The real estate world is moving at a fast pace, sometimes too fast for slow real estate managers to keep up with these trends. The evolution with real estate automatically translates to development in the real estate management styles.
This evolution has been propelled in part by ever-changing human needs and wants and by technology. Technology has dramatically influenced the styles of Property management.
Dubai real estate agencies with property management departments are always on the lookout for what’s new with regards to property management.
In this post, we would be looking at trendy and innovative ways properties were managed. We would be helping you answer the question of whether or not your property management style is obsolete or if it is up-to-date.
With property management, there are several elements involved. Some of these elements include house marketing channels, tenants screening process, the collection of rents, and the running of the day-to-day activities in the house.
There are two essential property management styles. They are
- Hands-on or active management style
- Hands-off or passive management style
Each of these property management styles has its pros and cons.
The hands-on style is one where the property management professional gets involved in a more active role. Some call it the MBWA (Management By Walking Around).
In this style, the management professional, let's say is handling the new projects by DAMAC, gets out of the office, visits the site, and see how the tenants are doing. If it is an off-plan project in Dubai, he meets with the contractors and gets to see how their work is going. He also notices what to improve, what to work, and gets to ask essential questions from people.
The Hands-off style, on the other hand, is one where the property management expert does not leave the office. He/she handles the management of the property from behind his/her desk. This style leverages technology in managing the activities involved with management. However, on the other hand, the property manager would be unable to establish himself as an authorized professional.
A combination of both the hands-on and passive style of property management, the Hybrid style, is needed to manage a property effectively.
Leveraging technology should not be substituted for age-old human interaction. Being analytical should not trump the old and practical emotional intelligence and human connection.
For any property manager who wants to achieve optimal success, combining both styles, well, is perfect.
For example, with the passive, technology-dependent style, you can use technology to collect rents for your tenants through online tenant portals, use technology to market homes by advertising on different real estate marketing avenues and social media.
A property manager can skip the long, grueling process of screening tenants by running online credit card reports and other necessary financial and ethical checkups before leasing a house.
Still, there should be human interaction between property managers and tenants.
Combining technology with a hands-on management style in property management is excellent for business — also for the tenants.