How to rent out your property faster during the coronavirus
During the pandemic, it is ten times harder to rent out your property than it normally is. Tenants are very picky, unlikely to make a drastic life change and are also more careful when it comes to their finances, because of COVID-19 putting everything at halt. However, below are a few tips that you can use, which will help you rent out your property in a lot less time than you might’ve anticipated.
1- Make the necessary upgrade
In Dubai, numerous landlords are upgrading and re-investing in their old properties, to help keep up with the large amount of new supply that is being handed over across the area.
But, it is important that you know what exactly you should upgrade. Pay close attention to the bathroom and kitchen, these two rooms can easily change last minute decisions.
No one wants to cook in an old kitchen or open up a ruined bathroom for the guests. If you have a lawn or an outdoor area, give it some shape with the help of landscaping.
2- Pay the agent’s commission down to keep your tenant’s cost low
This isn’t that hard. The more money the tenant saves upfront, the happier they are. If you offer such financial help during coronavirus, the tenant will appreciate that and automatically, your property will become ten times more appealing.
3- Unfurnish your area
Before the coronavirus, furnished properties were expensive on average, and this made them less enticing for tenants. However, with offloaded rentals for holidays being converted back to standard homes, furnished properties are no longer at the maximum price.
Usually, if someone is moving to a new house in Dubai during the coronavirus, chances are that they already have their own furniture. So, unfurnishing your property will lower its cost and make it more appealing for tenants as well.
4- Price down your property
There are thousands of options for properties in the market, and supply and demand has reduced. If you want to really rent your property out as soon as possible, then you need to give your tenants a good offer.
Make them an offer that they cannot say no to. Speak to your property manager or a professional to learn about pricing trends in today’s market, and how you can offer a price that is good for both, you and the tenant.
5- Offer flexible contracts
Offer your tenants flexible contracts. Usually what turns people off is a long-term commitment when they aren’t ready to commit. Make it easier for your tenant to make a decision without having to fear such long-term commitments.
Tenants don’t want to feel like they’re trapped, so offering them a ‘penalty-free contract’ that allows them to leave after six months, with giving only one month’s notice, can make a huge difference.
Offering a flexible contract will also build loyalty and it’s likely that your tenants will want to commit for longer.
6- Carry out maintenance regularly
Tenants don’t want to move into a property that isn’t well-maintained or is asking for a lot of work. In fact, what commonly happens is that tenants leave properties that require maintenance, and go for more improved ones.
Which is why, you need to make sure that your house is intact. Do the necessary to ensure that your property is in top shape.
7- Flexible payment of installments
A one-time payment option isn’t very appealing for majority of the tenants. Because of the coronavirus, managing your finances has become a tough job, so, people want vast options, so they can spend their money however they like.
However, we understand that offering too many installments might also impact your cash flow. So, there are also others options that allow you to offer 12 payments to tenants while you get paid in one.
8- Take better photos
Blurry and poor photos that don’t show the property correctly are a big turn-off, same with badly-lit places. Hire the services of a professional photographer and win over tenants. Remember, first impression is the last impression, which is why you want to make sure that your photos are as bright and clear as possible.
If paying for a professional photographer is out of your budget, make sure your property is tidy and take photos by yourself in day-time.