What Is Residential Property Management?
What Is Residential Property Management?
First of all, let's clarify residential property is real estate built and used for dwelling purposes In Dubai, such real estate includes flats in various communities and villas. Further, let's get to the essence of property management that refers to a service of real estate operation, control, and oversight designed to assist landlords in their rental business. Thus, residential property management is a service that includes operation, control, and oversight of rental housing.
In short, it is your option to simplify your landlordship whilst increasing your rental income.
Residential Property Management Services
In general, residential property management services cover all the issues that can arise when leasing a flat or villa. However, you should study carefully what services a company is ready to provide as some of them limit their services to a certain number while other ones provide a comprehensive range of services:
- Finding a tenant;
- Checking the documents and drafting a tenancy contract;
- Tenancy contract registration with EJARI;
- Rent collection and dealing with bounced cheques;
- Maintenance and pest control service;
- Hand over and take over service;
- Legal support in rental disputes.
First, finding a tenant involves not only showing your flat or villa, but also screening your potential tenants. The screening procedure includes checking a tenant's rental history, employment status enquiry, etc. Second, maintenance services include selecting reliable maintenance vendors with affordable prices, dealing with tenants' complaints, repair requests, etc. Then, handover / takeover involves documenting your flat or villa condition when tenants move in and checking its condition after tenants move out. It also includes organizing repairs if tenants leave your property in poor condition. At last, legal support includes activities aimed at resolving disputes amicably as well as filing a case with the Rental Dispute Center.
Integrated Property Management
Basically, integrated property management refers to providing the complete range of the services we discussed previously in this post. However, as the time goes, fresh technologies penetrate every business concept to offer more opportunities for the company and improve client satisfaction. Thus, integrated property management becomes highly associated with online facilities.
For example, at BSO, we integrate our standard services into our specially designed online support system. The system enables you to:
- Pay your property bills on-line;
- View the statistics about your rentals;
- Sign contracts related to your rentals on-line;
- Track all requests regarding your rentals and their progress;
- Explore our cloud storage (upload and store your documents).
In other words, our on-line facilities enable you to stay connected with your real estate round the clock, whenever you want, and wherever you are at the moment. Definitely, such integration of on-line options and standard property management services improves the quality of services provided. To clarify, it is the tool of extra control over activities regarding your leased real estate. For example, you can have all information about your tenants and their maintenance complains and track the repair progress. Moreover, this support system simplifies landlordship even more as it saves much of landlord time in addition to timesavings we strive to provide with our standard services. For example, with this on-line support system, you don't need to waste your time on transportation to visit an office to sign your contracts or pay bills.
Residential Property Management Reports
Of course, when you trust your flat or villa to a specialized company for management, you want to know what you are paying for. Besides, you want to monitor any activities committed as well as financial results and the statistics regarding your rentals. Thus, to keep our clients well informed of their rental status and our work results, we provide them with residential property management reports on a monthly basis.
These are common bullet points the report includes:
- Unit status (vacant or occupied);
- Number of viewings (if the unit is vacant);
- Generated income (in total and per month);
- Incurred expenses (in total and per month);
- Details on maintenance complaints.
When it comes to maintenance complaints, the report provides the following information:
- Number of requested repairs;
- Issue to be fixed;
- Time it took to complete repairs;
- Repair cost.
BSO takes pride in providing all types of residential property management services we discussed above. Besides, at BSO, we document and keep records of financial profile and all changes that concern your rentals. That is to say, we ensure complete transparency and accountability. Thus, with our report at hand, you will have comprehensive and detailed information regarding every unit we manage. Multiply this onto the great number of services we provide and our online facilities and you will have no doubts you need us to manage your residential property. So, contact us to discuss the details and sign a contract.
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