As a landlord, you need to remain professional at all times, but the line may become blurry when you decide to rent to your family and friends. Knowing that you are a landlord, your loved ones may swarm to you because it is convenient but it can make your life messy. If friends and family approach you about renting from you, you should politely decline and tell them that you have a policy against it no matter how uncomfortable it makes you. Here are some reasons it is best to avoid renting to your friends and family.
You need your tenants to pay their rent on time because it impacts when you can pay your bills. Chasing tenants can be hard in general, but no one wants to chase their family members for money. Choosing not to rent to your family members will let you avoid this and keep your relationship friendly rather than professional.
Preserve the relationship and the business
If anything goes badly with the living situation, your relationship may suffer. Problems can easily arise if your tenants damage your unit or take advantage of you by paying their rent late. Declining to rent to people you know means that you can keep your professional and personal lives separate which saves both your and your business. For example, you don’t want your family members to resent you because you raise the rent.
Don’t Play Favourites
If your friends are also your tenants, you might not be an impartial landlord. You may respond faster to a family member with a leaky faucet than you would to someone else who has been trying to contact you for days. You never want to play favorites, but it’s hard when your family is involved.
While you don’t want to rent to people you are close with, you can give your current tenants the best experience possible by offering online rental payments. Head to RentMoola for more information.