How to turn your Dubai property into a profitable rental unit

If you are thinking about letting your property investment in Dubai, now is the time to take action. Dubai is now becoming the second home of tourists from all over the world. With the end of the covid 19 epidemic Compared to previous years, Dubai has become the destination of many tourists. If you are a property owner in Dubai then this is your best time. Which brings us to the titled question: How can you turn your Dubai property into a substantially profitable asset?

Keep in mind the following tips to help you achieve this objective:

1. Work with an experienced Real estate broker 
Finding tenants on your own can be time-consuming and stressful. A broker could be a much simpler and more efficient way to fill a rental vacancy. Some of the advantages of working with an experienced broker include:

• They will market your rental property on your behalf. Reliable and experienced brokers have a large network that they can use to market your rental property and find you a suitable tenant as soon as possible.
• They can set up viewings with prospective tenants. Your agent will communicate with all prospective tenants and set up viewing appointments for the rental property. Having this burden lifted from your shoulders will allow you to devote more time to more productive tasks.
• They might be able to conduct background checks. Many brokers have access to tenant screening services and may therefore be able to conduct a background check on prospective tenants on your behalf.
  
• As beneficial as a broker can be, it is critical that you select the right team. Make certain that the company you choose has a current RERA number. Make certain they are also registered with the Dubai Land Department.

2. Prepare the documents 
Your broker can also assist you with document preparation. If you are going it alone, make certain that you follow all applicable rules and laws when renting out your property.

3. Determine how much rent to charge 
Before you begin the rental process, you should decide how much rent you should charge. The most straightforward approach is to first determine the current market value of your residential property. Consider hiring a home appraiser, who can provide you with an accurate estimate of the value of your home based on local home sales prices, the condition of your property, and its location. Once you have this figure, you can calculate the amount of rent to charge by applying the rental yield percentage in your area. Another option is to use popular property portals and aggregators such as Bayut or Propertyfinder to estimate your rent. Check out properties that are similar to yours and in the same area.

4. Offer add-ons and flexibility 
Offering add-ons and flexibility is a clever way to entice tenants. You can, for example, provide prospective tenants with flexible payment options. Similarly, offering a rent and utility package may make your property more appealing to prospective tenants.

5. Market the rental property well 
If you are going it alone, it is critical that you market the property well. In addition to listing its basic specifications and features, make sure to mention its USP (unique selling proposition). Is your property, for example, close to a supermarket, a school, or a golf course? Is it a short walk from the metro? With more and more people looking to rent a property in Dubai, if you follow these tips, you should be able to fill your apartment or villa in no time.