One of the most important things you need to do before you
decide to rent your property to family and friends, is to 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.
Most importantly of all, make sure that you 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 via the platform.
RealRenta 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.
Use RealRenta for
Free for up to 2 months here:
https://app.realrenta.com/Signup.aspx
Marlene Liontis
Wednesday, 19 June 2019
