Property management is a beginning to end service that looks after the property, owners, tenants, tenancy contract and maintenance repairs to maximise revenue potential and maintain the investment.
Provided you select a reputable and professional company the benefits can be vast. A priority for busy owners is the convenience of the service to assist with all the tenant enquiries and receive timely notifications of tenancy requirements and updates on the relevant laws. Managed properties will take precedent and many Tenants prefer renting a property that is managed rather than direct Landlord contact. Assistance with third-party payments can also offer effective solutions to banking requirements. The inspections and maintenance services can be vital for non-local owners. The knowledge, experience and contacts the property management companies have will be considerably more than an individual owner due to the companies larger property portfolio and full-time business. An effective property management company will save you money in the long term.
All real estate activities in Dubai are governed by RERA (Real Estate Regulatory Agency) and in addition to a Trade License, a RERA certificate is required. Check the activity on the Trade License as they can vary depending on the type of business. For Management Companies with Real Estate supervision activity, they are not entitled to receive or collect rental cheques in favour of their companies. Exclusive Links are licensed in the activity of “Leasing and Management of Other People’s Property” and this allows us to collect and disburse rental funds.
Enquire into the business operations which includes their property portfolio (number of properties managed and which areas), office location and working hours. The staff experience and longevity are very important to build long-term connections and have the assurance of expertise and know the people you can rely on and contact. Customer feedback and testimonials should provide insight into their existing client ratings of their performance and service standards.
Yes, you should request and review the Management contract which should detail all the services including a number of inspections, both party responsibilities, all charges and applicable fees.
This is very important to have the confidence your property will be exposed effectively in the market to minimise periods of vacancy. Review their marketing strategy and do they network managed properties with other licensed reputable companies to further reach a wide audience of potential tenants.
Management companies may use their own contractors or outsource business to third parties however the main factor is to avoid any conflict of interest. If the management company is benefiting financially from maintenance works to your property then a lack of comfort and confidence in the work requirements and cost could be problematic.
There is a wide variance of charges and services for you to consider and depending on your requirements. Firstly you should check it is a management company and not just a real estate agency offering partial management services. A charge as low as 3% may not include many of the value-added services a full management service will provide at a higher rate. Additionally, there may be a lot of extra charges that are added on top of a management fee that can increase owners charges.
The terms of the management contract should include termination notice and review any clauses regarding any paid fees or held funds.
Properties in Dubai all include annual services charges that are payable quarterly. This is for the upkeep of the communal areas within the building or community. Invoices for charges will be provided directly to the Landlord from the Developer/Owners Association. This information is confidential and late penalty fees can be applied if payment is not settled by the due date and therefore responsibility will remain with the owner.