Co-ownership with Family and Friends
What better way to co-own vacation property than with your favorite and most trusted people? Most Plum clients start by building a private proposal that they can share just with family and friends.
Case Study: The Mathias’ Private Group
Sue and Matt Mathias love the mountains, and wanted to own a cozy mountain getaway that could bring peace in the midst of their busy professional lives. They relished the idea of building memories with their children, and deepening relationships with good friends.
It made more financial sense to partner with people they knew and trusted to get exactly the property they liked.
Learn from the Mathias’ experiences with Plum CoOwnership by watching this customer interview.
Best Practices for Working with Family and Friends
Plum has invested hundreds of hours in research and direct client engagement, and we’re happy to share a few best practices.
1. Start by Exploring Preferences Together
When your sister says “hey, why don’t we buy a beach house together,” start by listening. Where do you imagine this beach house? Describe the perfect setting? What budget are you considering?
2. Write Decisions Down
The preferences conversations will inevitably surface things you agree on, and things that you need to chat more about. When you get to a point of agreement, just jot it down. Dogs? Underage guests? Smoking? Just jot them all down and you’ll find that you agree about a lot of things.
3. Use the Hard No to Must Have Scale
We find that a good way to really identify the most important issues is to have people rate things from 1 to 5, with 1 being a “hard no” and 5 being a “must have.” Really, everything in between is just a preference. Spend your time figuring out the 1s and the 5s… and let the rest of it ride.
4. Let a Third Party Handle Vetting
It can be a little awkward to ask a friend to show you their bank accounts. It’s helpful to have an objective third party do that work.
Plum has platformed all of these services and can guide you and your closest people. Get in touch with us and we’re more than happy to help.
Get Help with Co-Ownership
Plum’s friendly concierges are here to answer questions about co-ownership. Drop us a line and let us help you on your co-ownership journey!