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.
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.
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.
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.
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.
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.