Want to hire one of the best property management companies in Dubai? If you have one or more investment properties in and around the city, managing them all on your own may be too much of a hassle. If we are being honest, it may even become impossible at some point. In such a situation, the best option is to hire professionals to help you out.
Having trained experts manage and take care of the day-to-day running of your investment properties can take a huge load off your shoulders. So, how do you find the right person for the job? There is a list of property management companies in Dubai. When choosing one of them, make sure to consider the following aspects:
Are they one of the best property management companies in Dubai?
A solid reputation and a positive track record are two of the most important qualities of a property manager. When searching for an expert in the field, you may come across a list of property management companies in Dubai, but are they all qualified enough to handle your investments? You can never be sure unless you research the company’s background and the work they have done.
Do they have specialized knowledge?
Amateur investors often do not understand that every investment property is different. That is why property management expertise also varies depending on the nature of the investment property. For example, if you own an apartment complex, you cannot hire a property manager who has only worked with single-family homes. Furthermore, since each type of investment property comes with its own set of challenges, you cannot trust property managers who say they are experts at managing all types of properties.
Have you narrowed down your search to local firms?
You cannot simply stop at finding the best property management companies in Dubai. You need to shortlist companies based on their experience in the specific locations where you own or intend to own investment properties. Since laws and regulations vary from one region to another, hiring a local property manager ensures that you are always on the right side of the law. Besides, a property manager, who is intimately familiar with a particular region, has a better understanding of the area’s real estate market, rental rates, ROI, and trends. That knowledge can be crucial in managing your investment.
Do they have the correct licensing, affiliations, and insurance?
When looking at a list of property management companies in Dubai, make sure you find out about their licensing and other legal requirements. A reliable property management company will have all the required licensing and certifications in order. They should also comply with the regulatory requirements for insurance. Before you decide to hand over the responsibility of managing your investment, make sure to personally verify all membership, licensing, and insurance claims personally.
Have you evaluated the company’s systems and performance?
Researching and evaluating the company’s track record and performance over the years is absolutely necessary. Start by going over the statistics for the properties that the company manages. Your research should cover critical factors such as turnover rates, rent collection data (percentage collected on time, delinquency, percentage of late payments etc.), vacancy, occupancy, eviction, and the average length of a tenancy. You should also check if they have any systems in place to streamline the whole process and make it more efficient. For example, can tenants pay rent online via a portal or submit their complaints electronically?
Does the company have a good reputation?
You might think this one is a no-brainer. If a company ranks number one in Google, that surely means they are one of the best property management companies in Dubai, right? Well, no! With the right branding and digital marketing, any company can rank well in the SERPs (search engine results pages). While the top ranking company is surely worth looking into, you cannot automatically assume they have the best reputation in the industry.
For that, you would have to find out what the public thinks about the company. Start by checking reviews on Google. You can also ask the company for references, and call those references up to find out more about how well the company operates.
Have you reviewed the agreement and other legal documents?
It goes without saying that you should always sign legal documents after carefully reading and reviewing them. A better way would be to ask the prospective company a sample of their property management agreement. How much do they charge? Do they have any exit clause? Are their responsibilities clearly mentioned? How do they plan on resolving disagreements? A legitimate property management company should be able to resolve all of these queries and clarify any doubts that you have. Besides these, make sure to check the tenant lease agreement.
Do they adhere to the market standard for Dubai property management fees?
While the services offered by a competent property manager can be invaluable, not every investor can afford to spend a fortune on hiring a property management firm. Dubai property management fees can vary depending on the company’s reputation, the nature of the investment property, the work involved in managing it, and the region where the property is located. Before making the final decision, you need to find out how much the company charges.
When you are on the hunt for a suitable property management company, make sure to take a look at RiseUp, one of Dubai’s leading real estate agencies that specialize in property management. At RiseUp, you will find dynamic and capable professionals with years of experience under their belt. Since our inception, we have worked with both amateur and seasoned investors, and we have helped to double or triple their profits within a matter of months. If you want to reach your true investment potential, make sure to get in touch with RiseUp today!