KEEP FAMILY AND CLOSE FRIENDS AWAY FROM YOUR REAL ESTATE AFFAIRS

This is one of the most important elements of any person's real estate portfolio. You cannot afford to get family and friends involved in real estate affairs unless you are extremely certain that their involvement is only going to boost the interest of all parties concerned and thereby get the job done.

Why should you keep family and friends away?

The answer is simple, because of who they are. Family politics is a subject that is known to the whole world but for some strange reason it's always buried under the carpet and people turn a blind towards it. Yes, there are times when you need their support and there are instances and situations where the above is null and void but for the most part of it, it's best advised that you do not get them involved.

It's okay to obtain advice and keep them informed etc. Sometimes you might also like to have them represent you as their POA (Power of Attorney) but ensure that you give them something back in return either in the form of some payment or some kind of compliment to mark a goodwill gesture and keep that family or friendship bond held high with respect and dignity. There is no such thing as a free lunch. So don't get caught to that trap.

Sometimes we are too nice

Yes, if you agree with the above and have been hurt by a number of people. You need to go on the professional lines with your real estate affairs. Have all dealings in black and white, nothing agreed or confirmed upon verbally. Everything should be based on a contract either via email or print. This gives both parties equal binding and the level seriousness is felt, understood and realized.

When you are too nice to people, in most cases, they take advantage of your humble quality and sometimes wriggle out of the problem they put you into without you noticing that it was them that created the whole fiasco. Our experts have seen and experiences how family interventions eat up a deal and drive the whole deal to a totally diverse direction.

Under the table matters are also done by such people. Always keep a distance with family and friends when it comes to business. It's best to keep them at arms length but yeah, there are certain exceptions and sometimes it's best to let be around you just so you know someone has your back and will punch if you make the wrong move.