Owning rental properties comes with several responsibilities. Successful rental property owners often face this question: should I allow pets in my properties? With the help of property management services, you can make the right decisions and ensure your rentals and income are protected, too. Before just jumping into a decision, it’s a good idea to strategize the best way to do it. Let’s hear from our Salt Lake City property management advisors about this topic.
Benefits Of Allowing Pets in Your Rental Property.
If you’re wondering about the benefits of having pets in your properties, there are certainly a few that might sway you to consider it. A property manager can help you successfully enjoy these perks of pet-friendly investment properties!
Increase the Number of Potential Tenants for Your Rentals
If you’ve been around very many people, you probably know how much Americans love their pets. In fact, about 85 million people own pets in the US. Pet owners also spend plenty of money on their beloved pets and will go out of their way to ensure their pet has a nice place to live.
The best residential property management Salt Lake offers will tell you that by allowing pets in their rentals, owners can expand their pool of available (and quality) tenants quite a bit. You could even advertise that you allow pets to generate interest and attention. This would fill any vacancies you might be experiencing for your investment property and support consistent cash flow!
Keep Tenants in the Rental Property
Property managers know that once you get a pet owner in your rental, you might just have a Salt Lake renter for life—or at least for more than one lease term. Why is this so? Renters know it isn’t always easy to find a place that allows pets. Property management experts know that once they have a comfortable place for themselves and their beloved pet, they won’t want to start all over again with the search process. Real estate investors often experience lower turnover rates when they rent to pet owners.
Most professional Salt Lake City, UT property management companies will tell you that when you reduce the turnover rate, you’re going to see a higher return on investment (ROI). Having those rentals filled will reduce how much you spend annually on property marketing, tenant screening, make-readies, and more! With long-term pet-owning tenants, you won’t have to advertise the property as often, take time to show it, and lose money as it sits empty. It’s a big win for your returns when you have someone in the property from year to year.
Tips When Allowing Pets in Your Rental
While pets bring plenty of benefits to your rental property business, make sure renters don’t bring a pet in without approval and a pet addendum! A real estate management company can assist you with creating an addendum that outlines the rules for pets and the penalties for violating the rules. Here are a few of the items you may want to consider adding.
Have a Pet Weight Limit
A property owner might want to consider limiting pets to a specific weight. You might do this if the property is small because larger dogs can accidentally do more damage. Remember, though, that you could lose potential tenants by limiting what pets can stay in your rentals. You can discuss this with a good property management company to find the right criteria for potential pets.
Get a Pet History and Records
Be sure to get the pet’s history from the owner. Ask questions about the animal’s behavior, specifically if there have been any past incidences of aggression. Owners don’t want to have any issues with an aggressive animal that could lead to lawsuits.
Make your tenants also show proof of vaccination for their pets. Tenants should have their animals wear up-to-date tags, as well. Put a system to ensure the tenants keep up with the vaccination requirements from year to year.
Collect a Pet Deposit or Fee
Collecting a pet security deposit helps investors cover repair costs if the pet does do any damage to the property. Be sure to have your property manager help you define pet fees and reserve those funds specifically for pet-related damage if it happens.
Some investors find it beneficial to charge a pet fee for allowing the tenant to have a pet. Doing this could be as simple as increasing the monthly rent amount for pet owners to cover potential headaches that come with pet-friendly properties. However, you could also forego this option if you feel the rent is priced appropriately for the property. Consult with a Salt Lake City property management expert about setting the best rental rates for the area.
Get Started With Pets and a Salt Lake City UT Property Management Company!
When offering pet-friendly rentals, make sure your paperwork and screening processes are in order. Be sure you also understand how pets differ from service animals or emotional support animals. That’s why it’s essential to have a Salt Lake City property management company assist you! Reeder Asset Management is here to help you make smart decisions about pets and your properties. If you’re ready to get started with pets, give us a call!
Learn more about what property owners can do to boost ROI! Get our free resource, “10 Things You Should Do To Increase the ROI for Your Investment Property.”