If you are renting out your investment property in Dubai, consider having a professional by your side to guide you through the process. This can be either a real estate agent or a property manager. They will help maximize your profits, optimize and grow your real estate portfolio.
Hiring a property management agency in Dubai can be confusing. This is because a real estate agent in Dubai also works as a property manager. In most western countries, this is not the norm. However, in Dubai, licensing requirements for selling and buying properties are different than managing rentals.
This doesn’t mean you can just hire any real estate agent and receive expert property management service. There are brokers who have specializations in only one type of work - either property transaction or property management. Also, there are leasing brokers in Dubai who only advertise properties for rent. They don’t provide property management services independently. If you are hiring someone to manage your rental, you need to make sure that he or she specializes in this type of service.
A real estate agent helps people buy and sell properties. Dubai Land Department’s Real Estate Regulatory Agency (RERA) has put specific regulations in place for buying and selling properties. Some of these rules also regulate real estate agents (often called real estate brokers) so that transactions are performed with transparency. A real estate agency in Dubai will list a property for sale and help you with all the legal formalities as a seller.
The responsibilities of a property manager are completely different from a real estate agent’s. The main responsibility of a property manager is to help the individual landlord manage all aspects related to the property. One of the key roles required for a property manager is the knowledge and expertise to be able to manage and account for the total rental income, along with having a direct role in developing strategies to help the landlord optimize the rental income and maximize the property's ROI. According to the Dubai Land Department’s website, a license for ‘Leasing and Management of Other People's Property' is required before a firm can engage in managing commercial, residential or industrial buildings. Through contracting with the owner on subcontracting bases, handling contractual arrangements with the firms in charge of maintenance and security, as well as issuing tenant contracts. Managers are required to get access to the Ejari system before starting this kind of business.
A property manager will:
When you hire a property manager in Dubai, you should discuss what your expectations are. Also, the scope of services that you need. Here are a few things you should discuss with your manager:
Don’t confuse a leasing brokerage with a property management agency in Dubai. Real estate agents who work as property managers should have an appropriate license and comply with the mandatory RERA regulations. You also have the option to work with a company such as Blueground. We handle all aspects of managing your rental in a way that is easy to understand. You won't have to worry about licensing requirements, as Blueground specializes in handling long-term rentals. High standards are followed and a high level of service is provided to our customers that is on par with five-star hotels. In fact, this is actually a mandatory condition as we are regulated by the Department of Tourism. Due to this, we can confidently assure landlords that their property will be in immaculate condition every day of the year.