The Evolving Dubai Residential Property Management Industry And How To Adapt To Its Changes27 Jul 2018
The property management industry in Dubai has undergone a lot of changes over the years, in both commercial and residential property management. The challenge now is in identifying those changes, as well as consumers’ demands, and assessing how property managers and firms can best cope with them.
The Changes in Today’s Evolving Residential Property Market
Consumer surveys have been done in order to identify their demands and preferences when it comes to rental units, landlords and management companies. Data from these surveys were then used to provide significant insights on the evolving Dubai property management industry today. Let us explore some of these findings:
- Tenants prefer to have a more customised service when it comes to their property management. And empathy from landlords and property managers is what they crave.
- One of the reasons why millennials are renting more is that it is within their budget.
- There are certain amenities that renters are willing to pay more for, just to have easier access - this includes health and wellness centres, as well as parking and security.
- Factors such as increasing rent prices and maintenance issues influence a tenant to move out from the rental property.
Now, how can you make use of these data to attract tenants and make them stay longer in your rental property?
Adapting to the Changing Needs and Preference of Tenants
If tenants need better access to certain amenities, it is better to provide it for them since they are willing to pay more for it anyway. And in providing these, you are assured of them staying longer in your unit as well as having the best possible income for your investments.
Moreover, knowing which factors influence consumers to choose renting over buying, and what gives them reasons to opt out of your service, will help you better customise your properties and services for their needs and make them think twice about choosing the competition.
But having a more emphatic and personal approach to home property management may just be the key to unlocking your business’ potential. This is definitely what you should strive for. And having the right property management company to handle these things for you will be a critical reason for your success.
So be sure to partner with the best when it comes to property management services, and that is Zawaya Property, Your Property Optimiser. Find out how this excellent firm can unlock your properties’ full potential and visit their website now.