You may not realize that property management in Dubai is a lot like property management in other places in the world, but there are substantial similarities wherever you may own.
While the Dubai market is a unique place, the fundamental aspects of property management in Dubai are much like those of any rental market. While some property managers seek only to draw a paycheck from your investment, responsible managers have a higher ethical and professional standard that they follow.
Staying Up to Date on Laws
The nature of any growing city is that laws are subject to change on a regular basis, and property management in Dubai is no exception to this rule. As a modern city that is also Islamic, there is a combination of the more traditional and the extremely modern that can be confusing to the uninitiated. For a property manager operating in this area, a lot of information is needed on both official protocols and social customs that could impact being able to lease the property effectively. Any breach in these types of protocols could be the difference between successful renting and having the property go vacant, or worse incurring substantial fees from the local authorities.
Naturally, being a reasonably new market also means that the laws are in a constant state of change. Rather like New York City, which is an established but highly competitive market, property management in Dubai is partially a matter of staying on top of frequent updates to the laws. If your property manager is not constantly reviewing and making corrections to their business practices based on these law changes, this is not effective property management in Dubai.
Acting as a Responsible Steward of Your Money
You have worked hard for your money, and the entire reason you invest in a growth market like Dubai is because you want to grow your wealth. You do not want to purchase a job, and you do not want to sink your money into a losing proposition. Responsible property management in Dubai knows this, and will take pains to preserve and grow your wealth. A responsible property management company will guard your wealth from undue taxes, ensure your deductions are in order, and will make sure you have the best possible tenants as frequently as possible. With a responsible financial steward in place, your property will be more successful.
Regular communications between tenants and property managers are important. By the same token, it is also important that your property manager be communicating with you on a regular basis. These communications should inform you of anything that is happening in and around the property, and you should also be kept informed of anything that might affect your property. Infrastructure changes, new tenants, tenants who have caused damage and new construction nearby can all impact your investment, and effective property management in Dubai both recognizes this fact and works with it to maintain your investment.
Advocating for You
Your interests in Dubai are important to your property and to growing your wealth, and a good property manager knows this. When there is an issue such as collecting rent, dealing with arrears and marketing your property to the best extent possible, your property management in Dubai should be handling these issues every day. The better your property manager advocates for your interest, the better your investment will be protected and the more wealth you will be able to grow as a result.
Issuing Proper Reports
Reports consist of the financial aspect and the physical aspect. Financially, you should be issued at least a monthly report detailing rents received, maintenance amounts charged, utilities, taxes and fees paid, and any other financial aspects that might need to be covered. Physically, anything that involves the property should be recorded and sent to you. Far too many property investors have properties they think are in good condition but that have been allowed to deteriorate considerably because of indifferent management. Property management in Dubai depends on good management to bring in foreign investment by providing superior returns, and a major part of this is delivering reports about the physical condition of the property. Pictures should always be a part of these reports.
Dealing With Professionals
Professionals handle many aspects of a rental property. When an eviction or collection process is needed, your manager must work with an attorney. When there are tax documents to prepare, often quarterly, an accountant is necessary. Your property manager should have this network in place and work with them to make sure you are getting the best return you can while paying the least in taxes and having the lowest level of liability possible.
Good property management in Dubai does a lot for your best interests, while bad property management just limits its own liability.