Should I kick my friend out?

Dear Scott,

I’m in a difficult situation with my friend. She’s been renting my large family home from me for the last three years, paying $825 a week in rent. I recently had a rental appraisal done and the estimated rent for the house is now between $1600-1800 per week! I’ve sent her the agent’s quote and asked her to make a decision within the month. My friend said the agent has overpriced my house and she wouldn’t pay much more than $820 per week. I know there is a housing crisis on at the moment and she has a family to consider. Help! What would be a fair thing to do? She’s already ‘unfriended’ me on Facebook!

Jocelyn

Hi Jocelyn

Thank-you for providing me with reason #784 that I am not on social media.
Look, it’s your money and not my place to judge what you do with it … but we’re not exactly quibbling over ten bucks here: you’re subsidising her to the tune of $50,000 per year!

So, you’ll have to decide whether you want to continue doing that.

If you don’t, I’d recommend hiring an agent to deal with this for you. Yes, it’s an added cost … but then again, so is the emotional cost of being unfriended on Facebook!

My advice?

Be classy, with your head held high. Tell the agent you want to give your current tenant the first right of refusal at the market rate. And if I were in your thongs, I’d be generous about giving her time to find alternate accommodation if she doesn’t want to pay the market rate.

Scott.