Investing in a rental property in Dubai is one of the smartest ways to generate stable, long-term income. Indeed, for landlords with residential or commercial property to lease, the emirate can be an incredibly lucrative place to operate in. Even over recent turbulent global economic times, the country has maintained relatively stable yields – ranking among the world’s highest.
When you lease in Dubai there are legal aspects that must be covered of course, as well as the ongoing management of tenants and the care of the home itself. As a landlord, finding a responsible tenant and a rental amount you’re happy with are obviously the main goals. If the person you choose doesn’t look after your property it can be both a costly and stressful experience. Therefore, working with letting agents at a reputable, experienced agency like Appello Real Estate takes the stress out of the entire process, so you can sit back and enjoy the returns on your investment.
Here is a step-by-step guide for landlords looking to lease a property in Dubai.
Get a property appraisal
An expert valuer should carry out a valuation on your property to ensure you advertise your home at the correct price. Appello Real Estate carries out many valuations each month, giving us an intimate and unparalleled knowledge of property values in areas right across Dubai.
Choose an experienced and respected agency
Instructing a great real estate agency will make all the difference when it comes to leasing out your residential or commercial space. You should feel that your chosen agency always has your best interests at heart and expect them to work with you every step of the way. Importantly, a good agency such as Appello Real Estate will know the laws and requirements for renting out a property in Dubai inside out – avoiding any legal pitfalls later down the road.
Ensure you get maximum exposure
Having a great property to rent is one thing, but if desirable tenants are not exposed to them then it can be an uphill struggle. Therefore, marketing your property on as many different platforms as possible is key. At Appello Real Estate we have fully equipped digital experts who will perform all the necessary marketing required to best promote your property. They use several platforms to advertise, including listing sites, our website, email-shots, and social media campaigns – therefore our success rate is high.
There are a lot more properties available now in Dubai than there were in recent years as rents have decreased somewhat. Therefore, landlords should try to be flexible on price and payment terms (including number of cheques) when looking to secure a tenant. Your broker will help and guide you in this area.
Make your viewings work
To maximise viewing opportunities your real estate agent should arrange as many viewings for you as possible with potential tenants at times that suit you. At Appello Real Estate we pride ourselves on being flexible and proactive in getting viewings completed in the morning, afternoon or even evening to give you, as the landlord, the best chance of a quick rental with a great tenant. We can also attend viewings on your behalf and feed back enquiries and offers as they occur.
Receiving an offer
As soon as an offer from a potential tenant is received, you should be notified both verbally and in writing by your real estate agent. Part of the Appello Real Estate service is to advise you on these offers – including what nearby properties of the same specifications are renting for on an annual basis so that you know you are getting a fair price.
Agreeing to let
Once you have accepted an offer to let your property to a new tenant, it’s time for a lease agreement to be prepared by your chosen real estate company. They should write to all parties to confirm the agreed price. Any rental agreement should be certified with the Real Estate Regulatory Agency (RERA) to protect everyone in an open and transparent way. Ask Appello Real Estate for more information on this if you would like to see a draft copy of the agreements we use. Once the agreement is finalised and all signatures taken, a set deposit will be taken from the tenant and passed on to you, the landlord, before they move in.
Considering another investment
Now your property is successfully leased, it’s time to enjoy your return on investment! Perhaps you would now like to re-invest the money you are making from letting your home and build up a portfolio? Appello Real Estate can advise you on any special offers that we have that will suit your budget and preferences.