Property Investment and Dubai Service Charges
If you are planning to venture into property businesses in Dubai, then it will be prudent that you equip yourself with up to date information on Dubai service charges. Many property owners have been forced to put up with costly repairs and bills because they got into real estate business without first obtaining the right information about the entire process. As a property owner, you can take your business to the next level if you take time to equip yourself with property management charges that you will have to incur in the process of managing your property.
Initial Setup Fee
Before getting into real estate property, you should be prepared for initial setup charges. These are the charges that a property manager will levy on your investment to set an account for you. Although not every property management company charges this fee, many companies in Dubai and around the world have made it a requirement. The charges might include fees needed during the inspection of the property and also the cost of notifying tenants that it is the property management company in question that will be managing the property.
Any property is in a better position of making good profits if it is in good condition. Any property manager that you give the task of managing your Dubai property will require that you cater for these fees. The property management will use the levied charges to ensure that there is a proper collection of garbage in the property. It will also use the payment for cleaning purposes as well as carrying out repairs of the property when the need arises.
Tenant Placement Services Charges
The real estate industry in Dubai is growing at a very high rate. What this means is that sometimes getting tenants for your property can be an uphill task. It is for these reasons that property owners choose to hire professional property managers rather than managing their properties on their own. A property manager may ask for fees to put tenants in your property. This, however, could be a percentage of the rent collected from the tenants or a flat rate. It all depends on the kind of property managers that you will hire for your business.
Eviction Services Charges
If you have been in the real estate for a long time, then you know that handling tenants who do not want to perform their duty of paying rent are a common phenomenon. Having to deal with such tenants is a headache that many property owners may not be able to handle. Thanks to the presence of professional property managers who have the skills ability to perform the task. However, you will need to pay for the eviction services charges. Sometimes, the eviction might end up in RERA’s courts, and you will still be expected to meet the costs.
Early Termination Fee
If you find yourself in a situation where you are forced to terminate the property management contract before its maturity, then you should be prepared to pay for it. The amount to be paid depends on various factors, such as the term of the contract and the property size. Failing to cater to these fees can result in you being taken to court for breach of contract.