Tip 2: List your property correctly
An investment, of any kind that is not being serviced, is losing much needed revenue, so minimize the loss by having your property listed and priced correctly. Every day you have a property empty you are losing money so to hold out for a dream rental price is just that, “a dream”. In Dubai all properties have a maintenance service charge that is payable via the owner. So in conclusion an empty property is losing rental and is still incurring additional maintenance fees. In a competitive market never over price a property and have it without a tenant, as it just does not make financial sense.
Tip 3: Create always a condition reporting
As a landlord, your property should be handed back in its original condition at the end of a tenancy contract. Tenants have no right to alter or renovate the property unless the owner agrees. For your own protection, a condition report should be made by your agent to prove how the flat looked before moving in so you have a reference when the tenant moves out.
Tip 4: Keep the law in mind
Always remember you as landlords, have rights too. You may evict tenants before their contract expires if offences are committed and specific violations based on Law No (33) of 2008. These also include failing to pay the rent within 30 days after the notice is given to them, subletting the property without the landlord’s written approval, using it for illegal purposes, damaging the property and making it unsafe for its users.
Tip 5: Contracts and periods
In Dubai, all tenancy contracts are based on yearly renewal, so if you wish to increase the rental you will need to have your agent check the yearly rental review from the Dubai rental committee first. If this is in your favor then you must also issue a notice 90 days before the expiration of the contract. If you wish to change any other conditions to a contract the same applies and is subject to both parties agreeing in writing. This will need to be in writing and be notarized from the Dubai court. There is also a break lease clause that is included in the tenancy contract which is advised to be, 30 days’ notice with 2 month rental penalty to the tenant.