Renting out a property in Dubai can prove to be quite overwhelming for those that are doing it for the first time. It involve a series of processes and there are laws that a landlord needs to abide by. Here is Luxhabitat's guide to the best way you can rent out your property.
1. Choose a real estate company
While choosing a real estate company for renting out your property, it is important for you to be choosy and selective. It is important that you deal only with with reputed companies that are registered with Real Estate Regulatory Agency (RERA), who can find a suitable tenant to take care of your home and also conduct the entire transaction in a professional manner.
2. What the listing process in Dubai entails
The listing process while renting out a property involves a lot of documentation that you as a property owner will need to take care of. All properties for rent in Dubai are required to have a permit allowing them to be advertised by a real estate company that is registered with RERA. To obtain this permit,
- The title deed
- Passport Copy (s) of the owner(s)
- Signed listing agreement
are required to be submitted to the Dubai Land Department (DLD).
3. Devise a marketing strategy
In order to find the best tenant for your property, it is important that you work on an efficient marketing strategy that highlights the property's distinct unique selling propositions (USPs) and is perhaps the most crucial step in renting out your home. The strategy should also feature unique insight into calculating the best achievable price and also a comprehensive marketing plan. This could include a range of efforts from listing on portals to social media campaigns.
4. Help the agent have a good viewing
As because first impressions are of high importance, it is necessary that a good viewing is arranged by the real estate company for the potential tenants. It is recommended that your property is clean and is in good condition during the process so as to attract the tenants. Also, make sure that the real estate provide the customers with comments on the viewing, the status of an offer and constructive feedback on the property.
5. Review the offer
Once the tenant decides on renting the property, he is made to complete and sign a reservation form and collect a deposit to validate their offer. Necessary documents are then collected from him and a contract is prepared, following the agreement of the terms and conditions.
6. Sign the tenancy contract
A Tenancy Contract is a must for you as well as the tenant, before the latter moves in to the property. It is best that the real estate company you have chosen uses a RERA Unified Tenancy Contract and standardized lease addendum outlining the rights and responsibilities of both parties. The contract should be then submitted for an Ejari certificate and legally registered with the Government of Dubai.
7. Receive payments
When it comes to receiving the payment, the tenant should be asked to make the payment in full at the time of signing the contract or provide the initial payment along with post-dated cheques.
8. the handover process
During the process of handing over the property to the tenant, it should be ensured that the required documents are in order, the contacts for the utilities are in place and that a key and card inventory is prepared, signed and collected. The tenant can then move in to the property.
Looking to sell your property instead? Here's our guide.