Owning real estate properties is one thing; but if you want to ensure their values keep rising you will have to manage them well.
For instance, if you are planning to rent it out, it becomes your responsibility to find tenants and interact with them. You will have to decide how you are going to market this property, who will lease it out for you, what is procedure you will adopt for collecting rent and resolving any repairs or maintenance issues.
It would be great if you can hire a Dubai real estate agency, especially if you have many properties in Dubai. Nevertheless, if you want to do it all by yourself, here are a few tips that can come in handy:
Focus on Placing the Right Tenants
Placing tenants, drafting the terms of the lease, deciding on maintenance, and lease renewal are four things you should be focusing on if you are doing property management.Finding quality tenants is the main part of renting out your property. It might take some time; but if you do it the right way you can make sure you don’t end up looking for tenants too often. Review applications carefully before you accept or reject applicants.
Customize the Lease Agreement as per your Requirements
You can find many generic lease agreements online; but if you want something that is specific to your property you will have to customize it according to your requirements. Make sure it addresses all your rules, expectations, policies, as well as procedures for conflict resolution. Since the agreement is legally binding, you have to make sure it is absolutely thorough. Get a legal professional to go through your lease agreement before using it.Update Information While Renewing Lease
The same agreement can be used for lease renewal provided you update the information such as name, start and end date, and monthly rent. Make sure you give a copy of the signed lease agreement to your tenant.Do Regular Maintenance
Regular maintenance is a must when you have a property. As an owner, it becomes your responsibility to monitor and replace HVAC filters, check carbon monoxide and smoke detectors, and keep track of any potential issues.Consider Hiring a Property Management Company
Hiring a property management services company might prove to be really beneficial if you don’t want to take on the headaches of property management. Nevertheless, make sure you review a few such companies, compare their fees and terms, and then make your decision.These are the basic responsibilities of property management that you need to carry out, as an owner. In addition, you should also consider estate planning to make sure your property goes to the right hands after you pass away. Get in touch with a financial consultant and see if you can get a revocable living trust done.
If you hire a reputable property management company, you should get all the help that you require in this regard. Real estate property is one of the biggest investments you may make in your life. You want to make sure you don’t end up making any mistakes at any point of time.
