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A Step-by-Step Guide to Lease Property in the UAE
Being a landlord is a one-of-a-kind investment and a lucrative business opportunity. Renting out a property while keeping ownership can be an excellent source of passive income. When selecting a real estate company in the UAE to rent your property, make an informed decision. Squareyards has compiled a must-know checklist of the steps you'll need to take to make your house rental-ready and visible for the rental spotlight. Browse through our landlord's guide, which is packed with useful information and advice from our UAE property experts, to make leasing in Dubai or in other emirates an easy task.
A landlord would want to know how much their property could be rented out for. Obtain a valuation or a CMA, i.e., a comparative market analysis, from an expert in the local property market who has knowledge of the market. A comparative market analysis determines a property's market value by comparing it to similar properties that have recently sold or are on the market at present.
A knowledgeable broker is essential when it comes to getting your property listed and finding the right tenants for you. They are well versed in not only preparing and presenting your property to make it stand out, but some also take on the responsibility for multiple properties and assist you in effectively managing your assets. You might want to consider hiring a broker with a good reputation and whom you can put your trust in to look out for your best interests.
At this point, you'll want to get your house listed on the property market. You’ll need to give your broker permission to get your property listed and marketed. To enable your broker, you must sign a RERA listing form as the registered owner. For your broker to finish their thorough research, you will also need to provide a copy of your title documents and your identification.
When you hire an expert to lease your property, ensure that you receive an unrivalled, all-inclusive marketing package. A team of specialist photographers and videographers should collect all marketing elements for your property, including interactive floor plans and colour photographs, and have them live on the top property website within days, alongside local information about the property, location maps, an aerial view of the property, printable coloured brochures, etc. A skilled broker will assist you in finding the tenants you require to rent your home.
To maximise viewing opportunities for your house, contact the real estate broker of your choice as soon as possible. Check-in with a consultant so that they can schedule as many viewings as possible. This means that on any given morning, afternoon, or evening, the real estate company or broker can schedule as many viewings as possible for your property, giving you a real chance of a quick rental with tenants interested in your property.
If the property that you wish to rent is furnished, think about taking the short-term rental route. Short-term rental can help you yield returns of up to 30% more than annual rental contracts. If you usually have family or friends who pay you a visit frequently or if you want to use the property on occasion, going this route is an excellent option.
The website of your chosen broker and other real estate portals should all have a listing for your property. Organising viewings for potential tenants who are already on your broker's books should be another top priority for you and your broker. You must stay in touch with your broker on a regular basis to get holistic updates on the status of any viewings and the overall tenant search.
When discussing the rent agreement with your potential tenants and drafting the final contracts, enters must take into consideration getting legal counsel and assistance about the same.
Your lease agreements must be registered with Ejari, which is a system created to control and facilitate Dubai's rental market, in order to comply with the national law. Your contract won't be changed during the tenancy because it will be kept on file for that long.
A proposed rental agreement will be prepared for you by your broker, as is the case with all other steps in the letting process. This is just one of the services that your broker ought to offer you. RERA certification and attestation must be provided for each agreement. Upon completion of the agreement, a deposit will be deducted from your account and given to you.
Now that your broker has assisted you in finding the right renter for your property, it's time for you to enjoy your return on investment. You could possibly create a portfolio by reinvesting the money you earn from renting out your house. You can always ask your broker or any expert for advice on any discounts we may have that will work with your spending plan.
The costs of renting out your property are the agency fee, the inventory check report, and the Ejari registration.
If your broker has access to all of your property's keys and access codes, you should avoid the meeting because then the agent can make the potential tenants feel more at ease. When the owner of the house is not there for the viewings, the tenants are less likely to encounter something objectionable.
Ejari is the abbreviation for the Dubai Real Estate Regulatory Authority. A tenancy contract must first be filed with Ejari before it can be enforced. According to Article 22 of Law Number 26 of 2007, the renter is liable for paying the tenancy contract registration fee. The landlord must supply title documents and a copy of your passport.
To successfully list your property for rent, you will be asked to supply copies of the title documents or Oqood registration, a copy of your passport, and the keys to your property.
All leases must be documented in the Dubai Land Department's Ejari system.
The Ejari system has a required form, but any additional conditions can be added to the basic form.
Sublease agreements are not forbidden in Dubai; however, they must be approved in writing by the landlord.
When a landlord approves a sublease, even if the principal tenant is displaced, the subtenant is not evicted.
Notice of a rental increase can either be given formally (through a notary public or registered mail) or informally (via email or letter), with proof of receipt.
If the landlord attempts to raise the rent above the permissible limits, the tenant may file a complaint with the Rental Dispute Settlement Center.
If the landlord fails to provide the requisite 90 days' notice, the rent can not be raised during the subsequent renewal period.
The answer is affirmative; a tenant must be notified of an increase in the rental value at least 90 days prior to the lease expiring.
To confirm that the tenant is who they claim to be, their identity, employment, and credit are often examined, as is their likelihood of being able to pay the rent. The tenant's identification, employment, and credit are often investigated, along with their chances of being able to pay the rent, to ensure that they are who they say they are.
Before renting out their properties, a landlord should make the house attractive, work with an expert broker, list the house on the market, etc.
