After buying residential real estate to generate income, the first question that you may ask is, “What steps should I take to rent my house?” Consulting a real estate agent will help alleviate any worries you may have. Filling vacancy quickly is the biggest challenge, and won’t be a one-time issue. Industry experts estimate that a tenant stays in a property for an average of two years. So, expect the same from your tenant. Stay on top of your game as a landlord to ensure that your rental units are occupied as often and as quickly as possible. Only then can you enjoy the full potential of your investment.
You will need to market your property and ensure that you only accept quality tenants. Running marketing campaigns and screening tenants can be a very time-consuming process. If you don't have the time and energy to follow through, consider working with a real estate agent. The benefits of working with a real estate agent in Dubai may be worth the commission.
A common question that landlords ask is, “How can I rent my house?” The best answer is that you need to market it aggressively. In Dubai, the main way to do this is to list your property on popular classified sites. Upload high-quality photos that provide a clear overview of the property. Then, you need to describe it thoroughly. Use language that gets people excited to check out the property.
Real estate agents maintain a database of prospective tenants. They are usually organized by neighborhoods or budget and what type of property each of the tenants are looking for. As soon as there is availability, your agent can reach out to renters who are looking for a property similar to yours. This can help you fill up vacancies faster.
It is common for agents in Dubai not to go to every property showing. Instead, they leave the door open for prospective tenants. A professional agent will carefully review rental applications and streamline the process for showing a property. You won’t have to deal with prospective tenants face-to-face. Your agent will be able to handle communication in a professional manner.
Great real estate agents will keep their fingers on the pulse of the rental industry in their respective areas. They are aware of the rental trends and competition so that they determine the right rental price for your property.
The best real estate agents in Dubai will be able to convince a tenant to agree on the proposed rental price. Also, to agree on payment with the preferred number of post-dated checks.
A real estate agent will perform background checks on prospective tenants to determine if they are financially capable of paying rent on time. Your agent will also check to see if a prospective tenant has any criminal or eviction record.
There are laws related to tenant discrimination, lease documents, notices, eviction, etc. You need to follow these regulations while filling vacancies with tenants. Your agent will draw up lease documents that comply with these laws while also keeping in mind the conditions and terms that you want to enforce.
Hiring a real estate agent helps if you have multiple rental units, or you are trying to deal with the problem of a high vacancy rate.
If you’re looking to hire a real estate agent, determine whether you need an agent strictly for filling vacancies, or if you need an agent that will handle all the property management duties. This may include collecting rent, looking after the property’s maintenance, conducting inspections and maintaining landlord ledgers. Just keep in mind that with real estate agents there will be some hefty fees involved. Usually, their fee is equivalent to one month’s rent.
Alternatively, with a property management company like Blueground you can have peace of mind as a landlord. We lease apartments for the long-term, so you won’t ever need to deal with real estate agents and other time-consuming responsibilities.