Dubai is celebrated for its dynamic real estate market and impressive developments, yet many landlords face challenges in filling their properties. In a landscape where large developers vigorously compete for every segment of the market, simply lowering rental prices might seem like a solution. But is this really beneficial for your business’s revenue goals? To protect your real estate investments from the pitfalls of costly and prolonged vacancies, it may be wise to consider enlisting expert help. Partnering with professionals can streamline your leasing process and implement targeted marketing and sales strategies that align with your business objectives.
Hire a Property Management Company
It has also been noticed that not every property owner has proper knowledge with regard to property leasing and rentals. If you are wondering how fast you can find a tenant for your property, especially in Dubai then let me tell you that the best way by which you can do is by hiring a property management company.
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Enjoy the perks
Apart from this, if you are hiring a tenant from a property management company then you can also enjoy some additional perks. Like, anyone can view, like and at the same time they can also rent your property. And you will be surprised to know that all the things can be done in a single day. In addition, other than getting a tenant for you they also ensure that a decent amount of payment is done for your property without any delay.
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Expertise and Experience
Moreover, the tenant that you will be getting through the property management company will be paying the rent on time and they will also ensure that they follow all the UAE rules. And at the time of evacuating the property, you will get the property back in a clean and fresh manner. We know that finding a tenant who satisfies all these criteria in a difficult task. But with the help of the property management company, it is now possible to tenant based on your criteria and for that, you do not need to put any effort behind it. All that you need to do is just contact the best property management company and they will help you do all your work. Or you can start your own company in this field and try to find clients on your own.
Once you hire the property management company you will find that they will help you to find a tenant for your residential as well as commercial property. But this is possible only when the property management company has a smart team working with them. Apart from this, you also need to ensure that they have a huge network with them and if the property management company satisfies these criteria. Then you will find that you will get a tenant as fast as within a couple of days and in some circumstances, it may also take more than ten days. The reason of the delay is that most property owners are the one who approves a tenant.
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Effective Marketing and Tenant Screening
These companies have the tools and skills to market your property effectively, ensuring it reaches a wider audience. They also handle tenant screenings, which includes checking the tenant’s background, credit score, rental history, and other verifications. This process increases the likelihood of securing reliable tenants who pay on time and maintain the property well.
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Reduced Vacancy Periods
A professional management company can help reduce the time your property remains vacant between tenants. They can prepare the property quickly by making necessary repairs and improvements, and by advertising and showing the property efficiently to potential renters.
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Peace of Mind
Perhaps one of the most significant advantages is the peace of mind that comes from knowing your investment is in the hands of professionals. This can be particularly beneficial for owners who do not have the time or inclination to manage properties themselves.
So, if you have hired a property management company and still wondering as to how to find tenants then consider the best real estate advisors. Getting a tenant because of the service offered by the property management company will ease the process and at the same time put all things in order.
Understand the RERA Tenancy Laws in Dubai
Understanding the RERA Tenancy Laws in Dubai is essential for both landlords and tenants to ensure smooth rental relationships and transactions. RERA, or the Real Estate Regulatory Agency, is a regulatory arm of the Dubai Land Department that oversees the real estate sector in Dubai. Here’s an overview of the key aspects of the RERA tenancy laws:
1. Tenancy Contract
All rental agreements in Dubai must be documented in a standardized tenancy contract and registered with Ejari, a system initiated by RERA for the registration of rental/lease agreements in Dubai. This registration is crucial as it serves as proof of the agreement’s validity and helps protect the rights of both the tenant and the landlord.
2. Rent Increase and Decrease
Rent increases in Dubai are governed by the RERA rent calculator, which is based on the average rent for similar properties in the same area. Landlords must give tenants a 90-day notice before the end of the current tenancy contract if they intend to increase the rent. The amount by which rent can be increased is determined by the current market rate, as indicated by the RERA rent index.
3. Security Deposit
The security deposit, usually set at 5% of the annual rent for unfurnished units, is held by the landlord to cover any damages to the property. It must be refunded in full unless there is damage beyond normal wear and tear.
4. Duration and Renewal of Tenancy
Tenancy contracts are typically signed for one year and can be renewed with mutual consent. If no changes are communicated by either party, the contract is automatically renewed under the same terms.
5. Termination of Tenancy
Landlords can terminate the tenancy agreement under specific conditions, such as property redevelopment or personal use. However, they must provide a 12-month notice to the tenant, communicated via notary public or registered mail.
6. Dispute Resolution
In case of disputes between landlords and tenants, the matter can be referred to the Dubai Rental Dispute Center (RDC), which provides a structured system for resolving such conflicts. The RDC operates under RERA and aims to make the dispute resolution process as efficient and fair as possible.
7. Maintenance and Repairs
Responsibilities for maintenance and repairs should be clearly defined in the tenancy contract. Generally, landlords are responsible for major maintenance and repairs unless the damage is caused by the tenant’s negligence.
8. Sub-leasing
Sub-leasing requires the explicit consent of the landlord. Tenants cannot sub-lease the property without the landlord’s written permission.
9. Tenant Rights and Obligations
Tenants have the right to a property that meets basic standards of habitability and to not be evicted without just cause. They are obligated to pay the rent on time, maintain the property, and adhere to the terms of the contract.
Understanding these laws helps in promoting a transparent and fair rental market in Dubai, ensuring that both parties are aware of their rights and obligations, thus minimizing conflicts and misunderstandings.
Conclusion
Finding commercial tenants in Dubai’s competitive market requires a proactive and strategic approach. By leveraging expert local insights, embracing digital marketing techniques, and ensuring your properties meet the high standards expected by Dubai’s discerning business community, you can attract and retain the right tenants. Remember, the key to success involves more than just filling spaces; it’s about creating mutually beneficial relationships that lead to long-term occupancy and stable returns. So, embrace the unique opportunities that Dubai offers, and watch your commercial real estate ventures thrive.
