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The United Arab Emirates (UAE) is a popular destination for property investors and tenants alike. However, managing and leasing properties in the UAE can be a complex task, especially for landlords who live abroad or have multiple properties. This is where property management and leasing companies come in, offering a range of services to ensure the smooth running of properties and the satisfaction of landlords and tenants. This article will explore the five things UAE landlords expect from property management and leasing companies and provide some rental stats from 2022 UAE.
Effective communication is crucial for the success of any property management and leasing company. UAE landlords expect their property managers to be responsive, reliable, and efficient when communicating with them. This includes responding to emails and phone calls promptly, providing regular updates on the property, and addressing any concerns or issues that may arise.
In a survey conducted by Bayut, a leading real estate portal in the UAE, 45% of landlords stated that communication was the most crucial factor when choosing a property management company. Landlords want to be kept in the loop at all times and expect their property managers to be transparent and honest about any challenges or changes in the property.
Rent collection and disbursement are critical components of property management and leasing in the UAE. Landlords expect their property management company to collect rent on time, send regular updates on rental income, and disburse rental income promptly. This helps landlords manage their cash flow and maintain financial stability. Having good property management software can ease these efforts.
According to Bayut, the average rental yield in Dubai in 2022 was 6.5%, with some areas reporting higher yields. This highlights the importance of timely rent collection and disbursement, as landlords rely on rental income to cover expenses and generate a return on investment.
Maintaining and repairing properties is an essential part of property management in the UAE. Landlords expect their property managers to handle routine maintenance and repairs, such as cleaning, landscaping, and fixing minor issues. Also, landlords expect property managers to address significant maintenance and renovations and provide cost-effective solutions.
In a survey conducted by Bayut, 35% of landlords stated that property maintenance was the most important factor when choosing a property management company. Landlords want to ensure that their properties are well-maintained and any issues are addressed promptly to prevent further damage and maintain the property's value.
Marketing properties and screening tenants are critical components of leasing in the UAE. Landlords expect their property management company to market their properties effectively to attract potential tenants and screen tenants thoroughly to ensure they are reliable and trustworthy.
According to Bayut, the average rental price for a studio apartment in Dubai in 2022 was AED 48,000 per year, while the average for a 3-bedroom apartment was AED 150,000 per year. These prices highlight the importance of effective marketing and tenant screening. Landlords want to ensure their properties are leased to reliable and trustworthy tenants who will pay rent on time and take care of the property.
Read more on 5 Services that Tenants Expect Their Property Managers To Provide
Legal compliance is critical in property management and leasing in the UAE. Landlords expect their property management company to be well-versed in local laws and regulations and to ensure their properties comply with all applicable laws and regulations.
In addition, landlords expect their property managers to handle any legal issues that may arise, such as evictions or disputes with tenants. This requires a thorough understanding of the legal landscape in the UAE and the ability to navigate complex legal situations.
In conclusion, property management and leasing companies are vital in the UAE's real estate market. UAE landlords expect their property managers to be reliable, efficient and cost-effective. Having Proptech in place, property management companies can focus on these goals efficiently.