Residential Property Management In Dubai: 12 Things You Should Know
Property Asset Management companies help in handling real estate investment portfolios for high value investors and developers. Whether it is residential buildings or commercial buildings, your mix of property investment will be managed based on certain key parameters of financial returns. Some property management companies handle only residential investments, some handle only commercial and some handle a variety of real estate investments.
For offshore investors who are unfamiliar with the UAE’s complex regulatory environment, a fully licensed property management company will not only cut unforeseen losses by thorough planning, strategizing and guiding, but also ensures that you earn the best returns on your overseas investments. The management of real estate assets start with post-construction process, handover of the property, leasing requisites and everyday operations. With service level agreements in place, professional management of assets is crucial to achieve high returns on investment and healthy occupancy rates during challenging times.
A look at complete property management solutions reveal that the following are some of the most important services to look for before hiring a service provider to handle your investments in Dubai’s real estate:
- Managing property handover: Ensuring the property meets all regulatory and building completion standards.
- Pre-opening phase: Custom-made strategies to ensure investors’ properties realize their maximum potential in the marketplace in the pre-opening phase of the project.
- Building inspections: Monitoring a building’s condition and dealing with contractors to correct any issues during the defect liability period (DLP) phase of a newly built property.
- Risk management: Conducting a thorough risk analysis of existing properties to address any concerns a client may have, in order to realize the full potential of the property.
- Conducting an all-inclusive inspection designed to assess the building’s safety, electrical, civil and mechanical credentials, develop a detailed report on behalf of the client to focus on any potential concerns that may occur later on. Ex: Prevention of fires in high-rise buildings.
- Regulatory advice: Dubai’s property market regulatory environment is constantly evolving. Ensuring not only the building meets all new regulatory requirements, but are capitalizing on opportunities that arise as a result of such changes.
- Procurement services: Providing procurement options for clients by identifying best quality and service from these trusted partners for new projects and major refurbishments.
- Continuous Improvement and maintenance: Regularly review a property’s operational performance and make recommendations to ensure it is operating to its full potential at all times. This includes analyzing property improvements, sustainability and maintenance.
- Leasing Services: Sourcing quality tenants for clients to obtain strong occupancy rates and profitable earnings.
- Management of facilities & Owners’ association: Providing guidance on all aspects of facilities management and creation of provisional owners’ association, establishing and implementing best practices during pre-opening, handling ongoing maintenance of a building’s operations. This includes providing continuous supervisory and consultancy services as per agreements between client and the property management company.
- Check in & Check out: Check in service is recommended for all landlords as it is important to obtain a signed condition report from the tenant. This document is cross verified at the end of tenancy or check out for any discrepancies.
- Other services: Leasing administration services, including tenancy contracts, registration, transfer of titles, utilities provision, rental collections and tailor made property marketing, PR and communications activities.
With this list, you are now equipped better for overseas property investment plans. To look for properties and agency services in Dubai you can visit MyVilla.com anytime!