You’ve decided to become a landlord, and you’ve probably also realized that you should hire a professional to oversee your property. The list of real estate companies in Dubai is overwhelmingly long, so how do you choose one? We’ve compiled a list of issues to address to make sure you’re prepared to work with the right real estate company.
Decide What Type of Rental Suits Your Property
The first thing to consider before working with a real estate company in Dubai is what type of rental you’d like to offer. Will your property be available for long- or short-term leases? Are you planning to keep it furnished or unfurnished? Consider your options carefully, as there are advantages and disadvantages to each choice.
Once you’ve made a decision, you’ll be able to narrow down your search of Dubai property management companies by specialty, as each firm will have its own niche. Make sure to choose a company that has experience in the type of rental you plan to turn your property into. For example, Blueground caters to business professionals looking for medium- to long-term furnished rentals. And to landlords and property owners, the same company takes over unfurnished Dubai apartments for three to five-year leases in a property management capacity.
Make Sure the Real Estate Company Is Registered
The real estate market in Dubai is heavily regulated, so you’ll want to make sure any potential real estate partner is appropriately registered in order to avoid major problems down the road. All real estate brokers must register with RERA, or the Real Estate Regulation Agency, and receive an identification number and card. On the other hand, agencies which offer short- and medium-term holiday rentals are required to get a license from Dubai’s Department of Tourism and Commerce Marketing. This allows the agency to bypass some of the strict regulations associated with traditional rental contracts.
Ask Which Services the Real Estate Company Offers
The whole point of hiring a real estate company in Dubai is having someone else to do all the hard work associated with being a landlord. Before hiring a real estate firm, you should make sure they offer all the services necessary to protect your property and ensure you get paid.
- Ask about the company’s marketing services, such as how they’ll attract potential renters and whether they’ll have professional photos taken to make your property look its best. Take a look at their current listings and ask yourself if you’d want to live in any of them based on how they’re being advertised.
- Check that the company runs background checks on all of its tenants, as this will reduce the chance of losing money from bad renters who cause damage and/or don’t pay rent on time.
- Make sure the company will conduct thorough walk-throughs before and after each tenancy and collect payment for any damages the tenant has made to your property. This should include plenty of documentation so that there’s no question as to who caused what damage.
- Ask how long the company usually takes to rent its units. This is especially important with short- and medium-term rentals as you won’t earn income while your property is vacant. Thankfully, this isn’t an issue with Blueground. The company signs long-term contracts with property owners and takes full responsibility for filling units in a timely manner. You’ll keep receiving monthly payments even if your property is unoccupied.
- A good real estate company will also offer a full range of services to its tenants. There should be someone available 24/7 to handle emergency calls in case any urgent situations arise. Maintenance services should also be available and timely. If your real estate company is doing its job, you’ll never have to hear from your tenant directly.
Determine the Property Management Fees
Of course, none of the services your new real estate company offers will be free. Find out what the fees for the company’s services are, usually some small percentage of the monthly or annual rent. Make sure all the desired services are included so that you won’t be surprised by additional hidden fees.
When comparing fees, don’t just go for the company with the lowest price. Take all the factors into consideration, such as the company’s reputation, experience, and the quality of services available to both you and your tenant. Paying a bit more now for better service will probably lead to better long-term income.
See What Past Tenants Are Saying
If you’re about to hire a real estate company in Dubai, your final step should be to research the company’s online reviews and learn about past tenants’ experiences. Don’t be scared away by the odd one-star review. Even the best property management firm can’t avoid an occasional unhappy customer. However, if you notice a trend of complaints about unresponsiveness or poor maintenance efforts, it might be a good idea to move on to the next company.
At the end of the day, the real estate company is directly responsible for the happiness of your tenants. Unhappy tenants who constantly move out will only hurt your rental income.
The Landlord Resources blog is Blueground’s information hub for landlords and property owners.
Through tailored articles, landlords can find relevant information relating to renting out their apartments, decorating, maintenance & renovation, property management and rental laws specific to their city.
