A lot of people aspire to invest in the real estate industry and make money. One way of investing in this industry is through renting out units. However, becoming a landlord is not an easy task. Nevertheless, when you manage your rental properties effectively, they can become a great source of income.
Here are tips on how to become an effective landlord
- Screen tenants
Before signing the leasing contract, it is very important to run a background check on the tenant. If it is possible, ask for referrals from previous landlords and take time to follow up. This will help you avoid tenants with bad behaviours. Also, try to evade tenants with past evictions.
- Maintain the property in a hospitable condition
Always ensure that your tenants are living in the best condition. Also, handle any arising issues carefully and efficiently. Issues such as faulty wires on washing machines or incorrect piping can make your property inhabitable.
- Keep records
Records can include inspection reports, receipts, maintenance request from tenants, etc. These records act as evidence in case legal issues arise. In the current digital era, it is good to go paperless and use property management software. This also helps to keep the records safe.
- Involve professionals
It is advisable to involve real estate professionals such as property agents and property management companies. These professionals will help you wade through the real estate market and eliminate the hassle of managing the property.
In addition, it is good to get acquainted with a real estate attorney. He/she will buffer you from liabilities and making legal mistakes.
- Insure your property
Make sure that you have insured your property with the maximum amount of rental insurance available. Even though this might be expensive, it will protect you from devastating losses.
Dubai provides you with a wide range of real estate investment options from villas, townhouses, apartments and more. In fact, since most projects are under construction, you will have the opportunity of purchasing them off-plan. Emaar Properties is one of the biggest real estate developers in Dubai and are offering some really promising off plan projects in Dubai currently. One such project is the Emaar Beachfront apartments that are located at the Dubai Creek Harbour. Buying property off plan has a lot of advantages such as buying at low market value. Also, the payments are flexible as they are spread over the whole time of construction.