Best ways to turn your property into a profitable rental in Dubai
If you have considered renting your property investment in Dubai, now is the time to take action. Dubai continues to be regarded as a buyers and tenants market with favorable real estate rates and terms that encourage investors to explore lucrative market prospects.
- Divine rentals
Prospects for the residential property sector are deemed to be hopeful in the light of “Post-pandemic concrete recovery plans,” a KPMG research. The paper examines the analysis of the immovable and hospitality industries in Dubai following the COVID-19 outbreak.
The real estate market remains resilient despite the extraordinary crisis, which has resulted in significant disruptions. Government and other stakeholders’ incentives and recovery plans have kept investors involved. Recent investigations and trends have also shown how people rely on ready villas and townhouses. The preference of people preferring larger and greener areas could have been affected when the pandemic hit by home residence orders.
With ever more individuals staying and carrying out business from home, it is reasonable that they would rather stay in a large, well-designed property in a masterly planned community.
The purchase and disposal of property to tenants can be an excellent medium to long-term investment. By turning it into a rental, you have a better way to achieve your return on investment (ROI). Here are some of the top tips to make it more profitable:
- Trusted broker
With the help of a competent and efficient broker, it is easier to find the proper tenants. An officer from a reputed agency might be your connection to identify the right individuals for your property.
Make sure your agent knows the immobilization market in your region thoroughly. Ensure you conduct business only with someone with a valid Real Estate Regulatory Agency (RERA) number. The immobilizer for which Land Department should register this agent work in Dubai.
- Prepare your paperwork
Know the laws and laws applicable when you let your property. All documentation must be collected and organized for a seamless transaction. Your agent or property can also assist you. Soring all official documents might help you get your property online as quickly as feasible. These documents include your Emirates ID or passport, a property title deed, and a signed Form A that you will get from your broker.
- Due Diligence Conduct
It would help if you also carried out your research and the knowledge and market insight your broker can share with you about property rates. Check different portals to get a sense of price trends. You can compare your property with other offers in the region and even further afield if you visit property sites online. It will help you gain insight into current situations and create more compelling offers for your tenants.
- Market your property in good condition
After researching the market, you can develop a marketing strategy that makes your property more attractive for renters. Start by highlighting the unique sales offer of your rental property (USP). Besides the basic specifications of your property, think of something that will distinguish it from other rentals on the market. Close to a school, a supermarket, or a bank?
People today tend to gravitate to large private areas where they can do business or work remotely. The trend is also about the availability of green spaces inside or within the property. Take, for example, the DAMAC Hills Trump Estates. Luxury villas here have an edge by being in a gated community that offers privacy, exclusivity, and access to a world-class golf course, themed gardens, a skate park, stables, and other sporting amenities.
- Offer flexibility
It would be best if you also thought of other exciting add-ons or perks that will entice tenants. For example, several rental checks or other flexible payment schemes can be available. Other landlords also consider giving a rent-free month, short-term contracts, or a rent-and-utilities inclusive package. Keep the market profile in mind and tailor your offers to make them more inviting to would-be renters.
- Profitable property
You can make your property more appealing to your target market by considering the tips mentioned above. Ensure that all the legalities are in check. Your broker and yourself are well acquainted with your property and the property market’s nuances and create bespoke offers for your target market. This way, you can make good use of your asset and look forward to a profitable future with your real estate investment.