Do you want to invest in the real estate market in the UAE while living abroad? You have come to the right place! Governmental policies regarding property ownership in the UAE makes it possible for foreigners to acquire real estate without living there! Besides, according to REIDIN, prices for apartments and villas are down by 29% and 31%, respectively, in the first quarter of 2020. Hence, investing in the property market at this point in the country is a robust opportunity for mouthwatering return. Nonetheless, managing your investment from afar can be challenging if you don’t know how to go about it. Worry no more! You will get have access to vital tips that will enable you to keep your house in order from afar in this article.

Tips for Efficient Property Management for Overseas Investor in the UAE

Based on the report of REIDIN, in the first quarter of 2020, around 4.8k units have entered the Dubai real estate market. More so, this includes 1.3k villa & townhouse units and 3.5k apartment & hotel units. Therefore, you can be sure that you will be able to choose from superfluous exciting options. These tips will empower you to manage your investment efficiently without living in the nation:

Choose the Right Location

You have to be careful before choosing the location of your property investment. The location determines the facilities and amenities that will be close to the real estate. For example, some places are close to business hubs, tourist spots, and offices. Potential tenants will consider these factors before choosing to rent your property. So, you need to consider the location of the real estate carefully. Furthermore, foreigners can buy properties in an area like Dubai Marina, which features freehold properties. This location is popular among foreign investors. Hence, investing in this place or other exciting options that will attract the right people to your property is a fantastic decision.

Contact the Right Real Estate Agent

Finding the right real estate agent in the UAE will save you a lot of stress and energy. These experts understand the current market condition in the nation and know the best locations for you. Excellent real estate agents know the places with a history of promising tenants and other vital information. Hence, they will be able to help you make quality decisions that will help you maximize your investment. Furthermore, you can take your time to ask your friends and families for credible real estate agents in the UAE. The services of an experienced and highly-trained agent will make things easier for you in many ways.  

Choose a Top-Notch Property Management Company

The management of one or more properties, especially from overseas, can be very tricky. Hence, you can save yourself the stress by entrusting your property to a trusted and reputable property management company. Many international buyers often entrust their real estate to companies who offer property management services to handle legalities and other crucial details. Nonetheless, it is vital that you contact the right company to get top-quality services. Reputable property management companies are familiar with real estate legalities in the UAE. Therefore, they will be able to help you manage your property without running afoul of the law of the country. Besides, they will be able to help you establish an excellent relationship between you and your prospective tenants. They are conversant with what the tenants want, and they will help you in situations where cultural barriers exist. They will also help you to get the right people that will rent your property. More so, property management companies provide remarkable maintenance services for the clients. They do this apart from helping you handle legalities and resolving tenant issues. Hence, apart from saving you the stress of finding the right tenants, and real estate legalities, they also help you cut maintenance costs. Therefore, the value you will get for the money you pay them is way more than whatever they charge you. Besides, you won’t have to break the bank to pay for their services.

Understand Tenant Screening and Rent Collection Process

Being an overseas landlord demands that you understand tenant screening and rent collection processes in the Emirates. Moreover, it is very likely that these processes are not the same in the UAE as your home country. Hence, it is imperative that you understand how things work to have a smooth experience. You have to understand how to handle vacancies and payment issues. However, you can still save yourself the stress of being in charge of these processes by entrusting your real estate to a trusted property management company. These organizations have a strong legal background to deal with rental litigation to help you secure your asset. So, you can either choose to learn from these agencies about how to handle these issues or entrust them with this responsibility.

Get Consistent Performance Updates and Financial Records

Finally, it is essential that you get regular performance updates and financial records of your rent. It would be best if you don't forget that your return on your investment depends on your rent. Hence, avoid handling this aspect with levity. Thankfully, property management companies also provide this report. Regular performance update and financial records guarantee transparency between the investor and the organization. Furthermore, it is crucial that you hire a company that has a proven track record of providing foreign clients with these reports. Such a company will ensure that you get timely statements showing the expenditures and return of your real estate monthly.

Conclusion

As a foreign real estate investor, you have to be conversant with crucial intricacies of the market. Nonetheless, you can go the faster route by contacting real estate agents at Lolia for professional advice on property investment in the UAE. The company also provides quality property management services that establish a smooth relationship between tenants and landlords. Hence, you can be sure that your property is in good hands when you entrust it to the experts in the company.