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Should I let a Friend rent my Property - Only if You Want It to End badly

26/10/2011

 
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Should I Let a Friend Rent My Property -Only If You Want It To End Badly

Why do I say this?   Because from my experience 99% of the time things end bad.

People seem to forget  it is a business transaction.

When people forget that it is a business transaction -  things can go bad.
 They take advantage of others, albeit  not deliberately,but it does happen.

For Example 
  Painting a room and going it's ok John won't mind - only to find out  it's bright PINK 

  Not looking after the pool - Its OK Mary won't mind

  We can pay the rent late -  Mum doesn't need it

  There is no need for a contract. It'll be Ok (The worst thing to do is not have a signed lease)
  
 It's alright,  I will go over to Bob's house and tell him the rent will be late. He won't mind I'm his friend.

 It's OK we can have a party - We won't get thrown out if things get out of hand.

My personal hate is - "Hi Fred can you come over and fix the tap. No I haven't told the property manager I didn't want to bother them"  (You are happy to bother me)

When people do that, things go south very quick. 

How do you stop this happening ??  Simple - Don't Rent To Friends. 

If you are tempted Just ask yourself " Do I want to kick my friend out & then see them at a BBQ"?    No you don't.

Personally I never want to have that conversation. Do you ?

I'm not saying all people are like that.  I just never want to be in that position.  


   


Not All Property Managers are Equal

9/10/2011

 
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Not All Property Managers Are Equal.

Last month I had a property manager just suddenly leave. No warning

Why did she leave, she wanted to be closer to where she lived.
 Now the bad part was that she was a very good property manager.

Property managers have a high turn over. Who wants to get paid $45,000 a year to look after 100+ Properties where the majority of phone calls are people complaining.

Now some get paid $60,000 a year, except they look after 150 + properties and are expected to bring in more rentals. - Think of the Pressure.

Property Managers leaving happens regularly.

So what should you do to prepare.

Plan for it ( have good records ie ask for a copy of the lease, the last inspection etc)

Have a back up property manager in mind from another agency.

The best defence is to stay in contact with the office. Make sure they know who you are, you don't want to ring up and have someone ask who are you again?




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