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Renting out a property is the best way to ensure a constant income. This comes with an added benefit that the property will remain well maintained. But this is practical only if you are successful in finding a good tenant. Nowadays, finding a punctual and responsible tenant is a real challenge for all landlords.
Screen them – Before inviting prospective tenants to visit your property, screen them over the phone when you get their calls. This shortlisting will let you identify the tenants who are really serious about the deal. Prepare a set of questions for them and narrow down the options to find the one that you are looking for based on their responses.
Invite on priority – Once you have shortlisted some people, rank them based on priority. Let them visit your property based on this order. This will be the best idea to find the “right fit.” It is better if you can get a tenant through recommendations.
Check their identity – Never finalise any tenant without checking out their details. Check where they are working and their employment status, and how long they have been in the UAE.
Discuss terms and conditions – Discuss all the terms and conditions with the tenant clearly before he signs the agreement. Also, ask for a security deposit and advanced payment, and finalise the number of cheques that you prefer for payment. Talk about the maintenance and service of the property as well.
Follow rules and regulations – Follow all the legal formalities required by the government, including registering the contract at Ejari for a smooth landlord-tenant relationship, and to protect both your rights.
Team up with a licenced agency – If you do not want the hassles of putting your property on the market and screening tenants yourself, approach any real estate agency or property management company. They have the experience and skills to find the most suitable tenant for you. Not only will it save you time, you will also be able to rent out your property at the best price. Seek the help of a legal professional as well if necessary.
* Prequalify tenant applicants over the phone and frame questions carefully
* Check the tenant’s identity and ensure a regular and legal source of income
* Ask questions such as their employment and references from past landlords
Source: Asha Das, Special to Properties
The writer is a freelancer