When you hire a company to manage your commercial property, you don’t expect they will do it for free, don’t you? Instead, you expect them to charge you with some money for their services. This sum of money is known as a property management fee.
Commercial real estate, also known as CRE, refers to properties exclusive for business. These properties include offices, shops, restaurants, warehouse, and other establishments that generate profit. Being a tourist and investment hub in Middle East, Dubai caters many commercial spaces. Investors from all parts of the globe come here to setup their businesses. Commercial landlords became tempted right away because of the abundance of prospect tenants. But how sure are they if they are the right tenant for the property?
Now, your property is rented out and it seems that everything is going well. Or so you thought it is going fine. Then you will encounter problems with your tenant. What if my tenant doesn’t pay his rent on time? What if my tenant destroyed my property? What is my next step to deal with it? These are some typical questions that landlords usually ask.
Rental transactions, nowadays, are usually done in multiple payments. Thus, cheques are issued by tenants to landlords. It’s the most common way of setting rental payments here in the UAE. But what if tenants weren’t able to have enough funds on the agreed deposit date stated on issued cheques? This is where bounced cheques occur.