Responsibilities of a Property Management Company...

If you live in an apartment in Dubai, chances are your landlord has hired a property management company to handle the day-to-day operations. Most building owners associations do it for the simple reason that hiring one simplifies everything.

Typically, the property management company you hire will assign you one property manager who will handle all of your maintenance and budgetary needs. The primary goal of a property manager is to increase the investor's returns while also ensuring that the property is well maintained.

1. TENANT RESPONSIBILITIES AND RENT

How much should one pay in rent? It all depends on the size of the unit, the location of the property, and the number of people sharing the space. Property managers check and analyze it before determining the rent. On this analysis, they also consider the actual market value.

Other duties include setting a date for rent collection, adjusting rent annually in accordance with the law, and uploading property photos online.

The second thing they need to do is find the right tenant and manage them. The property manager is in charge of finding tenants, screening them for eligibility, handling lease documents, move-outs, and dealing with complaints. They are also responsible for timely eviction if the tenant fails to pay the rent.

Other responsibilities include handling security deposit and ensuring that the tenant lease document and arrangement follows all the standards as per RERA (Real Estate Regulatory Agency).

2. MAINTENANCE AND REPAIR

The only way to extend the life of the property is to maintain it and keep it in perfect condition. The manager should hire professionals on a regular basis to exterminate the property and inspect it for leaks and cracks in the walls or floors. For repair and maintenance, they should have a list of available carpenters, plumbers, and electricians.

3. FINANCIAL MANAGEMENT

All activities undertaken by the property manager should stick to a well-structured budget. Only after they have analyzed the property for repairs and maintenance will they be able to create a good budget. They should also keep all records, including income and expenses, signed leases, maintenance costs, repair costs, insurance costs, and a record of rent collection.

4. TAXATION AND LEGALITY

Without a doubt, the property manager should assist the owner with property taxes and all legal aspects related to the property. Along with explaining property tax rules and regulations, the manager is also responsible for filing taxes on behalf of the owner.

5. SUPERVISION

?As a supervisor, their duties include assigning authority to subordinates, hiring carpenters, electricians, and plumbers, and making payments. They should also be firm if the work isn't up to standard and, if necessary, fire them. Some investors hire property managers to ensure that the property is secure and not vandalized.

Living in an apartment means sharing the building's amenities with the other tenants. It also implies that you must effectively manage your finances in order to meet your daily operating expenses. A professional property management company in Dubai will do that for you, ensuring that you not only follow the rules but also stay within your budget.