An expert explains how property management companies work and how to collect rent while traveling.
After recently losing my work in Dubai, I wish to return to my hometown. My villa is financed, and I wish to rent it out. What are the steps involved? As an owner, can I get rent in my home country directly, or need I work with a Dubai property management company? I don’t want to maintain the bank account or sell the house.
If you have a mortgage on your home and wish to emigrate, you can lease it. A good property management company in Dubai can market your home at the greatest possible price. Also, you’ll need to decide who will find a tenant for you and carry out the required due diligence.
When a mortgage is involved, the bank typically opens a loan account where the rent is put. Depending on your agreement with the bank, you may be capable of convincing the tenant to pay the rent straight into the loan account. Instead, you might transfer money to an account in your home country and use it to pay the loan installment.
Consult With A Property Management Company
Hiring a Dubai property management company to handle everything on your behalf would be ideal. They can get the renter’s post-dated cheques and deposit them in your account. They can also work with the tenant to set up a direct debit agreement to deposit the rent payment to your loan account. Another alternative is for the property management company to accept rent payments into their account. Send the loan amounts to the bank and deposit the remainder into your overseas account.
In the case of a returned payment, property management can follow up on your behalf and resolve any issues. It is critical to have a local contact who is familiar with the local legislation and who can act fast to protect your interests.