The benefits of property management explained
(Anisha Sagar, Head of property management with Allsopp & Allsopp, describes the benefits to landlords of getting their property portfolios managed by a team of professional experts.)
Q1. What is Property Management?
Property Management is a service given to owners to take away the stress and niggles of managing their property. A Property Management body is a mediatory party between an owner and a tenant to take care of an owners’ investment and ensure all of the regulatory items are taken care of including schedule of condition reports, rental cheques, maintenance management and ensuring correct notices are given to the tenants.
Q2. What is the biggest benefit of Property Management?
The biggest benefit of having a property managed is definitely the peace of mind it gives the owner. Landlords can relax knowing that there is an impartial third party protecting their property, deposit and tenant. Property managers will take care of and manage the often time consuming day-to-day problems that may arise.
Q3. What services can Landlords expect from Property Management?
The landlords can expect an array of services to ensure their investment property is managed to the highest standard and ease their workload and stresses:
– Collection and safe keeping of deposit.
– Tenant Screening and documentation collection.
– Accompanied viewings with prospective tenants.
– Advertising your apartment on Dubizzle, Property Finder and all other leading websites.
– Preparation of the tenancy agreement.
– Move in preparation paint, clean, pest control, A/C (maintenance at additional cost).
– DEWA connection for both landlord and tenant.
– Key Handover/Tenant Check in.
– Register tenancy with EJARI.
– Rent collection arrangement.
– Management of failed rental payments.
– Financial Reporting.
– RERA Compliance.
– Tenant & maintenance management
– Renewal of Contracts including negotiation of contract changes.
Q4. Who typically has their property managed?
Landlords who want to remove the stress and headache of what can come with renting out their investment property will benefit greatly from having their property managed. Many landlords may live overseas in a different time zone or similarly landlords who may travel for work. A large majority of Allsopp & Allsopp’s property management clients have a vast property portfolio and find the property management service extremely beneficial.
Q5. Is the service available 24hrs, 7 days a week?
The property management team are contactable 7 days a week. The team can then liaise with trusted contractors who are on hand 24hrs a day.
Q6. Under what circumstances will the landlord be contacted?
Landlords are mainly contacted to give consent for maintenance works on their property. From there an agreement will be made with the property management team on the best way to move forward with contractors. A landlord will also be contacted to receive an update on their investment. Updates on the property can be given weekly, monthly or annually depending on the landlord’s preference.
Q7. How many times will a property be inspected?
The property management team conduct a check-in and check-out inspection where they will take photographs of the condition of the property. The visual inspections are very thorough and look at floor to ceiling, internal and external aspects of the property. As well as this, fixtures and fittings are checked along with appliances and overall condition of the entire property.
Q8. How does a landlord get a rental increase on a property?
As per RERA Law an owner can only get a rental increase on a unit if the RERA Calculator permits this. The Dubai Land Department regulates all increases based on the current market conditions. If a rental increase is permitted, this should be applied 90 days prior to the expiry of the contract to give the tenant due notice.
Q9. How many days’ notice will a landlord have to give a tenant to vacate the property?
If an owner wishes for a tenant to vacate the unit then they will have to give the tenant 365 days’ notice and should be for the following reasons:
-The property is their only place of residence
-Selling the unit
-Non-payment of rent
-The unit is inhabitable
Q10. How important is a property inventory?
A property inventory, in my opinion, is the most important part of the service. It is a professional report recording the condition of the property. The property inventory protects the owner against damage on their investment and ensures that should there be any dispute on condition of the unit, there is a professional report that both parties can refer to.