Good property management can keep you making money.
Profitability is usually a factor to look at when it comes to gauging the success of any business. However, when it comes to property management, there are certain signs – some of which may not be very tangible – that greatly show the success of good property management. How many of these does your firm possess?
Low Vacancy Rates
If your property manager in Dubai has managed a low vacancy rate for a long time then you know the property manager has taken the steps to ensure your property remains profitable. This could mean:
- That the property manager is actively involved in the marketing of the property to new and potential tenants.
- That your units are generally being sought after.
- That the management is navigating market rents to maintain current tenants.
Tenants Staying Put
There’s one major reason why tenants would not leave or be showing signs of leaving: they like it there, obviously. A working management makes tenants want to stay in the property because the comfort is what they look for. It’s not because there are no issues but mostly because the issues are actively addressed. If you want to know how well the management is then you need to start from the tenant before you can look at the office.
An Online Marketing Strategy
The digital face of your property, with the help of some marketing, can take your assets to the next level. Therefore, a company that has an active Facebook page or Twitter following, for instance, is most likely working to learn the intricacies of his market. It also shows that the company is reachable due to the multiple digital platforms available for conversation.
Consistent Potential Tenant Inquiries
Even when the property isn’t advertised. We see this as a result of great management. Tenants can be your best promoters if their property is managed with them in mind. That means if you are looking for a great property management company you’ll probably have heard of it long before you consider other factors.
Ask around. If a property management company gets referrals from other owners, they’re most likely doing something right. Try to find out how long the owner has been using the same property manger.
Certifications – whether relevant to your needs or not, show that the property manager is actively pursuing education. Staying active and ahead of the competition is a good sign that your property manger is going to be actively involved in the success of your property.
Being Contacted by Other managers for Advice
It is a good sign if another manager can seek the advice of the manager you are evaluating. It shows that the latter has a considerable level of authority in that field. Therefore, as intangible as the factor may be, it may be a good distinguishing factor if you are trying to decide which of two or more management companies is best for you.
Being Invited to Speak at Events by Associations
Associations and other organizations qualify invitees before they ask them to speak. If a property manager is invited in one of these events, then it is most probably because he/she is an expert in the field. This is to mean that attending such events is a good habit to start and maintain especially if you are actively looking for a good property manager.
Being Approached by Rental Agents
Property managers sometimes in certain areas require the services of agents not only to purchase a home but also to rent one. These agents are paid to know all the properties regarding rent and therefore they have the best overview of everything happening in the market. Therefore, if they approach a property manager it means that his/her property sticks up against competitors.
Enjoying the Work
Enjoying the work is another less tangible factor but it’s important to consider. Property managers deal with a lot of people – from property owners, to the vendors and the tenants. Loving what they do means they have maintained good relationships all around. They work with a mutually beneficial state of mind.
There are many property management companies in Dubai. Some are genuinely good and successful at what they do, but some are plainly dormant. When choosing a company, it’s your responsibility to look at the success indicators. A good property manager is capable, not only of increasing the value of your property but, more importantly, giving you peace-of-mind.