By: Mohamed Al Tawash
Upward Real Estates S.P.C
Investing in real estate could be hectic and tiring sometimes, especially with the current economic situation. It is always best to use the services of a well-experienced property management company to manage your properties, but if you wish to do it yourself, these are some tips to follow:
1) Tenants: Choosing the right type of tenants will always help keep your property fully occupied, especially in multiple unit buildings. Choosing families and professionals as your tenants ) will lead to stability in occupancy and income.
2) Real estate agents: Dealing with professional agents will always bring traffic to your property. Don’t be afraid to share their commission as sometimes you need to deal with agents as much as they need to deal with you.
3) Maintenance: Keeping the property well maintained is one of the main issues that an owner suffers from when it comes to real estate investment. Assigning a good maintenance team or company (depending on the property size and type) will always ensure that your property is well taken care of and could potentially maximise the occupancy rate.
4) Contracts/agreements: One of the biggest mistakes property owners tend to do is sign a weak agreement with their tenants. Make sure you choose a good law firm to draft a strong agreement to protect you if anything goes wrong between you and tenants. Most property management firms can help you regarding that if you wish to assign a company to manage your properties.
5) Security deposit: When applying a security deposit policy in your agreement, tenants will feel more responsible towards the property, fixtures and furniture if the property is furnished.
6) Invoices and receipts: Always send invoices on the same rent collection date and issue receipts as soon as you receive the rent. Many people forget or have misunderstandings when it comes to payments.