One of the biggest decisions you will make in life as a landlord, is to either personally manage your property or hire a management company. In most cases, landlords manage their properties on their own or with the help of an employee. However, due to the complexity of the property market in Dubai, some landlords resort to hiring a property management company. Even though management companies can be advantageous, they do not come cheap.
Working on the layout of the home can make it even more efficient and offers with the opportunity to embrace the latest trends of 2019 in order to keep the home look brand new. This post brings some great ideas to get back the joy of living into the house while embracing some of the best ideas trending in 2019. Similar to the kitchen, bathroom makeover varies from minor advances to major overhauls in order to give utmost value to the property.
What does a property management company do?
A property management company deals directly with the tenants on your property. They help in marketing your property, collecting rents, respond to complaints, take care of maintenance and repair issues and handle evictions.
When should you hire a management company?
Several rental units
You should seek the services of a property management company if you have several rental properties. The Dubai property market is huge and complex and handling more than one rental property can be a challenge.
You live away from the property
It is a great idea to hire a management company if you don’t live near your property. As a landlord, there are certain obligations that may be difficult to meet if you don’t live close to the rental property.
Lack of managing experience
Some landlords seek the services of a management company because they do not have managing experience. It is very difficult to find appropriate tenants and maintain the property in good condition for the tenants. A management company will handle the day-to-day supervision of the property on your behalf.
Limited time
Even if you want to personally manage your property, you may not have enough time to oversee all management tasks. Also, if you prefer to spend your time on other investment interest, a management company can help you with taking care of your property.
You can afford the cost
Hiring a property management company makes sense only if you can afford the fee. In most cases, management companies will take a certain percentage of the revenue collected on the property. However, if the market is on the downside, it can be difficult to afford the services of a management company.
As the real estate industry in Dubai continues to thrive, off plan property in Dubai are being launched now and then. For instance, the Bluewaters apartments Dubai or District One Villas are located in the MBR City development which is expected to be completed by 2020 ahead of the World Expo. Once these projects are completed, the rental demand is also expected to increase and will further strengthen Dubai’s real estate industry.
