Being a landowner doesn’t necessarily mean you’re done with all responsibilities and your paychecks are going to come regularly. You need to make sure that your duties as a landlord are being fulfilled.
Simply put, you can’t be taking in tenants without expecting them to come up with complaints. In fact, finding tenants, itself, is a daunting task that all landowners need help with. Apart from this, coming up with drafting agreements and tenancy contracts while having everything officiated through the legal system, etc. are part of the hassle of being a landlord.
While it does seem profitable, the above-mentioned to-dos of the average landowner seem too hectic. This is why it is recommended that you go with the idea of hiring a real estate agent that can help make things easier. Not only are they going to help you with the search and screening process but they’ll also prove to be excellent property managers. Apart from landlords, sellers could also benefit from hiring property agents. From listing their properties on prominent portals to finding buyers for them, a real estate agent can help a great deal in more than one way.
Needless to say, your property in Dubai will be managed while you rest easy, whether you’re a landlord or seller. To help illustrate it better, let’s take a look at the reasons why landlords and sellers should hire real estate agents:
Regardless of what type of a realtor/broker/agent a person is, they’re bound to have a huge network. That’s essentially the basics of getting into the profession and thus, you can rely on agents to come up with options.
By showing every property in their listings to all the people that come up to them or their referrals, agents make sure that they always close a deal. Even if they don’t have a direct link to a buyer/tenant, they’ll spread the word around and find you something substantial.
Although factors such as the asking price, condition of the property, locality, amenities and facilities, etc. affect the search, agents almost never refuse. They’re always on the lookout for more additions to their inventories and will certainly add your property to their promotions. Keeping in view modern marketing tactics and strategies, such as using online platforms for advertisements, agents go beyond just their immediate field of vision.
Some people might think that they can take a few photos, upload them on property portals, and their property will be easily sold or occupied by tenants. However, you’ll need knowledge and much research to figure out the best platforms to promote your listing.
Again, factors such as the asking price can change the domain you’d want to work with. For example, landlords looking for rents above AED 500,000 wouldn’t get many leads on portals famous for finding apartments and flats. This is why agents prepare themselves with the knowledge of where their target audience lies.
Another great benefit of hiring professional agents is that they can present their honest opinions. So, if you have a sellable property, how to present it better, the average market rate, etc., consult your agent. They will openly tell you about everything that goes on in the real estate market.
Once you find possible clients, you might want to get in the process yourself at first. However, after some while, all property owners get tired of going over the same cycle. This is where agents can help ease everything.
While it is a plausible doubt that agents would want to hurry and seal a bad deal for their commission, rest assured that they won’t do things without your approval. You can wait while they interview 50 people to bring you a shortlist of selected 5. Makes things much easier, doesn’t it?
All you’ll have to do is provide them with a list of terms that you want your tenants to know and your requirements regarding ideal tenants. And voila! Just sit back, relax and watch your agent work their magic. They’ll make sure they find out everything about the selected candidates that is necessary to endorse them as ideal tenants.
Similarly, you’d want to have information about the buyer of your property to ensure that you’re selling to the right person. This is where agents can help and confirm whether the property is going into the right hands and whether the deal is good.
Although many deals with real estate agent tend to be a one-time thing, you can have your agent act as a manager as well. While they’ll certainly help you find, screen and negotiate with tenants the first time around, you can even have them do it for as long as they agree with. This will mean that you’re free of most of your duties as a landowner to your tenants. Your agent will handle all their complaints and make sure you get your rents on time. You’ll be notified when there’s damage to your property or if it needs a fix-up.
In the case of dealing with buyers who keep asking to reduce the asking price, negotiating through agents is a wise choice. You might be obliged to take the moral high-ground or get strong-armed into accepting a bad deal. Whereas, agents will ultimately have to abide by the requirements and limits you set. They can’t go below the price you tell them and they’ll let the potential buyer know that as well.
As we mentioned above, real estate agents have much experience with legal work. They know the governmental requirements, regulations and legislation, and procedures.
For the uninitiated, let’s just say that it’s going to be a mess and who knows how long you’ll take before you come up with the right contract agreement. Whereas, if you hand all the required documents to your agent. They’ll save you all the trouble except for signing contracts. They’ll even handle everything from the buyer/tenant’s side.
While it’s almost impossible to deny the arguments above, many people might have problems with an agent’s credibility. Keeping in view risks of fraud and scams, it’s only fair to be suspicious. However, in a country like UAE, you can rest assured that departments like RERA and DLD are always at work. Every real estate agent has to be registered in the list of RERA’s licensed brokers, certifying them in the eyes of the Dubai Land Department. This authorises them to take part in real estate deals and thereby, also holds them accountable for anything that seems out of line.
So, all you have to do is note down the registration number on their broker’s license. This number will be all the state needs to bring them in court for any wrong they do to you. Although, since the system is strict and there’s no room for error, you can be sure that everybody will play nice.
All the tasks associated with the role of the landowner are not going to go away or become easier. You’ll either have to keep handling everything as it happens and try not to lose your sanity or hire an agent to live in peace. So, why the wait? Start finding the ideal agent.