As a landlord, we know you’re eager to rent out your property. However, during times of Corona, it’s even harder to get your investment noticed. Tenants are pickier, less likely to make big life changes, and are much more careful when it comes to their finances. You can use these tips to get your prized property rented out faster.
Take better pictures
Let's be honest: blurry pictures, poor framing and badly-lit spaces are a major turnoff. Hire a professional photographer to really capture your property in its best light and win over tenants from the first impression. Did you know 95% of people viewed the first photo of a listing for a total of 20 seconds before their eyes started wandering? If investing in a professional is not in your budget (although we really think it should be), at least make sure your property is tidy and take photos during the daytime.
Upgrade your property
Landlords of residential properties in Dubai are increasingly upgrading and reinvesting in their old properties to keep pace with the large volume of new supply being handed over across the city. But what should you upgrade exactly? Pay attention to the kitchen and bathroom – two rooms that can swerve last minute decisions. No one wants to cook in an outdated kitchen or open up a moldy bathroom to houseguests. If your property has an outdoor area, whip it into shape with a little landscaping. You'd be surprised how some simple upgrades can really up the "wow" factor.
Offer tenants a flexible contract
In a post-COVID world, freedom is everything. Make it easier for tenants to make a decision without fearing long-term commitments. Tenants don't want to feel trapped, so offering them a penalty-free contract which gives them the flexibility of leaving after 6 months (with only one month's notice) can make a world of difference. In fact, offering a flexible contract builds loyalty and shows empathy, and is much more likely to have tenants commit for longer.
Pay the agent's commission to keep your tenant's costs down
This one isn’t rocket science. The more money the tenant saves upfront, the happier they are. Any financial help you can offer tenants will be greatly appreciated.
Unfurnish your unit
Before COVID-19, furnished properties were more expensive on average and thus less enticing for tenants. The same apartment in Downtown Dubai could be rented for AED 100,000 if unfurnished and AED 120,000 if furnished. That’s an estimated 20% increase in price. However, with offloaded holiday rentals converting back to standard homes. we’ve recently noticed a massive supply of furnished properties on the market which are no longer being priced at a premium.
What’s more, if someone is moving to a new home in Dubai during the COVID era, chances are they're already here and they've got their own furniture (since fewer people are migrating to Dubai for the first time). So unfurnishing your property not only lowers the price, it’s easier and less of a hassle for tenants.
Price your property down
According to REIDIN, in the past 90 days, over 78,950 properties were listed on the major property portals. Accept the reality that the market has an excess in supply and demand has dwindled down. If you want to rent out your property, you have to give tenants a tempting offer they can't refuse. Make it a good one! Speak to your property manager to learn more about pricing trends in today’s volatile market and how you can keep offering competitive prices.
Flexible payment installments
A one-time payment option is not exactly ideal for most tenants. These are seriously challenging times and tenants want options (how about monthly rental payments?) to spend their hard-earned moolah the way they please. But we understand, offering more payments can impact your cash flows. There are other options that allow you to offer 12 payments to tenants while you get paid in one.
Carry out regular maintenance
With excessive supply in the market, tenants are less likely to settle for units that aren't so well-maintained. In fact, properties that require maintenance are being left behind by moving tenants in favour of better quality properties. Do the necessary to ensure your property is in tip-top shape. If you’re feeling guilty about something in your property, chances are it could use some work.
So what do you say? Feeling more confident in getting your property rented? If you’d like more help, get in touch about listing your home with Urban.