Being a landlord—or a “sharelord” as we like to call it—is all about being smart, safe and someone your housemate is glad to live with. Here are a few tips on getting it right.
For your security, only communicate with your prospective housemates through Silvernest. This not only protects you from fraud, but also keeps all of your conversations in one place and right at your fingertips.
Leave those menial monetary tasks to the experts: us. Silvernest allows you to complete all related financial transactions and even process rent payments on our secure and fully integrated online platform. Rent collection uncertainty: be gone!
Make sure to secure your home before welcoming your new housemate. Update your locks, get keys made, secure your valuables if it makes you more comfortable, and give him/her the opportunity to do the same.
Before you invite a housemate into your home and life, let your loved ones know your plans so they can help you along the way. Also, make sure you’re adhering to any local laws or HOA rules about renters, update your insurance coverage and ensure your home is safe and sound for your incoming renter.
Meeting new people is exciting (yay!), so it’s important that you do it in a way that keeps you protected. That’s why we strongly recommend video chats for your first interview with any prospective housemate. You get to see each other face to face, but can stay behind the safety of your screen.
Silvernest is keen on keeping all your personal data secure, so it’s best that you do the same. Hints: don’t give out your home address or phone number, and consider having a friend or family member with you at in-person interviews. Also, once you’re in your nest, exchange emergency contact and health info so that you’re prepared in a 911 situation. It’s kind of common sense, but hey, we just want to help you cover your bases.
Have a third party legal advisor review your lease terms to ensure everything suits your personal situation, geographic location and preferences.
Your home will soon be your housemate’s too, so consider cleaning up (wash carpets, clean common spaces, decorate and de-clutter) to make it A+ appealing. You may even consider making modifications like adding a separate entrance or a kitchenette for your renter.
Sharing your home will first require you to share your needs and rules with your housemate. Make sure you clearly list all your house rules and requirements in your lease and in your interview. Make your deal-breakers loud and clear so there’s no confusion come moving day, and get detailed with items like security deposits.