Making your rental property stand out to potential reputable tenants is an essential first step in securing a consistently high return on your investment. The current market is flush with options for renters, and expectations are high. Quality tenants expect features such as energy efficient appliances, centralized urban locations, and bright open spaces. The great news for the owner is that this generation is mobile and seem to want to rent for extended periods of time.
Put your best face forward
Getting your property into top form is key in attracting quality tenants to your investment. Presentation, appearance, and general maintenance of your property will go a long way in setting your property apart in this renter’s market. Investing just a few thousand dirhams into basic property maintenance can make a significant difference when it comes to the number and type of tenants you attract. Small changes can make a big difference in your property’s first impression. Start in a small area like the bathroom. Replace shower heads, toilet seats and reseal worn out edges. Look through the rest of the property for things that can easily be fixed or updated. Replace basic fixtures with new designs, remove older switches and sockets and put on a fresh coat of paint and you can give your property the makeover it needs to make the grade. For a bit more, replace old doors worktops with sleek, modern designs, and update scuffed floors to change the entire look of a space. Oftentimes, these small changes can change the look and feel of a property and help you to retain reputable tenants who will stay long-term.
Location, location, location
The neighborhoods of Dubai are both vibrant and diverse. Renters and buyers are going to want to live in a neighborhood that reflects their interests and lifestyle. For example, Arabian Ranches is known to be a great area for young families, whereas Dubai Marina has a more metropolitan vibe, and appeals to young professionals the go for the outdoor lifestyle. Good tenants will want to stay in your property long-term and will want to see that the neighborhood fits their style. In your listing, be sure to include details about the surrounding locations like supermarkets, access to public transport, schools and restaurants. Going above and beyond by providing a welcome package or area guide for new tenants can turn a short-term renter into a long-term reputable tenant.
Have the right people on your side
Hiring a reputable property management representative will save you time, money, and headaches along the way. A quality property manager will assist you to maximize rent, minimize expenses and increase the resale value of your investment. Reputable property managers will support your investment by managing the day-to-day tasks that steal away your time like marketing, determining rental rates, managing small tenant disputes, inspecting properties, screening tenants, and collecting rents. Your property manager should also manage your property listings, and ensure that all available properties are listed with quality pictures and an enticing written description. If you are managing your property from outside the UAE, a locally-based property manager is essential.
In this rental market, it is important to offer flexibility and value-added services to your tenants. The Dubai trend of demanding payment in one cheque is on its way out, and we are seeing multiple-cheque options pop up in suburban areas like Jumeirah Village Circle, Dubai Sports City, Damac Hills and more. Offering a one-month free option is also a great way to expand your pool of potential tenants. To add value to your rental property, consider outfitting your investment with high-quality modern appliances and smart home technology solutions like smart lighting and smart thermostats. Smart home technology can benefit landlords, tenants, and the environment!
Monitor your activity
Your leasing agent or property management representative will send you weekly reports on your property’s activity if requested. Ensure that these reports are detailed, including how many times your property was viewed and the number of leads generated. Give your agent feedback on the quality of the report, and be sure they optimize the document with the data that you require. These insights are critical to ensure that your listings are properly managed.
Experts expect that an additional 30,000 units will be handed over by the end of 2019. Avoiding the vacancy cycle will take forethought and quality property management. The Dubai economy is maturing, and tenants expect well-maintained properties and flexible payment rates. Stay flexible and add value to your properties to ensure long-term tenants and a steady return on your property investment.