One of the most significant decisions you will make as a real estate investor is whether or not you should hire a property manager. Managing one or more investment properties is a full-time job. You need to give it your 100% simply because how you manage your investments can very well determine how much you earn from them. Poorly managed real estate can lose its value over time, which means a significant loss for you. If you do not have the time to manage your properties or if you feel that you are not the right person for the task, hiring one of the best property management companies in Dubai will be the right call.
What is a property manager?
Simply put, a property manager can be an individual or company that you hire to oversee the daily operations of one or more real estate units. Real estate investors and property owners typically rely on property managers when they are unable or unwilling to manage their properties. Commercial properties such as business offices, retail malls, and apartment complexes are generally run by property management companies. You will find a list of property management companies in Dubai that specialize in both commercial and residential properties.
Foreign investors, who have properties in Dubai, can benefit greatly from hiring one of the best property management companies in Dubai. Managing investment properties remotely is not only extremely difficult, but it can also prove to be impossible in certain situations. So, if you live far away from your rental properties, hiring a professional property manager may be the ideal solution. On the other hand, if you do not like dealing with the tenants, building maintenance, and so on, you can hire someone to do it for you.
Why hire The Best Property Management Companies in Dubai & What can a property manager do for you?
If you thought that property managers only collect and cash rent checks, you are mistaken. Before you start combing through the list of property management companies in Dubai, you should first get some clarity on what they can do for you. A professional property manager fulfills many responsibilities. Here are some of the most important ones:
1. Promote your property and find tenants
If you rely on rental income, the longer your properties remain empty, the more it costs you. The best property management companies in Dubai eliminate this by proactively trying to renew ongoing leases. They also promote your property on various platforms to attract tenants, and they do it as soon as the current tenant gives notice. That way, your rental property never remains empty.
Professionals hired through a list of property management companies in Dubai also make sure that a property is rent-ready. They take care of necessary repairs and remodeling work, replace damaged or faulty appliances, and rekey the doors. When the property is ready to be shown, the property manager promotes it aggressively with video walkthroughs and photos on his/her website as well as the major listing sites.
2. Screen potential tenants and collect security deposits
Hiring the right tenant is crucial if you want to avoid the risk of financial loss. The best property management companies in Dubai carry out a plethora of background checks including rental history, credit checks, employment history, pet information, and criminal record. They also conduct every step of the process in compliance with the law. Before finalizing the tenant, your property manager will consult you and get your approval. When you recommend a candidate for approval, they will perform all the legal formalities and collect the security deposit.
3. Know all the laws and regulations
When going through a list of property management companies in Dubai, make sure you select one that has a sturdy legal team to assist your property manager. As an investor, you may find it overwhelming to keep yourself up to date on all the current laws and regulations related to leasing or renting commercial or residential properties. A reliable property manager will have expertise on these areas and he/she will know how to address them properly.
4. Take care of maintenance requests
For most landlords, fulfilling maintenance requests is one of the biggest pain points. The idea of earning a passive income may not seem so appealing when you are called with a toilet emergency at the dead of night! No matter how good your tenants are, toilets will break, appliances will malfunction, and the building will get old and worn out. If you do not want to deal with the upkeep of your property, hiring a property manager will be the ideal choice.
5. Allow you to invest without worrying about geographic barriers
When it comes to running operations smoothly, real estate will always require a local presence. That means geographic boundaries can become a significant problem for investors. However, this issue can get resolved when you hire an efficient property manager whose operations are based where your property is situated. This way, you do not need to live in Dubai to own investment property here.
There are countless benefits of hiring professional property managers to oversee your rental properties. Although you have to spend a certain percentage of your profits to pay your property manager, do not let that cost discourage you. Ultimately, the added expenses will be worth it when you see your property running smoothly without you having to worry about the day to day operations.
If you want a reliable and competent team of experts to manage your property, check out RiseUp, one of the best property management companies in Dubai. Since its inception, RiseUp has been working with both domestic and foreign investors and they specialize in both residential and commercial properties. The company boasts an in-house team that is composed of some of the leading experts from the industry.
RiseUp property managers can make your life much easier by making sure that your investment property stays in the best shape to generate high ROI. To learn more about what they can do for you, get in touch with RiseUp today!