A relative or friend comes along, and you feel they’d make a good tenant, but you’ve heard the horror stories of other landlords renting to people close to them. What can you do?
If you’re on the fence about renting to a loved one, let’s take a look at some tips that will help make renting to family members and friends a breeze.
Don’t Be Lenient Because You Know Them
You have rules and standards in place because you know what kind of tenant you do and don’t want to rent to. If they rack up noise complaints, don’t pay rent on time, smoke in the property, or break any other of your hard-set rules, don’t let up. Giving them preferential treatment, even once, sets a precedent they may try to take advantage of. As awkward as it may feel, once they break a rule, it’s important to sit down and have a conversation with them as you would with other tenants.
Use Your Lease as a Way To Set Boundaries
You should also use your lease to set boundaries with any of your tenants. There are a few key aspects you need to include in your lease if you want any tenant to respect your time and your privacy. This document should, at the very least, include your business hours, how to contact you, and how to file certain complaints. The last thing you want is for them to think it’s appropriate to call you early in the morning because their refrigerator isn’t working.
Keep Business and Pleasure Separate
Keeping business and pleasure separate from your rental property is the best tip for renting out to family members and friends—why, you may ask? The best way to help them realize that this is a business venture for you is to continuously model and show your respect for the property itself. This standard doesn’t mean you can’t visit them, but you may want to avoid helping them host social events or parties at the property. They can do that on their own accord in a way that is respectful and in line with your rules.
However, blurring that line makes it easy to forget the property isn’t just a home—it’s a serious investment.
Vet Them as You Would Any Other Tenant
Although you may know them personally, you should do your best to treat said friend or relative as you would any other tenant. The vetting process should look exactly the same, and you should closely examine their job and credit history as well as past rental experiences. Even if you’re very close, a background check may tell you things about a person you never knew. Plus, it sets a certain standard and lets them know you take this as seriously as any other business venture.
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