Renting to family and friends can be a touchy subject because we know people like to be helpful whenever they can. But, as a landlord or investment property owner, you have transitioned to the role of a business owner.
Renting to a Family Member
As a business owner, you have to maintain a professional separation between yourself and your customer. In this case, your customer is the renter. We know you probably have a sympathetic part of you that wants to help out any friend or family member who may need a place to live. But, in every case we’ve ever encountered, this leads to trouble. It often leads to a termination of the friendship or a hardening of feelings between family members.
Property Management Burlingame
If you do pursue renting to friends or family, we really recommend that you place some kind of buffer between yourself and your tenants. The situation might turn out okay if you are working with a professional property management company. You can focus on the personal relationship and your property manager can take care of the business relationship.
Screen Friends and Family
We recommend that you do screen the friend or family member. Credit scores and payment histories are not typically discussed around the holiday table, but you want to be sure your friend or family member is qualified. If you have to evict that person, it will definitely damage the relationship.
Our recommendation is really not to rent to friends and family at all. But, if you do go that way, make sure you have a property manager in place so the relationship can stay professional and your property is looked after. Most importantly, you won’t damage your relationship with a loved one.
If you have any questions about renting out a property or Burlingame property management, please contact us at Five Star Property Management.
