An Expert Describes How Property Management Companies Operate And How To Collect Rent While Traveling.
I want to move back to my place of origin after just losing my job in Dubai. My villa has a loan on it, and I intend to rent it out. What steps are involved? Can I receive rent in my home country directly as an owner, or should I work with a Dubai property management company? I do not want to keep the bank account here or sell the property.
You can indeed lease your property if you have a mortgage on it and choose to emigrate. A reputable property management company in Dubai can promote your home at the best price. In addition, find you a tenant, and perform the necessary due diligence will need to be chosen.
Typically, when a mortgage is involved, the bank opens a loan account where the rent is placed. Depending on your arrangement with the bank, you may be able to convince the tenant to deposit the rent into the loan account directly. Or to transfer it to an account in your home country, which you would then use to pay the loan installment.
Consult to a Property Management Company
Hiring a Dubai property management company to take care of everything on your behalf would be great. They can obtain the renter’s post-dated checks and deposit them in your account. Or they can arrange for a direct debit arrangement with the tenant to transfer the rent payment to your loan account. Another option is for the property management company to receive the rent payments into their account. Transfer the necessary loan funds to the bank, and deposit the remaining funds into your foreign account.
Property management can follow up on your behalf and settle any problems in the event of a returned payment. It is crucial to have a local contact who is knowledgeable about the laws of the area and who can move quickly to safeguard your interests.