How to earn additional revenue from your rented property?

How to earn additional revenue from your rented property?

 

How to earn additional revenue from your rented property? UAE opens up to Airbnb. Whether you are a homeowner or a tenant, you can earn additional revenue from your rented property.. The UAE is known to be a transient country and life here moves at a very fast pace. Just look at the rapid growth of the desert that has now become a fully flourished hub for innovation and modern technology.

This has made the UAE a very desirable place to visit which has caused many hospitality services and companies to rise in the many Emirates of the UAE, Airbnb is one of them.

Airbnb was first introduced to Dubai and Ras Al Khaimah in 2015 and has become one of the most prominent accommodation methods in the Emirates. In fact, Airbnb has claimed that ‘the number of guests traveling to Dubai using the Airbnb platform has increased by over 50% since 2016 as of 2018. Additionally, research performed by property specialist Chestertons in October 2017 mentioned that since 2015 the revenue Dubai properties have gained is increased by 421% and the number of listings almost tripling since its initiation (by 2018).

Despite these positive results, Dubai may be less successful on Airbnb in comparison to other regions due to the high standard and popularity of hotels. However, while considering that it is moderately new it has been pretty lucrative. Airbnb has only been able to sign Dubai and Ras Al Khaimah but does aim to open in the rest of the UAE as well. 

Well, you may be thinking how is this information going to do any good for me? Let me tell you how you can become an Airbnb host while you’re on holiday and make a quick buck while you’re at it too.

How can I benefit from Airbnb, if I am a tenant?

Whether you are a homeowner or tenant, you can quite easily rent out your house on Airbnb! While in other countries it is permissible to lease out a part of your property, this is not permitted in the UAE, you are only allowed to loan your full unit to someone. Despite this, renting out your house on Airbnb has been proven to be quite fruitful.

This is how you could start

If you are a homeowner:

1) Make an online account on the Holiday Homes website at https://hh.dtcm.gov.ae/holidayhomes/

2) Click on ‘Home Owner’ for the registration type and sign yourself as the manager for the property.

3) Give in your scanned copy and/or passport copy of your Emirates ID.

4) In two to three business days, your account will be looked over and you will be contacted on more information that will be needed.

5)Make your way to the Dubai Tourism office, and hand in the required documents and pay Dh1,590 to start your approval process. This amount includes an annual registration fee (Dh1,520), classification fee (Dh50) as Standard or Deluxe, Knowledge Fee (Dh10) and Innovation Fee (Dh10). In addition to this, you will have to purchase a license fee of Dh300 per bedroom in your apartment for the term of the rental (three months to a year).

6) Submit a copy of your title deed and Ejari registration proof, and any other documents required.

7) Once your approval is granted, you will get your own username and account as an approved holiday home provider on Airbnb

8) One more license is to be bought, this will cost you 300dhs per room. You can use the same account to get separate permits for multiple units or properties.

As an owner, you will be held responsible for the conditions of the accommodation and amenities. Airbnb will determine if the property is Standard or Deluxe, however, inspections may be carried out by Dubai Tourism to maintain quality.

If you are a Tenant:

The process is quite similar but with small alterations.

1)You will need a No Objection Certificate (NOC) from your landlord along with an authorization letter from the owner.

2) Make sure that you keep in mind that you cannot rent out rooms in your home or part of a unit. This is illegal.

3)The tenancy contract copy, Ejari registration proof, and Dewa bills need to be submitted along with the authorization letter from the owner.

4) For any questions call 971 600 55 5559 for Dubai Tourism and 971 07 233 8998 for Ras Al Khaimah Tourism Development Authority.

Tips on how to attract people to stay in your Holiday Home/ Vrbo/Airbnb property

• Have feasible prices

• Be helpful and responsive to your guests

• Inform your guests well about your holiday home

• Provide simple amenities such as soap, toilet paper, towels, bed sheets, and pillows. (Having WiFi available may make your house more appealing)

• Share some tips of staying in Dubai/Ras Al Khaimah as this will make their overall experience more better.

For Guidance please also refer to https://gulfnews.com/travel/how-to-legally-become-an-airbnb-host-in-the-uae-1.2281570

Happy renting!

Keep an eye on this space on how to make your Airbnb home even more attractive and accessible by using the Oji Code+