It goes without saying that the city of Dubai has become a popular place for real estate investment. Not only locals but foreigners also tend to buy properties in this city for the earning potential it has. Some people invest in off-plan projects while others follow the tried and tested way of buying a flat, villa, or a housing unit and putting it up on rent to have a continuous stream of income flowing. This also offers convenience to them as they don’t have to live in Dubai for earning purposes.
Having said this, there is also a flipside associated with this way of earning. For foreigners, property management in Dubai can prove to be a tough task. There are certain challenges they have to face, which can make it difficult to manage their property without staying in the same city/country. Described in this post are some of the ways you can follow to conquer these challenges and effectively manage a rental property:
A Comprehensive Tenant Screening Process
Don’t just let any person or a group of individuals use your property for rent in Dubai, whether it is commercial or residential. Even if the tenants offer to pay a higher rent, make sure you are conducting a comprehensive screening process. This can help you to avoid a lot of problems related to the said property in the later stages. Hence, select only responsible tenants who are trustworthy. Do a complete background check of the tenant before signing the deal with them. Some other important details you must know about the potential tenant include:
- Annual or monthly income of the tenant. Also, know about their source of income, and credit score to determine their financial condition.
- Their police record to ensure they haven’t been involved in criminal activity.
- Tenant’s employment history and current employment status.
- Their rental history (if any).
- Their stay in Dubai i.e. for long have they been in this city.
Make Yourself Aware of the Legalities
Every country and city has its own property laws and Dubai is not an exception. This is why it is important for you to be fully aware of the property laws of this city. Know about how rental properties work in Dubai and what are the rights and responsibilities of both the parties i.e. owner and tenant. It will help you to stay away from any legal trouble that you may have to face if you have mistakenly done something that goes against the property laws. If there’s confusion or you can’t comprehend the meaning of a particular clause, don’t hesitate in taking the help of a professional legal advisor.
Select a Reliable Property Agent
A reliable property agent can help to improve the listing of your property and find tenants quickly. This way, your property won’t remain unoccupied for an enhanced period of time. As there are numerous properties available for rent in this city, it becomes the responsibility of your real estate agent to enhance its visibility and talk to potential tenants on your behalf. This is why it has become more important than ever to get the services of a reliable and professional property agent in Dubai such as Zoom Property.
Select a Property Management Firm
Apart from a real estate agent, you can also avail the services of a property management firm. You will be able to manage your property conveniently as they will take all the responsibility from your shoulders. Right from screening of tenants to taking care of their concerns, they will take care of each and every aspect of your rental property. Some other things a property management company in Dubai can do for you are:
- Collecting rent on a monthly basis on your behalf.
- Taking care of the repair and any other maintenance work of the property.
- Paying tax levied on the said property.
- Meeting all the legal requirements from time to time.
- Preparation of rental contracts for every new tenant.
- Taking care of problematic tenants and evicting them from your property.
While hiring a property management firm is definitely going to cost you money but the features it offers make it a worthwhile option.Read more: Factors to Consider When Choosing Packaging Materials
Buying a property in Dubai for investment purposes is a step taken in the right direction. However, the story doesn’t end here. You need to effectively manage your property to ensure it yields high returns. For this, follow all the steps discussed above to manage your property so that it can prove to be a fruitful investment for you.