The trend of renting out Dubai property is increasing day by day. Upon our research, we have discovered two reasons why people prefer renting properties instead of selling. Firstly, people believe that renting out properties in Dubai is the greatest source to make passive income. If you buy property in Dubai and give it for rent you can make a lot of extra money from just a one-time investment.

Secondly, the government provides protection and security to all the parties that are the part of renting process. Whether it’s a house, flat, apartment, or Townhouse to rent in Dubai, you must follow a complete procedure to protect your right under the UAE government.

Additionally, if you don’t want to face any future dispute it is necessary to follow rules and regulations. In any condition, if there is any fraudulent activity is found RERA – Real Estate Regulatory Agency is there to help you out. Renting is a straightforward and secure process ensuring peace of mind and confidence to investors.

However, renting your Dubai real estate can be a daunting and time-consuming process. Especially for those who are doing it for the first time. If you are looking to rent your lavish or Average house in Dubai it is indispensable to have complete information. Or hire a Real estate agent in Dubai to work with you. In this complete guide to renting Dubai property, we have mentioned every step that is important to consider when you are renting your property. So without any further ado let’s check out the guide.

Complete Guide to Rent Dubai Property

Getting Your Property Ready

Before tenants visit your property you must do a quick renovation or revamping. So when you place your Dubai rental house on the rental market it catches the attention of tenants. Even a small renovation can significantly increase the value. A small renovation can increase the value of your property by 10-20%.

Usually, tenants are more interested in properties that are fully furnished and don’t need any further construction and for this they are even ready to pay more money. So before, renting looking out the property needs any final touch. Whether it’s something functional like plumbing, electrical work, or decoration all these things can increase the demand.

Market Analysis and Research

So before you hire professional Real estate brokers in Dubai you must perform a comprehensive market analysis on your own. It is very necessary to have clear information about the current Dubai property market trends so you can know the right value of the property. On top of that, researching about Dubai rental market helps you to understand the actual rent.

Once you know the actual value you can set a price that is neither too high nor too low. In case you set very high price renters might not be willing and it will consume too much time. Or if you quote a low price you might not generate enough income.

Do Your Own Due Diligence

Once you have the value of the property in your mind, you must recheck it by comparing it with other properties in your area. Not only this, but you can also analyze it with similar properties in different areas that offer the same services and amenities. This step will give you a clear idea that whether the rent price you have set is attainable or not.

Contact Professional Real Estate Company or Agent 

If you believe that you have complete information about Dubai rental market only then we advise you to rent out the house on your own. Otherwise, if you are inexperienced we advise you to consult top Real estate companies in Dubai like Time homes real estate.

Renting process just does not end when you find a tenant after that there are several important steps such as documentation and registration that can be a daunting and complicated process. For this, you surely need to get in touch with a real estate agent or agency.

Another option that you can consider is contracting a Property Management Company that provides services like rent collection, tenant background checks, periodic maintenance, and general support. If you own multiple Real estate in Dubai or don’t have time to manage things Property Management Company can be a great option.

Things to Consider When Hiring Real Estate Companies or Agents?

The future of the rented property depends on the skills and expertise of the real estate company you have selected. Therefore, you must undertake many factors when selecting an agency. Make sure to contact an authorized and licensed company that is registered with Real Estate Regulatory Agency (RERA). If you are successful in hiring a professional real estate agent or company you don’t need to worry anymore.

Market Your Property

In order to attract potential tenants, you have to promote and advertise your property with the best possible techniques and strategies. For this, you need to spend some finance and put in the extra effort. Every property has a unique feature that is only identified by the owner. And in order to highlight unique selling propositions marketing can be a great tool.

To advertise your property successfully you must hire a professional photographer to capture captivating and beautiful images of Rental Dubai villa, apartment, or townhouse. The images captured by a photographer have a high rate of engagement than a normal photo captured from a phone.

Viewings

At this point, the famous phrase “first impression is the last impression” will apply. If you successfully deliver a better image of your property then there is a 100% chance that the deal will be done. As initial interaction is vital therefore make sure that everything looks perfect and clean. Everything should be placed in its position and all the services are available. Cleanness is necessary as it will be the first thing that potential tenants will observe.

Furthermore, as mentioned above that there is always a unique feature or attribute of a property that is either unseen or invisible to the naked eye. Make sure to communicate it with the agent so he can deliver it to the possible tenant.

Doing Your Research 

For your security, you must conduct research that will provide you with more information about the potential tenant. Make sure to check the family background of the person. You can take this step to next level by communicating with the person’s previous landlord to make sure that the person is not involved in any fraudulent activities. Also, you can consider help from social media such as Facebook, Instagram, LinkedIn, etc.

The Tenancy Contract

At this stage, all the documentation and paperwork will start. A tenancy contract is the most important part of the documentation both for the tenant and owner. If a real estate broker or agent is working you don’t have to worry at all. Usually, a Real Estate Company considers the RERA Unified Tenancy Contract and legalized lease addendum outlining the rights and responsibilities of both parties. To register the contract with the government of UAE signed papers are then submitted and the Ejari certificate is issued.

Receive Payments

At the time of receiving payments, you can ask the tenant to make the whole payment in one go. Or in case you want payment periodically you can ask for post-dated cheques. For the convenience of the tenant, the better idea is to be flexible and ask for the monthly cheques. Being flexible is actually beneficial for both parties tenant will get the time and you will end up receiving a higher price if you are willing to accept multiple cheques.

The Handover Process

Once all the documentation work is done you can hand over the property to the tenant. But before handing over the property to the tenant make sure all the documents are signed. Utility contacts are established, and a key and card inventory is created, signed, and gathered.

Finally, the time has come for the tenant can officially and legally enter the property.

Conclusion

In this Complete guide to renting Dubai property, we have mentioned every step that you might experience when renting your land or house. The overall process is pretty simple for those who are working in Dubai real estate market for about many years. And for a new property owner, the process can be complex.

About us– If you are a new owner and looking to rent out your property but don’t know how to do it. Don’t worry! Get in touch with Time homes real estate. We have been assisting property owners for about many years. We are a reputed real estate company in Dubai with a successful portfolio. To speak to one of our agents you can dial +971 52 591 1508 or send an email at info@timehomesrealestate.com.