Are you a property owner with a commercial property for rent? Renting out your property can be a great way to earn a passive income, but it's not as simple as just finding a tenant and collecting rent. There are many procedures and guidelines to follow to ensure a successful and legal renting process.
This article aims to provide comprehensive information about renting commercial properties, covering all the essential procedures and guidelines to follow. We'll discuss the procedures and guidelines for renting out your property in the UAE, a guide to letting your property, how to charge more rent with property improvements, and tips on finding the right tenant.
By following these guidelines and tips, you'll be able to maximize your profits and minimize your risks as a landlord.
Now that you have chosen to rent out your commercial property in the UAE, it's time to prepare for the process ahead. In this section, we will discuss the steps involved in renting out your commercial property and provide you with useful tips to help you navigate the process smoothly.
1. Start - To begin with, if you have a property for rent, it's essential to seek the assistance of a reliable and trustworthy real estate company. At Propertyshoma, we are registered with the Real Estate Regulatory Agency (RERA), ensuring that we adhere to the highest standards in the industry. Our team of experienced professionals will handle the entire transaction process with professionalism and integrity, ensuring that you achieve the best possible results.
2. Listing Process - To list your property, you need to obtain a permit that allows it to be advertised by the real estate company. You'll need to provide the company with a copy of your passport, signed listing agreement, and the property's title deed.
3. Devise a Marketing Strategy - Your marketing strategy should highlight your property's unique selling points and offer a comprehensive marketing plan, including listing on portals and social media campaigns. This step is crucial in finding the right tenant for your property.
4. Prepare Your Property - Ensure that your property is in good condition and ready for viewing by potential tenants. Work with the real estate company to schedule viewings and provide constructive feedback to potential customers.
5. Review the Offer - After finding a tenant who is interested in renting your property, validate their offer by having them complete and sign a reservation form and collect a deposit.
6. Sign a Tenancy Contract - When renting out a commercial property, it's crucial to have a tenancy contract in place before the tenant moves in. At Propertyshoma, we recommend using a RERA Unified Tenancy Contract, which is a standardized contract recognized by the Dubai Land Department. Additionally, we suggest creating a lease addendum that details any specific terms or conditions agreed upon by both parties. This helps ensure that the tenancy contract accurately reflects the expectations of both the landlord and tenant and can help prevent any potential disputes in the future.
7. Payment - Receive payments once all the necessary steps have been completed, it's time for you to receive payment for your commercial property for rent. The tenant must make the payment in full when they sign the contract. They can also provide an initial payment along with post-dated cheques. At Propertyshoma, we ensure that the payment process is smooth and secure for both parties.
8. Handover Process - Before handing over the commercial property to the tenant, make sure that all necessary documents are properly arranged, utility contacts are established, and a comprehensive inventory of keys and cards is created, signed, and collected.
Letting your commercial property in the UAE can be a daunting task, but with the right guidance, it can be a smooth process. Here are some steps you can follow to ensure you find a good tenant and let out your property efficiently.
Propertyshoma offers a team of seasoned property managers who can assist you in efficiently renting out your commercial property. Our primary focus is to establish a professional and cordial relationship with you while ensuring that you find a dependable tenant who can take good care of your property.
After hiring a real estate broker or manager from Propertyshoma, we will assist you in managing all the documents that are required for leasing out your commercial property. Our team of experienced property managers will ensure that all the necessary documents are arranged in an organized manner before proceeding to the next step. These documents include your property title deed, Emirates ID or passport, and a signed form. Our primary objective is to ensure that the leasing process is seamless and stress-free for you.
If you have a price in mind for your commercial property for rent, we will help you determine if it's realistic and achievable. We will conduct market research and provide you with market appraisals that show property prices that have recently been let in the same area as yours. This will help you set a realistic asking price for your property.
Working exclusively with Propertyshoma ensures that your property is marketed in a specific way. This avoids multiple differing adverts for your commercial property for rent appearing in property portals, which can display a different asking price than what has been agreed on.
At Propertyshoma, we understand the importance of marketing your property effectively to attract potential tenants. Our team of experts will help promote your commercial property for rent on various platforms, such as property portals, social media, and other online channels. We will also ensure that your property is pristine before being photographed for marketing purposes. Any necessary snagging jobs will be completed before the marketing process starts. Our goal is to ensure that your property stands out among other available options and reaches as many potential tenants as possible.
We will ensure that your property is in top condition for tenants who want to see it. We recommend that your property is as clean as possible to make a good impression on potential tenants. We will also highlight the key features of your property to potential tenants to make it more attractive.
At Propertyshoma, we understand that tenants pay rent in multiple cheques. We will work with you to ensure that you are willing to compromise on payment terms to attract more tenants. Accepting multiple cheques can increase your rental income and make your property more attractive to tenants.
Once you've found a good tenant for your commercial property for rent, it will be time to sign the tenancy contract. We will provide you with a standardized lease addendum that outlines the rights and responsibilities of both parties. We will also clarify any part of the contract that needs it to ensure that you understand it fully.
If you're looking to rent a property in the UAE, there are a few things to keep in mind. Here are some tips that we recommend following:
Budget: Determine how much of your household income you can allocate towards rent.
Transport: Consider how you plan to travel between locations, whether you have a car or plan to use public transport.
Facilities: Determine which amenities you're looking for in a property, such as a gym or pool on the premises.
Communities: Decide which neighborhoods are most suitable for your needs, whether you're a family or a single person.
Services: Consider the importance of having easy access to supermarkets and eateries.
Step 1: Look for property listings online or in print.
Step 2: Set up a site visit with your real estate agent and focus on checking the apartment's security systems, condition, maintenance, space, parking facilities, and amenities like a gym or swimming pool.
Step 3: Negotiate the annual rent and other details, such as whether the apartment is furnished or unfurnished if pets are allowed, and if the route to your workplace is manageable.
Remember that a tenancy contract is typically on an annual basis, so be sure to consider all your options and avoid cancelling the contract prematurely, as it may result in financial losses. Short-term rentals like hotel apartments can also be considered.
In conclusion, renting out commercial property in the UAE can be a highly lucrative opportunity, especially with the current real estate market conditions in Dubai. With the availability of off-plan properties for sale and attractive payment plans, investing in a property in Dubai Marina through Emaar Properties can provide significant returns on investment.
By listing your property with Propertyshoma, you can tap into their extensive network of potential tenants and secure an exclusive agreement. Additionally, Propertyshoma can assist you in devising a marketing strategy, preparing your property for viewings, and negotiating offers.
When leasing commercial property in the UAE, it is essential to adhere to the proper procedures and guidelines. This includes preparing the property for tenancy, reviewing tenancy offers, signing a tenancy contract, and completing the handover process. Working with a trustworthy and experienced real estate company can help you navigate the process with ease and achieve the best possible results.
In summary, buying property in Dubai on installments, specifically in Dubai Marina through Emaar Properties, and renting it out can be a profitable venture in the UAE. Propertyshoma can provide you with the guidance and expertise needed to let out your property efficiently and find a dependable tenant. Start your journey towards earning a passive income through commercial property leasing in the UAE today.