Owning a property in Dubai can be a rewarding experience, but it also comes with the cost of the troubles of managing it to high standards. Do you know that estimated property management cost is around 12 to 15% of the property rent? So, you must follow some smart and efficient ways to reduce your property management costs.
Here are a few ways to reduce the management costs on your property:
- Perform Regular Maintenance
- Use Technology To Track & Streamline
- Hire Professionals
- Implement Energy Efficient Solutions
- DIY The Repairs
- Buy High-Quality Equipment
- Invest in Newer Properties
- Educate your Tenant
- FAQs
Perform Regular Maintenance
Regularly checking out your property and performing periodic inspections can actually save you a lot of money in the long run from the hidden costs of renting in Dubai. You can hire a professional property management firm, or you can even do it yourself.
You must perform regular inspections on the property to address minor issues and fix them before they become major problems. For example, make sure to have regular servicing of the HVAC system, check for leaks in the property, etc.
Use Technology to Track & Streamline
Utilizing technology in today’s era for property management can be very efficient. You can invest in property management software to track your maintenance operations. There are several tech tools available that can help you automate matters related to your property and give you peace of mind.
When buying a new property, you get advantage of new technology. Also, you can reduce property management costs when you use tech-savvy applications, like DubaiNow app. Another way is to track your utility usage through the mobile apps by DEWA, SEWA and ADDC.
Hire Professionals
There are a number of companies in Dubai that provide property management services. To reduce the management costs on your property, you can review rates from different companies. You can also consider negotiating for better rates or switching to cost-effective service providers.
You can also consider hiring a service provider for a longer period as the longer relationship with the company may also lead to discounts and cost-effectiveness. You can hire the top property management companies approved by Dubai Land Department. If you think hiring a professional or company can cost you a fortune, you can use some latest property management trends.
Implement Energy Efficient Solutions
Investing in energy-efficient electronics such as lighting and appliances can reduce the utility costs of the property significantly. You may also consider installing LED lighting and energy-efficient windows. Nonetheless, smart homes are for everyone, and one should use all efficient solutions.
We can ensure that these upgrades will not only lower your bills but will also make your property more attractive to potential tenants. LED bulbs use up to 75% less energy and have a significantly longer lifespan than traditional light bulbs.
DIY Repairs
One of the best property management tips is to learn DIY repairs. For instance, if you replace a light bulb, minor plumbing or other issues yourself, it will save the costs of hiring professionals for simple jobs. However, make sure to not perform the task all by yourself that requires professional help or can lead to larger issues if not done correctly, hire a professional for that task.
You should not perform a task that you think is hard to pull off, as it can lead to bigger problems if things go awry. That’s why it is highly recommended that you hire a professional for tasks that you think are a little too technical for you.
Buy High-Quality Equipment
Investing in a high-quality HVAC and other appliances (Stoves, fridges, hot water tanks, dishwashers, clothes washers, dryers, etc.) can also save you property management costs. High-quality equipment takes more time to break down and requires less frequent maintenance.
If you consider buying equipment that is not of the highest quality, then rather than saving money on the equipment, you are actually paying more for its maintenance as it breaks down more frequently.
Invest in Newer Properties
This is another important thing to consider while buying a property for investment purposes. Older properties may cost less while purchasing but they will actually put more strain on your wallet due to their frequent maintenance requirements.
On the other hand, if, beforehand, you invest in a relatively new property, you can then reduce the cost of its management as a new property has almost everything new installed (Like new HVAC, new paint, new appliances, etc.) and requires less maintenance and repairs. These are some of the factors that positively impact your real estate investment.
Educate your Tenant
Before handing over the property to the tenant, make sure to talk with your tenant about how certain lifestyle changes can save the property from avoidable expenses and Dubai Housing fees.
Ask the tenant to take care of the property and inform the landlord of minor issues as early as possible. It’s also important to perform a background check on the tenant before you hand over the property to them so that you can ensure that they will take care of the property properly.
FAQs
Property management costs in Dubai typically range from 12-15% of the total rent.
No, it is mandatory to hire a property management company. But taking professional assistance can surely save you from unexpected expenses.
You can take these steps to keep your home or office safe and efficient:
1. Regular Inspections
2. Preventative Maintenance
3. Invest in Quality Equipment
4. Educate Tenants
By doing just small improvements and changes, you can save a lot on property management costs. Conducting thorough research, comparing different options and negotiating the best deals will also help you reduce unexpected property management expenses. You can also hire the home maintenance companies in the UAE to avoid regular issues.
Reducing property management costs requires a combination of preventive measures and smartly investing in the right equipment. By implementing these strategies, you can increase the profitability of your property.
Remember, the key to low additional costs is to balance cost-saving measures while maintaining the quality and appeal of your property. Also, these tactics can help you save cost when you manage the property remotely.
