The next hardest task from choosing a property management service is to know when it’s time to make a change. Owning a rental property comes with a lot of responsibilities. There’s the search for good tenants, drawing up lease agreements, ensuring rent is up to date, repairs and maintenance, and dealing with emergencies. Tenant disputes and evictions can also be decidedly unpleasant.
It’s for these reasons and more that many property owners decide that their time is better served elsewhere, and choose to use the services of a property management company in Dubai.
Property management businesses are like any other; they go through changes, modify their policies, raise their prices, and hire and fire staff. Quite often, these changes don’t reflect well on your needs and a change in property management company can sometimes be warranted. Here are a few of the signs to look out for if you think your property may no longer be performing at the levels you need.
On its own, cost is not the best reason for changing property managers but there’s plenty of justification for calling other providers in the industry to ensure you are paying competitive rates. Ultimately though, you should consider the quality, experience, and range of services they provide. Bear in mind, a good quality service may be worth a little extra money each month.
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To increase their profit margins, property management services may skimp on regular inspections. If your manager has started to miss regular visits to check the state of the premises then your property is at risk of degrading into a state of disrepair.
Charges for Repairs
Whenever you get a bill for repairs or maintenance do the fees seem reasonable. A quick visit to the hardware store will give you a reasonable idea on what you should be seeing in the documentation.
What about the contractor statement, are they itemised and easy to review, or is their resistance when you ask for explanations? If there is resistance, then it may be time to consider reviewing your property managers performance.
Is your manager responsive to your inquiries, or do you have to make frequent calls before you manage to connect with them? Property managers are usually very busy people, but if you are forced to wait days for an answer to your inquiries, then they may have too much on their plate. If that’s the case, then you have to ask whether your property is receiving enough attention.
How Does the Manager Handle the Collection Process?
Even good tenants can have life challenges which can cause them to fall behind on their rent, but it’s important that your property manager stay on top of these issues when they occur. It’s no good for anybody if you suddenly find yourself unable to cover your costs because the property manager has let a few months slide by.
Even if your property manager performed admirably in the past, that’s no reason to remain oblivious to their current performance levels. It’s your property and your business which is at risk so keep yourself abreast of how well they are doing. We’re not saying you need to micro-manage your manager, but frequent check-ups are highly recommended if you want to ensure your most valuable assets are in good hands.