In the TLC show "Say YES to the Dress"! the brides have an idea what they want their bridal dress to look like and they "will know it when they see it"!
Unfortunately, many Reluctant Landlords feel the same way....a corporate rental * GREAT!!, rent checks come in like clockwork....a part-time resident, only in the area a few days out of the month * WONDERFUL!!!, less wear and tear.....actually, BOTH of these would-be tenant prospects are problematic.
Corporate rentals, unless there is a personal guarantee by the actual resident occupant, can be a nightmare. If the tenant is fired or the corporation goes into bankruptcy, if there is not sufficient corporate documentation as to why the employee's rent was being paid, the trustee in bankruptcy can actually call BACK the lease payments.
Additionally, residents who do not LIVE at the property FULL TIME can give the landlord a false sense of security. In a power outage, heat can go off and pipes can freeze and no one knows until it is way too late. Routine items are not handled and likewise maintenance ends up being delayed or not at all.
A rental prospect who is a friend of a friend?! PERFECT!, until the friend/tenant looses their job and your friend is not returning your phone calls and neither is your tenant.
Renting to FRIENDS, FAMILY and FRIENDS of FAMILY rarely work successfully. Finding good residents should be done the old fashioned way - one or two applications at a time!!!
Wallace S. Gibson, CPM * Over 45 years of property management experience to serve you *
Gibson Management Group, Ltd. is a full-service property management company. Our management program is tailored to high end single family homes of character, country and estate properties as well as town homes.
We offer listings in the city of Charlottesville and Albemarle county as well as Greene, Louisa counties and the Lake Monticello area of Fluvanna county.
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almightly God...." Anonymous
Now leasing quality rental homes in the Central Virginia area for summer availability * http://VaHomes4Rent.com
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
There are lots of ways a place might rent. But skipping the credit report, income verification, and rental references is not a good idea. Even a relative might be a deadbeat.
When prospective clients they tell me they have a tenant, I cringe....it is a relative or a friend of a friend who they have already committed to and who won't fill out an application...that's our "out"....no application, no lease.
THEN....the owners get the message that if they are unwilling to complete an application, there may be something they need to "hide"!!
Good advice
Wallace,
I love these words:
Renting to FRIENDS, FAMILY and FRIENDS of FAMILY rarely work successfully
I can't count how many times I have heard the sob story of "how it went wrong" !
ahhh, lessons learned!
Landlords who want to take the EASY way out usually end up having a HARD time....landlording is hard and thinking that a friend or family member will not take advantage of the situation is unrealistic....