Be Aware and Protect Your Properties from Dubai Property Management Fraud!11 May 2018
Dubai property management companies are sprouting like mushrooms with the improvement of the real estate industry and the nearing of the World Expo 2020. With all these companies vying for landlords’ attentions and hoping to land clients, it cannot be helped that some of them are only in it for the money. In short, property management fraud exists.
Property owners in Dubai are showing smart decisions when they get property managers for their real estate investments. They are freed from the stresses of having to manage their properties and dealing with tenants. They can just sit back and relax and let their buildings earn for them.
However, this smart decision of hiring a property manager to take care of your rental property needs to be coupled with careful research. Choosing the best company needs work so you and your property don’t fall into the hands of scammers.
Property Management Fraud
Since the Great Recession, property management fraud has been increasing. This scam usually centers around repairs and maintenance billing.
“Fake” property managers or owners would charge for repair or maintenance work that was never needed, wasn’t finished or not done. And, if there was indeed work, they would simply charge more for it.
Many property owners and tenants have been victims to these type of scam. That is why, in choosing property management services Dubai, you should be careful and do proper research.
How to Protect your Assets from Property Management Fraud
Amidst all the residential property management fraud going on, there are ways that you can keep your property safe and also protect tenants.
Now, if these things pop up in your search, think of them as “red flags” of fraudulent activity.
- The owner of manager won’t interact personally.
- Grammatical errors and misspellings are evident in property promotions as well as responses to inquiries.
- Free email and other online services are used.
- Payment first, usually cash basis.
- Rental price is suspiciously low.
These red flags will help alert you of potential rental scams. So, be aware and keep them in mind.
It is wise to know these ways and keep your investments safe.
And it is wiser still to go with trusted property management companies, such as Zawaya Property, to handle your property for you. Check them out now.