If you live in Dubai and are thinking of hiring a property management company, the chances are that you may have wondered which company to go for. Well, you are not alone. Hiring a property management company can be a tricky thing to do, especially if you're not aware of what to look for in a company before signing papers.
Before discussing what you should look for in a property management company, let's quickly point out what responsibilities you can expect to trust the company with.
The tasks of a property management company may vary depending on several factors, but these are the most common:
With some knowledge of the duties a property management company can relieve you of, it's time to get down to the nitty-gritty of what you should consider before hiring one.
If you're a great manager as a property owner, the chances are that you may not need full-service property management. Say you're a property manager who can interact appropriately with the tenants, and do a couple of things such as collecting rent, handling complaints and others. If you can do such but are unwilling or much challenged when it comes to getting and screening new tenants, you can hire a company to do that part for you.
If, on the other hand, you feel like you're not comfortable handling anything to do with property management, you'd be better off hiring a management company to do the work for you. You can even hire such a company if you don't have enough time to manage your property.
Before settling for a specific property management company, try to find out more about their experience in the industry. Dig for information such as how many years they have been in business, or how many units they managed so far. With enough experience, you can be confident that the company will successfully manage your property regardless of the type.
Regardless of the type of property you own, one thing is clear: you have to maintain the property to keep it in its best shape and functionality. Before hiring a property management company, find out more about their maintenance process. An ideal management company should handle repair and upgrade projects that are under an agreed amount.
By handling minor repair and upgrade projects, such a company would relieve you in a way that would allow you to focus on greater projects. You can even ask if the company has an in-house maintenance team that would eliminate the need to hire professional maintenance services.
A good property management company should naturally establish a personal relationship with you, to help you to meet your goals for the investment. As such, the management team of the company should be interested in knowing more about who you are, why you decided to invest in the property, and what goals you have for your investment. That way, the management company can manage your property like how you would do it, thus providing satisfactory services.
One of the most effective ways to find a property management company that you can trust is to work with references. You can source such connections from people you trust, such as your closest friends and family members who have invested in the real estate industry. After getting referrals, you can always do further research by having a look at the business ratings and customer reviews about the company.
The process of finding an ideal property management company in Dubai can be long and tiring. However, with a few ideas on how to go about it, you don't have to struggle a lot before getting the right company. Remember always to trust your gut, and take some time to research before deciding to hire any company.