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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Thursday, 21 May 2020