Take risk out of second-home rental

Friends, neighbors often among best candidates

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

While rent-by-owner agencies say it's a snap to find renters for your family cabin on the Internet, the best way to ensure your sanity -- and your second home's safety -- is to first consider renting only to family, friends and neighbors. It's simply human nature. In most cases, consumers choose familiarity over the unknown almost every time. For example, borrowers historically have selected fixed-rate loans instead of adjustable-rate mortgages because they are predicable and not as risky. When you consider family and friends first, you usually get the renter that you know and hopefully trust, who will give you less hassle and who is most likely to leave your getaway in the condition they found it. In a recent column, we stated the best potential pool of renters were from the families that had cabins close to yours. However, never overlook the business associates, teammates and casual acquaintances you see all the time in town. These two separate and independent groups can p...