AL MANNAR REAL ESTATE Is a real estate brokerage establishment that is in operation since 1989. We are very active in brokering with buyers and sellers of all types of properties in the real estate market of Dubai, UAE – be it plots, villas, residential & commercial buildings and the latest freehold property developments.
We have tie-ups with different developers to sell their properties in the market. Recently, Al Manaar has ventured into the management of residential and commercial properties as part of its business diversification plan.
Our long presence in the local market enables us to be very knowledgeable with the current property trends in Dubai and UAE as a whole. At Al Manaar Real Estate, we can help you with all your property investment needs.
II. OUR MANAGEMENT POLICIES:
To understand how Al Manaar Real Estate & Documents Clearing Est. (‘Al Manaar”) manage properties, we set out below some of our procedures in running the day-to-day affairs of the properties:
A. Relationship with Owner and Remittance of Rental Income
1. A Property Management Agreement is to be signed between the Owner of the property and Al Manaar for an initial period of 1 year and it is automatically renewed for a similar period after expiry unless otherwise terminated in writing by mutual agreement of both parties.
2. After collecting all the rents from the agreed periods in a year, Al Manaar will remit immediately the collected rents as at the agreed remittance periods, less of fees and operational expenses of the property during the periods, to the designated bank account of the owner. Al Manaar will issue periodic income statements to the owner at every remittance schedule. (Itemization of the fees and operational expenses is discussed on section C below)
3. Al Manaar is open for discussion to any remittance set-up of the rental income to the owner of the property as the owner would prefer.
B. Leasing Out of Units & Collection of Rents
1. Residential units of the building will be rented out on a yearly basis as per the projected current market rent of the units as proposed above.
2. Payments of tenants will be strictly on cheque basis in quarterly installments (4 cheques) in advance. Lesser payment periods - 3, 2 or 1 cheque advance payment is always an option.
3. Al Manaar Real Estate & Documents Clearing Est. takes a one-time 5% of the annual rent of each unit from the tenants as its commission in leasing out the units.
4. Tenancy contracts shall be between owner and tenant, but Al Manaar Real Estate & Documents Clearing Est. signs the tenancy contract on behalf of the owner by virtue of its Property Management Agreement with the owner of the property.
5. In cases where it is necessary to take legal actions against tenants, Al Manaar shall represent the Owner in all legal proceedings to sue and recover rent and for loss or damage to any part of the building and/or furnishings thereof.
C. Declaration of Fees & Operational Expenses
1. Al Manaar Real Estate & Documents Clearing Est. takes a minimal 5% of the gross annual rental income as its management fee for running the day-to-day affairs of the property.
2. An estimated 3.5% of the annual gross rental income is allotted for operational expenses such as A/C maintenance, lift maintenance, civil & electromechanical maintenance, Electricity and Water bills, watchman’s salary and any other expenses that might be required for a hassle-free and convenient operation of the property.
III. OUR ADVANTAGES OVER COMPETITORS
We take pride in mentioning Al Manaar’s advantages over its competitors in the property management business, as set-out below:
1. As we are a fast-growing property management firm, we bring strong focus on the affairs of the building as opposed to established players that, due to the many properties they are managing, majority of which are giving minimal supervision on their properties.
2. Most big property managers in the market today will pay the owner a 1 or more year advance lump sum payment for the rental income for the property. Though at first it may be tempting to receive an advance payment, the owner of the property loses a big chunk of the potential rental income of the building as other property managers working on this compensation scheme will set a lower rental income of the property so they can rent it out for a bigger profit, whereas our management fee of 5% is a fixed and very minimal cost to compensate our efforts in managing the day-to-day affairs of the building.
3. Also, since most of the property managers lock the owner into a long property management contract, like 3 to 5 years, any trend increase in the market rental value of the property will not benefit the owner as they have paid an advance payment and therefore have a freehand in raising the rental income as they please.
In Al Manaar, we value your right as the owner to any increase in the income potential of your building and transfer to you its benefits. When rent increases according to market trends, your income increases as well.
“We take the hassle out of managing your property while you remain in control.”