Renting your property family and friends

One of the most important things you need to do before you decide to rent your property to family and friends is establish very clear guidelines about how the tenancy relationship is going to be conducted.

Having someone you trust as a caretaker of your investment property can be a great advantage as they may be more conscientious of accidental damage to the property.

There are, of course, some potential disadvantages to this relationship. Your tenant may feel "special” and could take advantage of the relationship.

Encourage open lines of communication via the RealRenta platform which also acts as the "third party”, enforcing the traditional landlord/tenant relationship.

Most importantly of all, make sure that your family/friends understand that you have an investment that you need to pay off and that you are not at their beck and call for every minor thing that happens at the property.

Using the RealRenta platform will help mitigate the chance of any disagreements, as you can ask your tenants to submit all requests for maintenance etc via the platform.

RealRenta dates and time stamps every interaction, so there is no room for misunderstanding and miscommunication.

You can upload the tenancy agreement onto the platform and notify your tenants of upcoming inspections via the platform.

By the same token, be aware that as a landlord you must also keep in mind, that you can’t just "pop-in” whenever you like.

In the case of late payments and arrears, the platform will automatically send reminder notices to the tenant via text and email, whilst also notifying you of what is happening and keeping you at "arm’s length” of the process.

There will always be some situations that you may not always be able to predict or protect yourself from, however, using the RealRenta platform to automatically manage the relationship will ensure that you have a very clear basis for the arrangement

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Jason Gwerder
Thursday, 21 May 2020

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