Tips for Landlords
Whether you are leasing out commercial space or renting out residential units, you need to ensure all the bases are covered. After all, you have invested your wealth and expect to benefit from it in the long term, so keep the following points in mind:
As the landlord, it is your responsibility to be aware of the UAE property laws, current market conditions and price benchmarks for you to come up with competitive leasing/rental rates that will, in turn, attract the right tenants.
In order to get quality inquiries, make sure any physical damages and pending structural issues are sorted out long before viewings take place. If anything needs fixing or repainting, your agent or property manager should see to it that your property is ready for occupancy right away.
For you to get good quality tenants onboard, you need to do your homework by inquiring about their finances, especially in the case of commercial leases. Tenants who have nothing to worry about would be upfront about their source/s of personal income or the financial standing of their business. In multi-tenanted properties such as mixed-use buildings, the landlord also has to consider how the businesses of their commercial tenants impact each other and work to develop synergistic relationships among the tenants.
Find out whether or not your tenants have their own insurance cover as doing so mitigates risks (yours and the tenant’s) involving potential catastrophic events or emergencies.
Protect your property and reputation from damage, and your tenants from being victimized by ensuring that sufficient safety and security measures are being taken.
As a landlord, it is critical for you to not just properly maintain your property to keep it financially viable for long but also to establish good relations with your tenants. Keep in mind that finding good quality tenants is only half the task, what remains is your being able to keep them for the long term by being on top of all maintenance and repair issues.
Tenants must have access to official business contact information through which they can reach you or your property manager. Updates on changes in the property laws, rules and regulations as well as notices to tenants must be communicated through the right channels, and conflicts and complaints should be resolved in a timely manner.
Set a goal for positive cash flow but always be realistic, and don’t hike up rents unnecessarily as doing so will drive out even the best of tenants. Be prepared for unexpected expenses by creating an emergency fund earmarked for expenditures not covered by insurance, and manage security deposits wisely.