Rent from agent or privately???

[vagtsio]

Dear all,

i was wondering what is the diference (if any) to rent directly from someone and to walk in an estate agent.

Is it safe to rent from an owner directly? Is there something to be carefull with?

thank you in advance

[marc]

Depends, If doing a deal with an owner make sure you have a copy of his title deed and first page of contract as well as passport copy. then go down to RERA and Land Department and make sure the documents are valid for that apartment.

If you go through an agent you will pay a commission usually 5% - whether or not that fee is justified depends on the agent. - But at least you will have a paper trail and receipts as well as a witness when it comes to handing over cheques as well as a deposit.

Also when securing the property the agents acts as an escrow so your deposit is safe instead of giving it directly to the owner.

[wandabug]

The info regarding deposit is not correct. The real estate company only hold the deposit if they are managing the property and hold power of attorney (usually if the landlord is not resident in Dubai). In most cases the deposit is paid by cheque (or cash) direct to the Landlord and the landlord should return the deposit as per terms and conditions of your tenancy agreement. Dealing direct with the landlord will save you the 5% agency fee and at least you get to meet the landlord which may, or may not, make you more comfortable renting from him. I am a landlord and always rent directly to my tenants and we have a good relationship. Unfortunately there are some very bad landlords out there and you could be taking a risk not using a reputable agency to prepare and advise on contracts. Most landlords will use agencies as it is a free service for them so you will get a far greater choice by using agents but check out Dubizzle as well for Landlords advertising direct.

[marc]

No I am correct.

When a deposit is taken the real estate company should bank it or at least hold on to it until contracts have been signed. This is the same for Rentals as well as Sales.



As per By-Law No (85) of 2006 regarding the Regulation of Real Estate Brokers’ Register in the Emirate of Dubai and more specifically Chapter 3 Article 21 it reads;

Article (21) “A Broker shall be the guardian of any monetary amounts, securities, debentures or things given to him by any of the parties to keep or to deliver to one of the parties. He must give or deliver the same according to what is agreed upon. Trust rules shall apply to the Broker with regard to these matters.”

[wandabug]

Agent may hold security deposit while contract is being prepared and signed, it may only be a day or two! Deposit is then held by the landlord until the end of the lease term.

[marc]

Yes but sometimes it can be a week or 2 e.t.c

Also even if its for 1-2 days, once you hand that deposit over to someone you don't know you run the risk of never hearing from that person again. - Its rare but it happens.

[vagtsio]

Originally Posted by marc

Yes but sometimes it can be a week or 2 e.t.c

Also even if its for 1-2 days, once you hand that deposit over to someone you don't know you run the risk of never hearing from that person again. - Its rare but it happens.

Thank you all

It seems to me that is better to go via an agency... Just to have peace in mind.

[rsinner]

Err.... I would disagree, with all due respect
Its best to get it directly get a house through a landlord. Will save you 5% from the agents who do nothing
Most agents in Dubai (including those from "good" companies) just act as finders once the apartment is ready to be leased out. They will help you with the contract etc., but still it is your responsibility to check the title deed, passport copy etc of the landlord. They DO NOT act as an escrow agent or any other fancy term used, and in the receipt they give will just say "collected on behalf of the landlord". A number of agents, in fact, just tell you - "okay mr tenant, this is the landlord", "mr landlord, here is a tenant". "get the deal done amongst yourselves, but just pay the fees to me. Thank u"
But again, finding a property which is being directly rented out by the landlord is the problem - there are very few of those (but they do exist - check on dubizzle)