In Dubai’s competitive rental market, similar properties are often being advertised for rent and new developments are rolling onto the market regularly. Driven Properties’ Ellen Sleutjes has offered tips for property owners on how to make their property stand out from the crowd in order to rent it out quicker:
1) Make sure your property is pleasing to the eye: Tenants value many of the same amenities and benefits that buyers seek out, so make your rental home inviting. This includes removing unnecessary clutter, adding a fresh coat of paint and making sure the property is clean. You should also take care of any of those maintenance repairs you’ve been putting off ideally before viewings start taking place on the property.
2) Set a competitive yearly rent: Before deciding what to charge for yearly rent, do a little research. You can use websites to see what comparable rents in your community are going for or contact a reputable real estate company that can provide you with an accurate estimation. Based on what similar properties have actually been rented for during the previous weeks, find the average rent price and stick to it. As most people aren’t able to pay in 1 cheque, be sure to provide your tenants with the option of paying with multiple cheques to attract a higher number of potential suitable tenants.
3) Add kitchen appliances to the property if not built in already: Adding appliances to the property will be a major benefit for tenants who would prefer not to purchase these on top of the rental price. It can mean all the difference between actually renting your property quicker or tenants going elsewhere to a landlord who is willing to provide these.
4) Allow for tenants to keep pets in the property: If the building regulations allow for pets in the development, landlords should consider this option. We live in an expat community where pets are considered family members and not allowing tenants to move in with their furry friends would mean excluding a lot of suitable potential tenants. You can ask for a pet deposit on top of the security deposit to reduce any risk.
5) Rent with fairness: Treat every potential tenant you meet with the utmost respect. Do not distinguish between religion, national origin, race, ancestry, sex, familial status and disability.
6) Have a specialized agent manage your property: Consider hiring a property management company to lease and manage your property. Tenants will prefer to move into a property that is managed by a specialized Agent, especially in a country where many Landlords are foreign investors who are not present nor able to deal with maintenance issues during the tenancy and where Landlords are generally too busy to deal with all their assets. Knowing that the property will at all times be looked after and any problems will be taken care of by an agency is a reassuring factor for many tenants and landlords alike.