The first step to take as a landlord in Dubai is to prepare your property for rental. Whether you recently purchased the property or have been living in it, you want to put it in the best condition possible. This might include deep cleaning, design updates, repairs, renovations, and other improvements. The key is to make the property in Dubai look as livable and intriguing as possible for potential tenants. You're competing with a lot of other property owners, so you want to put your property in the best light. You can choose whether to have the property furnished or not, it really depends on your personal preference as both are common in the Dubai real estate market.
It only makes sense to rent out your property in Dubai if you’re able to earn enough income. Even though Dubai is a booming real estate market, you still need to keep your requested rental price reasonable. If you set it too high, people are going to overlook your property in favor of more affordable options. On the other hand, setting your price too low might keep you from higher profits. Start by researching the rents of similar properties based on location, size, age, condition, and other important factors. Your listing rental price should be on the higher end of this range as it’s normal for tenants to counter with a lower price request.
Prepare the paperwork. As a landlord in Dubai, you want to make sure you're legally protected from any potential mishaps, accidents, or bad actors. This is where a rental contract comes into play. This document will outline the agreed-upon details of the rental such as the price, rental period, and responsibilities of each party. You should consult a local lawyer when drafting this document to make sure all the necessary legal clauses are included to protect yourself, your property, and your assets. Don't rush this part of the process. It can end up saving you significant investments in both time and finances.
When you've finalized the rental paperwork and your property is ready to rent, it's time to attract potential tenants. The Dubai real estate market is thriving, so you'll be competing with a lot of fellow landlords to get your property seen. Listing on Arabian Estates can get you in front of thousands upon thousands of legitimate individuals and families looking for properties in Dubai to rent. We've already helped countless landlords find the perfect tenants, and we're confident our platform can help you accomplish the same. It doesn't take long to create a listing, upload details about your property, and publish it live for everyone to see!
Before you know it, you'll have a ton of offers on your property. This is when the real work begins. There are some offers you'll be able to dismiss out of hand either due to the low offer or due to other non-starter issues. You might have more offers than you can handle, so you can just reply to the ones that match your requirements. It's easy to make price the most important consideration, but you shouldn't forget about other important characteristics such as credit score, income, rental history, and other factors. You might not find the perfect candidate in the first rush of offers. Resist the urge to accept a sub-par application in the beginning. You’ll be much better off in the long run waiting for the perfect tenant.
If you find a qualified tenant willing to pay your asking price, you're in a great position. However, it's common to receive worthwhile tenants offering a tad lower than what you listed. You can counter higher than their initial offer without having to worry about making them lose interest. This back-and-forth is perfectly normal. You'll be dealing with brokers instead of with tenants directly, so they'll know exactly what they're doing. You’ll most likely have to speak with multiple tenants before finding the best match. It’s a standard part of the process but important for long-term success.
When you've found a great tenant, it's time to seal the deal with a contract. At this point, you should already have a standard contract drawn up that outlines general guidelines and terms. However, you can make specific adjustments according to the agreements between you and the tenant to represent this specific deal. You'll need to consult your lawyer again to make sure everything is good to go. This part of the process shouldn't take too long, but don't be surprised if you get a little pushback from tenants about the specifics of the contract.
The final step of being a landlord in Dubai is to hand over the keys to your new tenants. It's your choice how hands-on you want to be during this process and beyond. If you live nearby, you can handle interactions with the tenant such as taking rent, handling issues, and staying in touch. You can also outsource the maintenance responsibilities to a property manager if you don't want to commit the time or resources yourself. If you end up purchasing more property in Dubai, simply repeat these steps to become a landlord as many times as you want!
