A closer look into what you can expect from your Property Managers

Property Management involves managing daily operations of a property by a third party on behalf of the property owner.
Property Managers are middlemen between the property owners and the tenants and are generally hired when the owners do not have the time or experience to take care of the business-related tasks that are involved while maintaining their properties.
Property Management in UAE is a popular service and property owners depend on them for hassle-free management of their properties irrespective of whether they are based in the UAE or abroad.
A Property Management Company in Dubai or in any other part of the world generally offers services that include overseeing, controlling and managing the daily operations of a property.
The services generally include:

1- Managing Rent

One of the main responsibilities of Property Management Companies is managing rent. Their tasks involve setting the initial rental rate. The rates are based on the property’s condition, its location and the current market. The companies are also responsible for maintaining cash flow by making sure that the tenants pay their rent on time. They can also increase or decrease the rental rate depending on the current market while following real estate laws of the land.

2- Marketing Properties

Property Management Companies are responsible for marketing properties and attracting new tenants by listing the properties along with their photographs on various mediums and property portals. Good marketing tactics call for quicker renting out of properties at attractive rental rates.

3- Managing Tenants

General responsibilities of Property Management Companies also include managing tenants. They find the right tenant for a property and conduct a screening with the help of various background and credit checks.

They are also responsible for taking care of tenant emergencies, move-outs as well as evictions. During a move-out, it is for them to assess any possible damage that may have occurred during the occupancy and also decide the amount of deposit to be refunded depending on the damage.

Once the tenants have moved out, the companies need to handle necessary repair works, get the property cleaned and market it for leasing.

4- Maintenance & Repairs

It is for the Property Management Companies to take care of all necessary maintenance work so as to keep a property in a habitable condition. Also, when repairs and renovations are required, the companies need to respond in a timely manner and make sure that they are completed without any delay.

5- Managing the Budget

Property Management Companies are generally in charge of managing the budget of the property and maintaining detailed records of income and expenses. They are usually given a set budget that they need to operate within to make improvements, conduct repair works, and also maintain an emergency fund.