rocky Real Estate will bring its knowledge, management and financial skills to your property, giving you the peace of mind that comes with knowing your investment is well cared for.
You may be able to make the regular visits required for maintenance, inspections, collections, etc., if you live nearby your property. Otherwise, the farther you live, the higher your travel time and expenses will be. Not keeping a close eye on things can be a recipe for disaster.
Ask yourself how you would react in the unfortunate event usually with tenants: Get in fights with other tenants/ Carry on all night parties/ Try to sneak extra people or prohibited animals into home/ Waste management issues
Behind the seemingly simple task of collecting rent every month there can be a number of unpredictable problems can push people to their limits. We all like to think of ourselves as level-headed humans, but at the end of the day it takes a special kind of person to deal with the difficulties of property management.
Property managers deal directly with prospects and tenants, saving you time and worry over marketing your rentals, collecting rent, handling maintenance and repair issues, responding to tenant complaints and event following up with evictions.
Advertising, calls, and showing the property can eat a considerable amount of time from your daily routine, but are critical tasks as vacancies will quickly eat into your profit margins. If you question whether you have the skills or the time to make this happen, or if you have historically had an unacceptably high vacancy rate, you may want to consider hiring a property management company.
When your property is leased, there is always the possibility that you will receive a middle of the night emergency call that requires your immediate attention. It’s necessary to answer these calls, because when an emergency happens at your property, you can’t ignore it.
Your special event, important meeting, vacation, or personal crisis doesn’t relieve you of your obligation to your tenant. These emergencies don’t happen all the time, but when they do you have to be willing to handle them immediately. Can you handle being called at 3 AM in the morning to fix someone’s leak in their kitchen.
Ensuring the property is run in accordance with the UAE Laws is critical in both preventing lawsuits and shielding yourself from liability if you are sued. Familiarity with contracts is also very important as your rental agreement is the only binding agreement between you and the tenant.
Ultimately, your decision to hire a property management company is a very good decision so you can manage and venture on other businesses, or enjoy the fruits of your investments.
Rocky Real Estate offers property management services for as low as AED 5,000 per annum. Contact us for free consultation.