An exclusive insight into the future of portfolio management
Words by Silvia Eldawi in The Market · Mar 15th, 2022
The Dubai rental market can be a difficult one to navigate at the best of times, and with sudden influxes of new tenants, rules, regulations, and new stock it is becoming an increasingly more difficult landscape. However, in a country whereby ease of access to services is prioritized, the property management scene is becoming a hot topic for investors.
From overseas investors to full-time Dubai based residents, there has been an increase in property owners seeking property management services. As people’s lives become busier and busier, their focus can shift from their portfolio which may result in downturn in investments.
Within the property management industry, there is a plethora of service providers, again making decisions for investors more difficult. Whether you need help with an Ejari or handling a maintenance request, we understand the pain points of the process. LUXHABITAT Sotheby's have partnered up with Keyper as an exclusive property management service provider to share their industry knowledge and how they keep investors’ portfolios elevated. Focusing on digitizing the property management space into one cohesive eco-space, they have developed an application that allows the investor to check their property portfolio the same way they would check their stocks, with ‘keysights’ into their live valuations, portfolio status, and opportunities for investors- all at the touch of a button.
What Is Property Management And Why Do You Need It?
Property management is the most effective way to have a professional overlook your portfolio and maintain an excellent standard within the service. Property managers alleviate the stress associated with being a landlord. For a small fee, the money and time saved on unnecessary tenant/landlord interactions supersedes the fee paid, whilst also adding value to their portfolio.
What Services Should A Property Management Company Offer?
Services range from providers, however, Keyper believes the following should be included in the service:
1) Lease Management
2) Tenant Management
3) 24/7 maintenance management
4) Expense management
5) Digital contracts
6) Move-in/out reporting
7) Digital payments and collection
8) Tenant sourcing
Alongside traditional property management, Keyper offers an application which creates ease to the process of management, with access being free for early on-boarders.
At What Point Do You Get Property Management?
Property management should be engaged from the initial purchase of the property, with companies such as Keyper handling the process from start to finish. However, a landlord can join at any time even with an active engagement with another property management provider. They will handle the awkward break-up conversation with them.
What Price Should I Pay For A Property Management Service?
Traditionally, property management service fees can range anywhere from 5-10% of annual rent. Keyper is disrupting this pricing principle by offering flat fees of AED10 per apartment per day and AED15 per villa per day, as they do not believe the value of service should be dependent on the rent value of the unit.