Qualities To Look For When Hiring a Property Manager or Property Management Firm

 

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Commercial real estate owners can benefit greatly from hiring property managers, but how to know who is right for the job? There are countless property management companies in Abu Dhabi, which is why choosing one can seem like a daunting task. There are, however, some telltale signs and attributes that make reliable and efficient property managers stand out from the rest. Knowing what qualities you should look for in a property manager can make the selection process much easier and smoother. So, while interviewing potential candidates, check if they possess the following qualities.

Organizational skills:

Do they seem organized? Most of the top property management companies in UAE manage everything from vacancies, showings, rental activity to rent collection, maintenance, and repairs. Without impeccable organizational skills, a property manager will never be able to fulfill his or her duties. To do all the work in an organized manner, property managers need to be comfortable using databases, spreadsheets, and various other project management tools.

People skills:

A large chunk of a property manager’s work involves dealing with people. Servicing existing tenants, showing units to potential tenants, and supervising the maintenance crew are only a few aspects of it. Without exceptional people skills, doing all that efficiently on a regular basis is simply not possible. Property management companies in Abu Dhabi put a lot of emphasis on hiring professionals who are good with people and that includes dealing with clients as well.

Time management:

Managing a commercial property involves several moving pieces. A property manager is responsible for every little thing associated with the property. A typical workday may include meeting five potential tenants and showing them the units, fixing the pool pump or the toilet that suddenly went bust, and taking care of other miscellaneous stuff. A property manager needs to be ready to deal with the necessary, the known, and the unknown. That is why efficient management of time is a huge priority for the property management companies in UAE.

Ability to work with modern technology:

Although real estate has not been too affected by disruptive technology, the sector has seen some significant changes. For example, these days, property listings are promoted and distributed digitally. Invoicing and collection, from both the rent management and vendor perspective, are often handled through various apps or programs. Although property managers may still need to maintain hard copies and paper systems, they cannot be solely reliant on it. The leading property management companies in Abu Dhabi are fairly tech savvy and they have kept up with the changing times.

Marketing skills:

Did you know that hiring property management companies in UAE also means you get marketing pros by your side? Marketing is a huge part of property management, and the professional you hire should know where to post property listings to attract ideal tenants. They should also be able to promote your property in the right manner on platforms that will generate the best responses. If you have several apartment units or a vacation rental in a touristy resort area, only being listed on a website may not do the trick. Your property manager will need to come up with a solid marketing strategy.

A strong network of vendors:

When you hire one of the reputed property management companies in Abu Dhabi, you get access to a wide network of vendors and contractors. Because property managers are responsible for overseeing the upkeep of the property, they need to have a strong network of handymen, tree care service, pool service, carpet cleaning service, repairmen, plumbers and so on. Even if you hire a professional who does not already have a network, they should be able to build one quickly. Furthermore, they should be able to evaluate and negotiate costs with the vendors and contractors.

Responsiveness and understanding:

Property management companies in UAE can make your life easy by handling all kinds of queries related to your property. Since they will handle the marketing aspect, they will also need to be responsive to inbound leads. A property manager who vigorously advertises on social media but does not respond to messages or queries in their inbox is not the right person for the job. An ideal property manager is also good at understanding what a person needs, identifying potential solutions to problems, and walking people through them.

Proactive attitude towards security:

A good property manager is never callous about security. Gone are the days when security measures simply involved bars on windows and deadbolts. Today, tenants may enquire about doorbell videos, smart locks, proximity sensors and other modern security technologies. A property manager should know about the various security options and they should also be able to explain what measures they are using and why. Most of all, a property manager should keep the building secure and make the occupants feel safe.

Wrapping up

A good property manager has several great qualities. While some of these attributes are innate, others are acquired through years of work in the industry. When interviewing potential candidates, you should ask questions that will address these issues or at least help you get a sense of whether or not they possess the qualities you are looking for. Aside from the attributes we mentioned above, a property manager should also be flexible, ingenious, professional, and patient.

If you are looking for property managers who possess all these qualities and more, check out RiseUp, one of the leading property management companies in UAE. With years of experience in managing commercial properties, RiseUp has both the manpower and the resources to help you. The professionals here at the company have worked with real estate investors from around the world. That is why they have a unique understanding of what you need when you give them the responsibility of managing your investment property. No matter what type of property you own, if you need experienced and efficient property managers, get in touch with RiseUp. Give th

OUR PREDICTIONS FOR Real Estate in 2021

RiseUp Holding - Home for the Agents in UAE is regarded as the most trusted Property Management Company in Dubai and acoss UAE. Check out all our blogs here:

RiseUp holding Dubai real estate
1. Regional Ties Improvement
Real Estate In 2021 in Dubai and the world, we will notice improvements in ties within the region with countries which will bolster cross-border investments and result in further tourism and investment opportunities. This will happen due to Expo taking place in 2021 and also in anticipation of the upcoming FIFA World Cup. This will give a much-needed push to inter trade as well, which will also result in further more businesses being set up within the region, in particular due to the change in requirements for local partners in various business categories.
2. Apartments Price Growth – Real Estate 2021  Post Covid, there has been an unexpected increase in the prices for villas and townhouses, in particular in the luxury segment. This happened due to end-users preferring to have certain amenities which are only accessible in villas or townhouses for their kids to be outdoors as opposed to being indoors in apartments. This caused a strain on the prices of apartments, and due to the prices dropping within this segment, we will notice a rebound in the apartment prices this year as investors and end users alike will realise that better deals and opportunities will lie within apartments, so they will start to slowly shift their focus there. This might also result in slight adjustment of prices within the villa and townhouse community. 3. Primary Property Price Growth 2020 was the year of the Covid, and that caused a domino effect which resulted in the feds stepping in and printing money. The Feds have injected over USD 9 Trillion into the economy, which equals 22% of the circulating USD printed in just 2020. The majority of this money has gone into the stock market which has resulted in unprecedented gains during 2020. Eventually this money will move out of the stock market and make its way to properties, in particular in the hands of institutional investors, and this will give a massive boost to all primary cosmopolitan markets across the globe. 4. Further Reduction In Rentals The rental market will continue to see a drop within 2021, but it will not last the year. More tenants will shift their focus towards buying, due to the price reduction in apartments, and that will push the property prices up. Based on furthermore businesses opening and job opportunities, more migrations will happen within the region, and tenants from outer emirates will look at shifting to Dubai based on the rental opportunities, which will then in turn push the rental prices up. This will furthermore lure in investors who are looking at rental income-generating assets in Dubai.
5. Israel Investments Since the normalization of ties within the two countries, we will look at a heightened level of interest from investors in Israel to enter into the UAE market. Beachfront properties in Tel Aviv start from a range of US$ 3,000 Per Sq.Ft; whereas similar luxury properties in Dubai can start from US$ 500 Per Sq.Ft, which will make it very attractive for investors from Tel Aviv as they look at beachfront assets for holiday homes or short term rentals. The overall boost will not only benefit the real estate sector, but also technology and infrastructure.
For more information on Real Estate 2021 market in Dubai, you can reach out to us via email info@riseupholding.com or phone +97143887440.

FAILURE RATES AMONG DUBAI’S ESTATE AGENTS ARE WAY TOO HIGH

What does it take to be a successful agent or agency in the Dubai real estate market?

As of 2016, there were 5,933 active agents in Dubai market with a total of 2,285 registered offices as per a Dubai Land Department report from that time. Currently, there are 2,672 active agents and 969 companies in the market, based on September data from a private real estate portal.

That doesn’t mean all the agents or companies in the market are on that portal; so let’s consider another 20 percent agents and companies are operating.

Aakarshan Kathuria
Aakarshan Kathuria – Managing Director (RiseUp Holding)

As per our best guesstimates, there would be about 3,200 active agents and about 1,160 active companies. That means for every 2.75 agents, there is one real estate company. Odd metrics, right?

Well, one of the reasons for this is that anyone and everyone who thinks real estate is an easy business feels obliged to open their own company. The majority do end up failing.

I would go as far as saying that perhaps from this list of active agents or companies, only about 25 percent are aware about the regulations in the real estate industry and performing to their true potential. Let’s not talk about the 75 percentile, let’s talk about the 25 per cent who turn out to be successful.

WEAK ON BASICS

The job of a real estate agent in Dubai or globally is not easy, period. I’m not saying any other job is a walk in the park, but for an agent, like any other sales role, it’s all about the income they are able to generate that dictates their take-home.

WHAT DOES IT TAKE TO TASTE SUCCESS?

The barrier to entry for this role is low, which results in many aspiring individuals having a misplaced perception of this role as a money-generating machine that requires limited input and knowledge. A majority don’t have a basic knowledge about contracts or legalities.

While the most important aspect of this field is to understand how to deal with clients, which one can only learn on the job or through training, clients appreciate agents who have their basics in place:

● Understand the basic calculations of investment, rental yield, service charges, mortgage payments, gross and net income; so you can guide your clients better.

● Understand how to draft and review contracts that your clients are signing as a lot of bad investments can be credited to weak contracts.

● Understand the legality of transactions, how to best protect your client interests, and what fail-safe procedures to implement in case something goes wrong.

These are some of the basic principles that are so vital, but easily ignored by that 75 percentile of agents.

Source: Gulf News – Written By Aakarshan Kathuria

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