As a housing provider, finding the right resident for your rental property can be quite a challenge. Even though your rental has been on the market for a while, it can take time to find a resident who is a good match. During the vacancy period, you might be inclined towards renting your property to your friends and family.
It might sound like a good, profitable idea to housing providers, who want familiar people as their residents. However, it can be a bad idea for those who avoid mixing professional and personal lives. Therefore, it is essential to consider the benefits and the drawbacks of renting your property to friends and family.
Advantages Of Renting to Friends or Family
Your friends and family are some of the people who are closest to you. In several cases, this sense of familiarity can be favorable for both the resident and the housing provider. As you are likely to know most of their background information, verifying the particulars on the renter’s application will not take long. Additionally, there is less chance of you getting duped by some false information from your potential tenant.
Since the person is familiar to you, chances are that they will take better care of your property. As a friend or family member, you can expect maximum cooperation regarding issues like repairs, maintenance, and rent. Other than that, familiar individuals are more trustworthy than a stranger.
Disadvantages of Renting to Friends or Family
Since you are the housing provider, your friends and family may get extra comfortable with the rental property. It is best to establish ground rules before the residents get too complacent and disregard basic rules and regulations.
As a family member, they may often expect special treatment from you, like flexibility on the rent payment. However, it is best to be transparent regarding all the particulars of the lease from day one and ensure that the lease is strictly adhered to.
Several housing providers have also experienced difficulties in evicting such residents as they expect to let lease violations slide. Therefore, it is necessary to clear misunderstandings as they arise. Make it a point to explain your stand as a housing provider to your residents, regardless of your personal equations. During such cases, your relations may get in the way of your business, causing a negative impact on it.
No matter who you choose to rent your property out to, always remember to remain professional. It is essential that you, as the Chula Vista housing provider (landlord), do your due diligence and deliver the best services to your residents (tenants). Expect them to adhere to the terms of your lease and avoid allowing any exceptions.
It is best to keep your professional and personal life separate. Discuss this with your prospective resident before finalizing and signing the lease. When you are self-managing your rental property, whether you like it or not, your personal familiarity with the person can become a hindrance.
To avoid this, you can hire a property management company. This company will act as a neutral third party and help you execute your vision for the rental property. They will also assist you in your duties as a housing provider regardless of your relationship with the resident.
For any assistance in finding the right tenant or managing your rental property, reach out to us at Encore Realty, Inc.