Vacation rentals in Dubai have gained global popularity with vacationers seeking hassle-free stays in the UAE and investors looking for lucrative market opportunities. But as the holiday home market continues to thrive, how best can agents effectively support the goals of landlords and work with them on their properties?
In this edition of Industry Eye, Saeed Al Zubaidi, Founder of Like Home Vacation Homes, a prestigious leader in the holiday home and property management industry, shares fascinating insights into their experience and expertise. From initial evaluations, to the importance of consistent communication, the experts at Like Home open a treasure trove of tips that represent essential reading for all aspiring agents who are looking to boss the holiday homes sector.
Initial Evaluation of a Property
At Like Homes, we recognise that the primary concern for the vast majority of landlords is ensuring their property remains rented. It’s stating the obvious, but it’s an undeniable truth that an empty property is bad for business. To address this, we optimise rental prices and utilise a diverse range of rental channels, including online platforms such as Bayut and dubizzle. We have also forged partnerships with tourism agencies so that they connect us with potential clientele as part of their packages. Our goal is to maintain an occupancy rate of 85 – 90% throughout the year, ensuring consistent profitability even during the off-season.
Before taking on a property, we conduct a thorough evaluation to assess its rental potential. This includes analysing the location and amenities, then studying the potential market demand. If a property is unsuitable for short-term rental, we advise landlords accordingly, suggesting long-term leasing as an alternative. Our honest and transparent approach puts the interests of landlords front and center, helping them to make informed decisions about their investments.
We understand that strategies for rental properties require time to see progress. This is especially true for holiday homes, since it’s essential to take account of seasonal fluctuations and regular changes in market price trends. Therefore, we advise landlords to allow our strategy at least six months to show results. During this period, we focus on marketing the property and observing market performance.
Managing Poorly Located Properties
A major hurdle for many holiday homes can be location. Tourists in Dubai often prefer staying in holiday homes that are centrally located, so that they can visit the major hubs with ease. Our team at Like Homes works on strategies for short term rentals in Dubai, offering free evaluations to determine how to generate profits. If it seems like a property is not a solid fit to be a holiday home, we advise landlords to consider long-term rentals instead. This approach ensures that every property is utilised to its fullest potential.
Before we finalise any agreements, our team provides landlords with detailed profit projections based on similar properties in the area. This information helps landlords set realistic expectations and make informed decisions about their rental strategies.
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Once the agreement is in place, we consistently provide landlords with regular updates on their property’s performance. This includes any changes in the expected profitability and recommendations for adjustments to the rental strategy.
Our Tips for New Agents
For agents looking to succeed in the holiday homes sector, we recommend staying informed on the latest market trends and rental strategies. This helps with understanding the market and being able to provide landlords with up-to-date information about how the Dubai market is performing.
Apart from offering timely updates, you’ll need to be readily available to your landlord so that they can reach out to you with ease. It’s also essential to focus on being honest, concise and logical, as these qualities will help to improve the likelihood of building a long-term, mutually beneficial relationship with the client.
About Saeed Al Zubaidi
Saeed Al Zubaidi is an Emirati entrepreneur with over 15 years in the UAE property market. He is the CEO of DAR AL ZAIN, a leading real estate firm. His vision and enthusiasm for innovation led him to the establishment Like Home Vacation Homes Rental under the umbrella of DAR AL ZAIN.
Saeed’s dedication and charisma have rapidly advanced his reputation within the real estate sector. His growing passion for vacation homes has fueled the development of unique and appealing projects. Under his leadership, Like Home Vacation Homes Rental has flourished, becoming synonymous with quality and reliability in the vacation rental market
About Like Home Vacation Homes
Like Home Vacation Homes is a prominent holiday home and property management player, offering short-term apartment rentals and professional property management services. They specialise in creating a seamless and memorable experience for travellers, while allowing property owners to maximise their investments. Their goal is to be the premier choice for short-term apartment rentals in the UAE.