Many landlords who rent out properties in Dubai reside overseas but this doesn’t mean that renting out the home has to be difficult or a failure. You can set yourself up to be a successful long-distance landlord if you know how to effectively outsource tasks and responsibilities.
You don't have to live near your rental property to be a great landlord. Here are some tips for remote management.
Hire a great property manager
Regardless of where you reside, if you’re not able to check up on it regularly, you need to find someone you can trust to be the caretaker of your investment. Exercise patience when hiring a property manager and set a high standard. These are the people who will help select your tenants and interact with them if they have problems, maintenance requests or concerns.
Every real estate market is different, so you need to understand the dynamics of where your investment property is located so you can set the right rental price and stay competitive. It is a great idea to work with one specific agent or real estate company so you know them and it is easy to communicate. Once you start involving multiple agents, stress can build and information can be misconstrued. Additionally, you will want to be familiar with the local regulations and have a relationship with a local attorney to help you navigate any concerns or issues that come up.
When you’re not on site to meet a potential tenant, screening becomes even more important. Review your processes and applications every year to ensure you have the right procedures and documentation in place, so you can find the right tenant for your long-distance rental.
Your rental lease agreement is one of the most important pieces to setting you up to be a successful long-distance landlord. Be sure your lease is rock solid by having an a real estate agent and/or a property manager who is familiar with the area to review it or draw it up on your behalf. Also, make sure it clearly defines who is responsible for what, payment due dates and late fee policies, damage assessment and collections, pet policies and other clauses. This will help protect you and your property should any issues arise.
Even if you’ve hired a property manager, it’s important for your tenants to feel comfortable talking with you. They may also be more likely to treat your property with respect if you’ve developed a good rapport and they know you care about their needs.
Give your tenants a call or send an email every few months. Ask how things are going and make sure everything is working properly in the unit.