Owning a property is extremely rewarding financially, however, it does require effort, investment of time and having great relationship skills.
A lot of landlords prefer having a Property Management Company to take care of the daily challenges that come with being an owner, so they can concentrate on their actual daily routine life. Property Managers can help manage a lease from the time of the tenant’s move-in up to the time of move-out, however, here below you will find the top 5 reasons to have a Property Manager manage your investment.
Establishing the correct rental rate: The Manager is responsible to set the correct rental rate to the owner from the beginning. So this way, the owner is well aware of the achievable amount and the vacant period is much lesser in comparison to other properties listed that have unrealistic advertised prices.
Marketing: The Manager will have more resources, a larger networking relationship and ideas to market a property than an individual landlord.
Managing tenants: The main purpose of having Property Management is to ensure that owners are stress and hassle free. With having a Property Manager, they are responsible to manage the tenant from the time of agreeing the lease until they have moved out. Meaning, the Managers handle the daily routine chores related to the property, maintenance, as well as the tenant’s complaints whilst the owner sits back and relaxes.
Vendor relationship: As marketing, the Property Management Company will have more resources towards various different contractors, vendors, suppliers etc., than an individual owner. The Manager ensures that the best work is carried out, at an affordable price and within the expected timescales so all parties are happy.
UAE local laws: There are several laws & regulations to abide by when renting and maintaining a rental property. Not every owner is aware off these laws, especially for landlords who do not live in the country. Therefore, a Property Manager can educate owners and keep them up to date with the laws to ensure a smooth phase of the tenancy in compliance with RERA.
Profit: Profitability does not stop at just money. Since a Property Manager looks after all aspects of a property, as an owner your efforts are minimized whilst your free time is maximized which could be used towards your actual remunerating occupation.