So here in Dubai, we just won expo 2020. Predications are all over the place regarding property prices. Some say they are going to go sky-high again. Others say, no, it will have little effect. But most likely real estate transactions will start increasing. People will consider renting their houses out as holiday homes during the expo dates, etc.
We thought it would be a good time to give some tips for landlords or those considering becoming a landlord.
First thing to do is, of course, find an investment property. We really like www.listaproperty.com for searching for investment properties anywhere in the Middle East and North Africa. Second thing to do is to educate your-self on landlord-tenant laws. Check with your local regulatory agency and talk with a real estate attorney.
Now, let’s assume you have the property and know the laws but you don’t have a tenant. Your apartment is listed for rent but no one is renting. How do you get that tenant? Start by going online and looking at what is being offered in your current market. What is the average rent, what types of amenities are offered, what are the current trends?
All too often, and this is especially true with furnished apartments, landlords tailor apartments to their taste rather than what tenants want. This can run the gamut from spending a fortune on expensive upgrades to furnishing an apartment in last decades’ trends.
Assuming your property is unfurnished let’s look at the steps you need to get your property tenant ready.
Step one: Make renovations. If your property has become dated make the renovations needed. We don’t mean remodel the kitchen but get new pulls and handles for cupboards and drawers. Update appliances (if they come with the property) and change out of date paint colors. Always give your property a fresh coat of paint before renting it out.
Step two: We hate to say this but some people do not do this. Give your property a deep cleaning. Call in a service and have the place immaculately cleaned. How the property shows is a direct reflection of you. A well maintained property says you are a good landlord. When you handover a clean apartment, you will most likely be returned a clean apartment.
Step three: Make sure the property is ready to be shown. Do a thorough look at the property. Do doors and windows have screens? Is the air conditioning in good condition? Check that the water pressure is good. Properties shift and doors may need to be adjusted. And please, change the locks so a tenant is the only one with keys. Walk through the property and make sure everything is in working order.
Step four: Research what is around you. What are other properties renting for? Make sure you are asking a realistic price. You don’t want to leave money on the table and you don’t want it to sit empty because it is over-priced. If your property is larger, more modern, with more updates than your neighbors, ask a bit more than the average price. If the opposite is true, list your property for a little bit less.
Step five: Advertise it. List your property on www.listaproperty.com and any other real estate site that caters to your market. You will want to choose your tenant wisely and that will be the subject of our next post.