If you live in an apartment in Dubai, chances are your landlord has hired a property management company to take care of the daily operations to keep it going. Most building owners association do it, and it is for the simple reason that hiring one makes everything simpler.
Usually, the property management company you hire has one property manager dedicated for you, a person who can take care of the different maintenance and budgetary requirements. As a property manager, the person has the primary goal to increase the investor’s returns and ensure that the property is maintained well.
A property management company can help you with property management by helping keep it simple.
1. Rent and tenant responsibilities
How much rent should one pay? It all depends on the unit size, the property location as well as the number of people sharing the place. Property managers visit the property and analyse it for the setting the rent. They also take into consideration the actual’s market value on this analysis.
Other responsibilities include setting a date for rent collection, adjusting rent every year according to the law, and uploading property pictures online.
Finding the right tenant and managing them is the second thing they need to look for. The property manager is responsible for finding the tenant, screening them for eligibility, handling lease documents, move-outs and complaints. If the manager has a good number of years of experience, then they will have no trouble in finding the ideal tenant. They are also responsible for timely eviction in case the tenant is unable to pay the rent.
Other responsibilities include handling security deposit and ensuring that the tenant lease document and arrangement follows all the standards as per RERA (Real Estate Regulatory Agency).
2. Repair and maintenance
Maintaining the property and keeping it in mint condition is the only way to prolong its life. The manager should regularly hire professionals to exterminate the property and look for leaks and cracks in the walls or floors. They should have a list of available carpenters, plumbers, and electricians for repair and maintenance purposes.
All activities that the property manager undertakes should follow a well-structured budget. They will be able to build a good budget only when they have analysed the property for repairs and maintenance. They should also keep all records including income and expenses, signed leases, maintenance costs, repair costs, insurance costs and rent collection record.
4. Tax and legal
It goes without doubt that the property manager should help the owner with property tax and everything legal concerned with the property. Along with explaining the rules and regulations related to property tax, the manager is also responsible for filing taxes on the owner’s behalf.
The art of getting things done on time is an art every property manager should possess. As a supervisor, their responsibilities include assigning responsibilities to subordinates, hiring carpenters, electricians, and plumbers, and giving out payments. They should also be stern if the work isn’t as expected and fire them if required. Some investors hire managers to ensure that the property is safe and not subject to vandalism. Their only responsibility includes taking care of the property and cleaning it on a daily basis.
Living in an apartment means that you will be sharing the building facilities with all the other tenants. It also means that you need to manage your finances well, to meet the daily running costs. A professional property management company in Dubai will do that for you, ensuring that you not only do everything by the books but also make it all cost effective.
Get in touch with Place Strata Management on +971 4 554 6707 or email us firstname.lastname@example.org for more information.