Becoming a landlord
You want to rent your property – what's next? Before you start looking for a tenant, here are a few points to consider.
Short term or long term?
Let's start with the most common question. As a Dubai landlord, you can choose to rent your home for the long term (typically annual contracts) or as a short term/holiday home (a few days, weeks, or months).
To find the best fit, you'll have to consider a few things including the type and location of your property, the terms of each approach, and the time involved. If you are not sure what is right for you, here’s a recent article that compares both options.
Understanding the process
The timeline will go hand in hand with factors like location, stock availability, demand, and price. If your property is in a tourist area like Dubai Marina or Downtown Dubai, short term may provide great returns and the flexibility to still use your property in between tenants. If you're unlikely to use your property and want a longer solution, long term leasing might be a better fit for you.
The next step is to connect with a professional agency that can help you market your property on different channels, distribute the listing to an expansive network, and assess the potential tenants on your behalf.
As for the rental price, it'll always come down to the market. You can review the property portals to get an idea of the rental prices in your area – just remember that the advertising price may be different from what the property ended up being rented for.
Your Property Consultant should be able to help set a fair price based on the current data, market rates, level of demand, conditions, and amenities.
Choosing the right agent
Becoming a landlord in Dubai offers great opportunities – but it can also turn into a real-life nightmare if you get the wrong tenant or don't have professional support.
You might need help advertising your property, or other services like furnishing solutions and home maintenance. It's easier to go with an experienced agency with a wide range of services and partnerships – that way you'll have everything you need in one place.
Take your time to contact a few agencies and go with the one you feel most comfortable with. The agency commission fee is typically covered by the tenant in Dubai, but make sure you confirm with your Property Consultant as this may vary in some cases.
Frequently Asked Questions
If you're a UAE resident, you'll need to provide the Title Deed of the property, your passport or Emirates ID, and a signed Form A provided by your agent (this document outlines the property details, marketing sales price, commission, service charges, etc). If you're not a resident, you can provide a copy of your passport as your identification.
In some cases there's a Power of Attorney (POA) involved – this is when a person is given the authority to sign on behalf of the owner. In this scenario, you would need the official POA document as well as their passport copy, Emirates ID, and visa.
If the property is under a company name, you'll need the company's Trade License and the signatory's documents – passport, Emirates ID, and visa.
By working exclusively with one agency, you'll have a dedicated point of contact throughout the entire process – no need to jump between calls and message multiple agents. This streamlined approach will make it a lot easier for you as a landlord to stay on top of the latest updates throughout the process and beyond.
There's a common misconception that working with many companies is the only way to get major exposure. The truth is, if you go with an agency with an extensive database of tenants, your property will be posted on major channels and targeted towards the relevant networks – with a dedicated marketing strategy and an area specialist supporting you along the way.
Once you sign your tenancy contract, you'll need to consider how you want to manage the ongoing maintenance and administration of your property. The amount of time and effort involved in Property Management can vary depending on factors like your tenants' expectations and potential maintenance issues.
As a landlord, you need to be prepared to manage unexpected issues and emergency scenarios. A professional Property Management service can help take
A good management company will be experienced in dealing with a large number of issues. They typically have a network of reputable professionals offering a wide range of services and will be able to communicate with the tenant on your behalf.
For landlords who have more than one property or live overseas, having this kind of ongoing support is worth the investment. Even if you only have one property, leaving the management to an expert will help to make your role as a landlord a lot less stressful.
