SHOULD YOU MANAGE YOUR PROPERTY PORTFOLIO YOURSELF OR OUTSOURCE IT TO A LETTING AGENCY?
There are several differences between managing your portfolio by yourself and looking for a management company and, of course, each of them has its pros and cons. It is a common thought among real estate investors that they have to deal with all the things regarding their properties by themselves which is not entirely true.
Dubai real estate agencies usually recommend and work alongside some property management companies that can be helpful.
- SOME OF THE STUFF YOU’LL HAVE TO DEAL WITH BY YOURSELF
Being a landlord isn’t an easy task at all. You will have to secure your property, look for tenants and do viewings all by yourself. Of course, you will also be responsible to decide if a tenant is right for your property. You’ll have to prepare, write and get the tenants to sign the contracts and some other duties that aren’t as fun as you might think.
- SOME OF THE PROS OF SELF-MANAGING
You get a lot of experience in the business, specifically within the rental market. You also get to pick your tenants and learn the work of a real estate agent, or at least you get a pinch of it. You can also get a little help from property management software systems online.
- WHAT IS A PROPERTY MANAGEMENT COMPANY AND WHAT SERVICES WILL THEY PROVIDE FOR YOU?
A property management company handles, operates and takes care of your property for you. The job of this type of companies is to deal with tenants and soon to be tenants and helping you save time and, in some cases, even money or just another investment related-headache.
In addition to the above, a property management company will also help you with:
* Marketing and listing of your properties
* Collecting rent
* Handling repairs and basic issues
* Answering to tenants’ complains
* Dealing with evictions
- HOW TO KNOW IF IT IS THE RIGHT TIME TO HIRE A PROPERTY MANAGEMENT COMPANY?
There are many factors can lead you to consider hiring a property management company like having lots of properties or a growing property portfolio, living far from your rental properties or a limited schedule.
If you find yourself stuck in any of the situations above, then maybe it’s the right time for you to hire a property management company.