Renting to Friends or Family Without a Property Manager Pro? Bad Idea!
It can be tempting to rent your investment house, or condo to friends, or family members, but this is almost always a horrible idea if you are interested in maintaining amicable relationships with these "tenants" over the long term.
Like any good landlord, you've established an inviolable set of operating guidelines that have consistently proven themselves valuable in keeping you out of trouble. You have ALWAYS been burned in the past whenever you allowed yourself to slacken off from adherence to strong, well-founded operating principles.
So why are these same principles the 1st things to go out the window when renting to family, or friends?
Let's be totally honest. For whatever deep seated psychological reasons, we humans operate differently when dealing with friends and family than we do with "outsiders." WE FAIL TO DO WHAT WE KNOW WE MUST DO.
A professional property manager stands as a liability buffer between the owner and the tenants -- no matter who those tenants might be! A professional property manager stands in for the owner and ensures that property management best practices are always followed consistently and fairly.
Real Property Management of Sarasota & Manatee is the local affiliate office of the greater company, Real Property Management. Real Property Management is the largest residential property manager in the world having 250+ offices in the U.S. and Canada, and over 60,000 units under management. Real Property Management of Sarasota & Manatee works with the owners of condominium units, single family homes, duplex/multiplex units, and apartment complexes in: Sarasota, Bradenton, Venice, Lakewood Ranch, Parrish, Ellenton, North Port, Englewood, Palmetto, FL.
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