(Words by Fadi Nwilati, CEO, Kaizen Asset Management Services)
If you own a rental property, in Dubai you need to make it stand out to attract tenants. Today, young people rent much longer and demand more from their rentals than previous generations did. Today’s consumer expects features like energy-efficient appliances, a metropolitan location, and more space. If you want to attract high-quality tenants to your property, here are a few ways you can make your rental become more attractive.
(Fadi Nwilati, CEO, Kaizen Asset Management Services)
-Get your Property in Tip-Top Shape:
Your rental property is vacant, but that doesn’t mean you should ignore basic property maintenance. In fact, if you invest a few thousand dirhams into basic maintenance there’s a good chance you’ll be rewarded with tenants. Give the Interior a fresh coat of paint. You want your property to appeal to the masses. Light fittings can easily date a house. Replacing light fittings with simple, modern fittings will make a difference to the look and feel of any room.
Replacing old, yellowing light switches and plug sockets will help to make your property look like it’s had a recent refurbishment. Doing all the rooms at the same time will help to keep electrician fees down. Sort out your bathrooms, start with the simple things i.e. Replacing the shower head, toilet seat, and the moldy seals, all these changes will have an instant impact for minimal investment.
-Small Updates and Upgrades Make Big Impressions:
If you don’t have an eye for design, ask a realtor, designer or friend to walk through your home and point out fixtures that could benefit from an upgrade. Often, a few simple changes can result in an improved overall impression that motivates tenants to sign on the dotted line. You can retain tenants through multiple lease cycles by implementing basic upgrades. The following upgrades will make a huge difference without breaking the bank; Changing worktops, replacing shower doors with modern designs, install design friendly storage shelves. Spruce up your floors in certain rooms, as it can change the complete look of a room.
-Highlight Lifestyle qualities
There are areas in Dubai that are popular for renters and buyers. Certain areas in Dubai attract as specific target audience i.e. Arabian Ranches attracts young families, Dubai Marina attracts people that love an outdoor lifestyle and the metropolitan vibe and the list goes on and on. The best tenants will want to be in the property for some time and so will be interested to know about the area and local amenity. It’s worth including photographs of views, if you have an impressive outlook, and some details as to how far the property is from the shops, or public transport, to impress a new tenant. Landlords or property management representatives need to go the extra mile and provide an area guide for tenant with move- in.
-Do-it-yourself or Hire a Property Manager:
When dealing with your rental property, there are three goals every investor looking to grow their portfolio should desire to achieve: maximise rent, minimise operating expenses and increase resale value. Many real estate experts are in agreement that professional property manager who take care of your day-to-day running of a rental which includes marketing, screening tenants, establishing market-related rents, dealing with tenants, conducting inspections, collecting annual rent and resolving disputes and queries is an important contributor to the health of your real estate investment. In Dubai specifically we have many international landlords who cannot always attend to all the tenant’s requests and who are not necessarily knowledgeable on all property laws.
-Offer Flexibility and Value Added Services:
Offer multiple rent-cheques this essentially highlights the ease of payment, if you appear more convenient this can ensure that you have a larger potential tenant pool. There are fewer takers for upfront or one cheque contracts unless you provide a significantly lower rent for such payments. Another option is one-month free rent: Start your contract on a winning note by offering your potential renter a one-month free stay and hence sweeten the deal for them. Invest in a good, high quality, matching appliance packages and make sure it has a warranty.
If your home is set up with washer/dryer connections you can always add a set to further increase the value of your rental property. Include some smart home technology solutions that matter to your tenants. Technology that helps them save energy and money, a perfect example of this is smart lightning and smart thermostats. Investing in smart home technology can increase values and attract any kind of renter—the value and cost-savings is a win-win for landlords and tenants.