Tenancy law is complex and there are many pitfalls. To let a property privately you will need to understand tenancy law. You will also need to be a good judge of character and combine this judgment with the ability to reference Tenants effectively. You should not let to someone simply because you like them or because they are a friend or family member.
Many private Landlords make the mistake of taking the first applicant for a property simply to start earning money. This can be a big mistake and usually costs money in the long term.
Letting to family and friends has a bad track record. The Landlord of any property should be viewed by the Tenant with a certain level of authority. This is difficult to achieve if you are known to your Tenant. This level of authority is required in order to ensure that the rent is paid on time and the property is being looked after to the satisfaction of the Landlord and in line with the terms and conditions of the tenancy contract.
The list of questions is endless. It is a well-known fact that many of the horror stories associated with residential letting stem from private lets where the Landlord of the property simply did not have the experience in either Tenant selection or Tenancy law. Many of the stories in the media about "TenantS FROM HELL" stem from private lets! Most people we meet who have had a bad experience actually let privately.