The decision about whether or not to utilise property management services is a difficult one for many real estate owners to make. Some people would never consider real estate investment unless they had a property management company to help them manage their portfolio. Others, however, find it difficult to let go of some control and break away from the do-it-yourself mentality. Continue reading to learn three things a property manager can do to assist you in managing your investment properties.
1. Ensure that your property is kept in good condition
Whenever there is a problem in your property, such as the A/C not functioning or the dishwasher breaking down, action must be taken quickly. You may find that hard if you are working, on vacation or otherwise occupied, and you may also have difficulty identifying the most appropriate individual to deal with the situation.
If an issue arises, a property management company is well equipped to deal with it. They often have access to networks of certified professionals such as plumbers and electricians who can attend to emergencies but also carry out regular maintenance and inspections.
2. Source tenants
A reputable property management company will cover the costs of advertising for tenants, promoting apartments and screening potential renters. They can bring a great deal of knowledge and experience to the table in this area, and many believe that this is the most valuable service a property management business can provide. They know what to look for in tenants and can make the whole process quick and easy.
3. Produce a comprehensive tenancy agreement
A tenancy agreement is a legally binding contract for both you and your tenants that must be signed before they can move in. It safeguards your property, outlines your duties as well as those of your renters and serves to prevent possible problems from occurring in the first place.
It will include conventional information such as the start date of the lease, when the lease ends, the notice period, the rent due dates and so on, but it may also include information specific to your particular property, such as whether pets are allowed in the building.
Get in touch with our expert and friendly team at KeyViewDubai today if you're seeking assistance with Airbnb management in Dubai, vacation home management or short-term rental management services in Dubai.