As a landlord in Dubai, having to find a new tenant can be costly. Retaining a quality tenant is a great way to control your property costs for a number of reasons. Let us explain how to persuade tenants to renew the rental lease.
First, let’s focus on the basics…
Understanding the reasons your tenant might want to move, will help you decide how to address the situation.
Now, why is it beneficial to renew the rental lease with an existing tenant? There are various costs and time considerations that come up between the time a tenant leaves and a new one comes in. For example:
Here are four things you can do to persuade a good tenant to renew the rental lease agreement:
The single most emphatic way is simply letting them know you would be happy if they stayed longer. Kick-starting the renewal process three months in advance will offer you a rare window of opportunity to know whether they are interested in staying or not. If they don’t wish to stay then you can start seeking new tenants rather than sitting and risking a vacant house.
If they say they are thinking of moving and you would like them to stay, come up with creative ways of providing incentives.
These incentives may come in the form of;
• Early payment discount
• Rent decrease
• Property upgrade
• Flexible lease terms
• Partial security deposit
Sometimes the value add comes in the form of partnering with a housing specialist like Blueground. More than the conventional property manager, Blueground takes over your rental property in Dubai and does the end-to-end work to get it furnished and rented out to senior business executives. For our tenants in Dubai, having access to a Guest App, premium furnishings and access to a dedicated support team is part of what “sweetens the offer”.
As a landlord, you have a full-time commitment to your property. A good idea would be to set up an efficient grievance resolution system. Don’t forget to include in the lease how a tenant can make such a request and the expected response time. No matter the mode of communication, respond promptly to all their requests and provide a time frame for when the matter should put to a rest.
Emergencies may crop up from time to time. Let the tenant know that it’s not a big deal to call you in the middle of the night if there is an urgent issue.
If you ask tenants in Dubai, most of them would not be able to tell you much about their landlord. This is simply because there is often a middleman taking care of the relationship.
To retain good tenants you should make them feel like you appreciate them. Send them wishes or even an inexpensive gift for their birthdays, Christmas or Eid. Thank them for being tenants and paying their dues on time. Of course; always keep clear boundaries with your tenants. Don’t do things without prior notice as they may take it as an invasion of privacy which may scare even the best tenants away.
As a landlord in Dubai, the way you treat a tenant is crucial more than ever. More people are reading online property reviews before they even visit a property and you don’t want yours to be rated badly. Instead, you should focus on creating a strong relationship with your best tenants to avoid unnecessary hassles. With the above tips, you should have no problem convincing your tenant to renew the rental lease agreement.
If you do not want the hassle of dealing with tenants, you can always look at renting your apartment to Blueground. It is an award-winning real estate company that handles long-term leases for over 300 properties in Dubai. Let Blueground be your perfect, stress-free tenant so you don’t have to deal with the hassle of finding tenants yourself!