Real Estate is a booming business in the UAE. Unlike the Western countries, the majority of the properties in the UAE are rented out either for residential or commercial purpose. Thus, there is a need to manage the property most efficiently and professionally.
Property management is not an easy task. If you have multiple properties in different Emirates, then managing all the properties at the same time is a hard task. But following the best property management practices ensure that you can manage the property with ease.
Here are a few of the best property management practice every property manager in the UAE should be aware of.
1. Find the right tenant: Finding tenants who are trustworthy and reliable is the key to successful property management. Right tenants not only pay rent on time but also looks after the property well.
Keeping the existing tenants happy is the best way to get new tenants. Satisfied tenants help in building the trustworthiness of the property management company by spreading the word to others. This helps in boosting the business of the company.
2. Market the property well: To find the right tenant, you should correctly market the property. E.g., Suppose a particular property is situated next to a hospital. Then all the marketing activities should be targeted towards doctors and other medical professionals. This way, it will be easy to find potential tenants.
Even if the property market is going through a slow pace, proper marketing helps in bringing the right tenants.
3. Efficiently manage the property: Your job does not end with renting out the property. Managing the property and meeting the day-to-day requirements of the tenants is also very important.
Tenant complaints and maintenance requests should be attended to without delay. The tenant should also be intimated about their contract renewal well ahead of time. Using property management software dubai helps in efficiently managing the property without causing any difficulties to the tenants.
4. Maintain the property regularly: To attract and retain top-class tenants, the effective maintenance of the property is highly essential. For this, 24/7 maintenance staff should be employed. They should be trained to attend to an emergency and prepare a detailed report of the work completed. Every maintenance request received should be addressed within 48 hours to build trust with the tenants.
5. Communicate effectively with tenants: The success of any property management depends on effective communication. The interaction between the property management staff and the tenants should be seamless. The tenants should be able to reach the management easily through emails, phones, and also in-person. Similarly, the management staff should also communicate all the important matters with the tenants on time.
To effectively manage the property and stay connected with the tenant’s, property management software UAE can be used. This software helps in streamlining the real estate operation in the most effective manner. It helps the company to understand the tenants better and keep up with their needs. It also helps in reporting the day-to-day operations of the company and managing their income and expense.