One of the best things about working with a firm of property management in Dubai is that they give you peace of mind by taking care of management tasks for you.

What exactly does property management include?

Everything from the daily supervision of day-to-day operations, ongoing repairs and maintenance, and security to leasing procedures and other property-related activities.

Owners typically pay property managers a fee or percentage generated by the property. Each service is tailored according to the owner’s needs with a promise of maximum return on your investment, a stress-free experience, and total peace of mind.

Management Services

To further understand property management services, here is a deep dive into specific responsibilities that can alleviate your worries.

Consultation And Snagging

Property Managers are responsible for a thorough consultation, condition reports, and, eventually, snagging. This ensures that the property is in a premium state before renting. As such, the asset has already appreciated compared to its market competitors.

Pricing Strategy

Each unit is dynamically prized to ensure no overpriced units can result in vacancies or underpriced units that fail to generate optimum ROI. A proper budget forecast and cash flow implementation to achieve planned business targets are also included.

Property Maintenance And Management

Regular maintenance, repairs, cleaning, and asset preservation schedule to maintain property health. Planning strategy for tenant satisfaction and retention and eliminating ad hoc demand responses.

Tenancy Screening And Management

Tenant screening is important to ensure that every tenant is a credible and stable occupier. During the tenure period, property managers can also handle concerns associated with Defects and Liabilities, Owners Association Management, regular updates on new laws and regulations, and legal advisory and management.

Comprehensive Marketing

A dedicated marketing team will provide UHD photography, professional videos, and a 360 Virtual Tour concept that will provide interactive media content that will be promoted via marketing platforms like Social Media, Google AdWords, and property portals like Property Finder, Bayut, Booking.com, and lots more.

Rent Collection And Accounting

Forget the stress of chasing tenants and collecting rent. Leave it for your property manager to handle! Experienced professionals managing this time-consuming and stressful task can save you time and money. A comprehensible account statement will also be provided at the end of the month so you can understand your cash inflow and outflow.

Dubai Property Management Fees

Property Management Fees differ for every property management company in Dubai. In the case of Key One Realty, the managing agent shall be entitled to a fee equivalent to 5% of the total collected Rental Revenue or AED 2,500/- minimum yearly in advance. 

Until recently, only hotels and hoteliers had access to reliable property management software. The system was first created to assist hotels in operating more efficiently and give their visitors a fantastic experience, from making a reservation through checking in and out.

Eventually, the dependable platform that was first created only for the hospitality sector transformed into one that can now serve the demands of landlords, property owners, and real estate brokers.

Consolidate your operations

Real estate brokers must deal with several facets of the business. They are experts at balancing various activities, including coordinating site tours, evaluating contracts, and dealing with customers and property owners.

However, carrying out all of these tasks using traditional real estate methods is inefficient by today’s standards. You and your real estate crew have a lot of work, but don’t get very far. You must convert to property management software instead of using the conventional real estate business model to run your complete company if you want to be successful in the modern real estate market.

You can combine different aspects, including accounting and budgeting, payment processing, client information management, document management, and maintenance tracking and management, with property management software. Additionally, building management simplifies the business management of various systems, including mechanical and electrical ones.

Automate the Process

Purchasing property management software has several advantages, one of which is that it automates laborious activities. These include gathering and collecting consumer data, classifying clients according to certain criteria, starting email marketing campaigns, and vetting leads. Therefore, creating a routine that is effective for you is essential.

Your team and you may use the time saved by automation to focus on more important tasks like expanding your clientele and growing your business. Automation reduces the likelihood of information errors, streamlining other procedures and increasing your company’s overall productivity and effectiveness.

Update your real estate portfolio

You have complete control over your property portfolio thanks to property management software. Editing descriptions, adding photographs, and removing property profiles are simple processes.

You may instantly add a property’s availability to your profile and inform your clients whenever it is for sale or rent. Since you can quickly add fresh content to your portfolio to keep clients and potential consumers interested, it never becomes outdated.

There is little doubt that technology is simplifying procedures in this sector. To help businesses enhance daily operations for contractors, design-build firms, and modelers, examples of construction management software solutions are also accessible.

Easily establish connections with clients

It need not be tough to communicate with your clients. Nothing surpasses connecting and communicating with your clients directly from your property management system, even though having a phone book full of your clients’ names and contact information may have worked in the past.

After a few clicks and a brief search, you’re on the phone with your clients discussing a prospective real estate deal. You and your staff don’t need to trawl through phone directories and index cards to find a client’s phone number. All contact information is automatically collected and stored by your software.

Improve the screening of client/tenant applications

With its screening features, property management software aids in your compliance with tenant/buyer laws. Most property management systems available today can connect to several databases, including those maintained by the Justice Department and the Credit Bureau.

With the help of this technology, you can properly vet prospective tenants and buyers by checking their credit histories and confirming their identities. It assists in preventing fraudulent transactions and guarantees that the people you are dealing with have a good reputation and can pay their debts on time. Additionally, the program aids in deterring illegal activity and even aids in the capture of criminals and wanted individuals.

Receive payments online

Accepting payments on time might be quite a burden if you haven’t upgraded your real estate business. Your bank accounts can suffer from late and untimely payments, which can also impede the expansion of your organization. This issue is resolved by property management software, which enables automated payment processing and allows your customers to pay online using payment gateways (such as PayPal and Stripe) on their desktop or mobile devices.

You can set the automated mailing of invoices and follow-up alerts for recurring payments like rent and mortgage installment fees. A “Pay Now” widget incorporated in your email allows your customers and tenants to pay immediately, streamlining the payment process.

Thanks to this functionality, your customers and tenants will find the payment process quite convenient. They can stop paying without really coming to your office. Furthermore, even when you are offline, you still get compensated.

Keep all documents safe and secure

Contracts, invoices, receipts, building reports, financial reports, accounting charts, tax reports, and many more documents are required in the real estate industry. It is essential to keep these documents in a secure area. However, managing that much paper may be chaotic, perplexing, and exhausting. It can also be expensive if you buy file folders and cabinets.

All of these issues and more are taken care of by property management software. All your papers are scanned and stored in the cloud or on the storage drive of your intranet. It does away with the need for paper and filing cabinets, saving your company a ton of money.

You may define and grant permissions to your team, making the organization simple and access-safe. It efficiently prevents individuals from obtaining information not pertinent to their work while accelerating their access to papers linked to their tasks.

Conclusion

According to a 2018 Markets and Markets analysis of property management in Dubai, the market for property management software is anticipated to grow rapidly. By 2023, its estimated value will rise to $22.04 billion from its current $14.47 billion worth.

It is projected that more landlords and real estate companies will utilize property management software, especially in the United States, where its market share is currently estimated at 46%. The greatest time to purchase property management software is right now if you work in real estate or own a real estate agency.