Are you thinking of becoming a landlord in Dubai? Congratulations on your brilliant thinking—you’re making what could be an incredibly lucrative and profitable business move. However, as a first-time landlord, there are a lot of small things you should take into consideration so it doesn’t turn into a costly and stressful experience. We know it feels scary, but allow us to help. We’ve put together a list of 4 tips that will help guide you as you embark on your exciting new journey.
You’re nothing without your team
We can’t overestimate the importance of finding good brokers and agents. While there might be traits that are really important to you when it comes to friends (must be a Grey’s Anatomy fan, enjoys exploring new cuisines, gives really great birthday gifts), we recommend you consider different criteria when you choose your real estate partners. These should be people who understand the local market, and provide friendly, professional advice. Brokers should have a wide reach, and should be committed to finding you quality tenants with the best possible rental price in the shortest amount of time. You may also want to consider hiring a property management team, especially if you will be renting out multiple properties. They can deal with logistics and payment collection so you know your property is being well taken care of while you deal with other, more important responsibilities. When it comes to your property, you’ll find that it really does take a village: and the more reliable, competent help you can get, the better.
Get your property picture-perfect
The goal is to always make your space look as appealing as possible to prospective tenants. This might be as simple as a new paint-job or as extreme as an entire bathroom renovation. Although you might not want to add on this expense, fixing up the property may actually help it get rented faster. Just don’t forget that you’re still trying to make a good profit off this – you don’t want to end up spending more on upgrading the space than you’ll get for renting it out. Your broker should be able to advise you on what improvements may be needed for the property, so don’t hesitate to ask them for advice. Your property will be professionally photographed and marketed by your agents, so you want to make sure to get it as ‘gram ready as possible.
Respect the law
Becoming a landlord is not something to be taken lightly! There are laws you must follow to ensure you can rent your space: by making sure you are well aware of any rules and regulations, you can avoid any potential consequences of errors. Also, just like tenants, you as a landlord have rights too – and they’re protected by law. Your tenancy contract will prescribe your rights of payment, your right to evict tenants, and other guidelines. Nothing else matters if you’re not in accordance with the law, so make sure you’re on top of that.
When possible, be flexible
We know that as a landlord, you have financial responsibilities. This means that you’ve likely set a price for the property that you would like to achieve. But make sure to check if that is realistic in the market: consider comparing your prices and properties to others in Dubai. Is it a fair price? Can a prospect get a larger or more convenient space for less? Also, when an offer of multiple cheques or month-to-month payments is made, please do consider compromising. Even though getting everything at once might feel more convenient, remember that you actually are likely to get a higher price if you accept a more convenient payment method. Remember, tenants are people too, and if you hear them out, you can definitely come to an arrangement that makes everybody happy.
Ready to lease your property? Let us take the hassle out of the process by guiding you through it all, from finding tenants to coordinating payments. List your property with Urban today.