Considerations for allowing pets in your rental property
Most property owners find themselves contemplating whether they should allow pets in their property. This is despite the fact that the greater number of people own pets. This generally stems from the fact that most landlords consider pets a liability. However, there are a great number of pros associated with allowing pets into your property. Here’s our take on some of the considerations for allowing pets in your rental property.
1. Attract more residents
Offering pet-friendly dwellings can enable you to reach out to a whole new segment of prospective renters. Moreover, you can attract more prospective tenants. By merely allowing pets you will be in a position to draw larger interest from a bigger pool of prospects.
2. Bring in additional revenue
In general, most pet owners are quite fond of their pets and as such are willing to pay extra for a pet-friendly property. You can also charge extra as pets can cause more wear and tear than is traditionally normal. Moreover, in situations were most landlord do not allow pets, you can even charge premium for your pet-friendly property. Subsequently, this all translates into extra income and increased revenue.
3. Retain tenants
There are a lot of complications and difficulties in finding a pet-friendly property. As such, pet owners are inclined to stay longer in your property. This ultimately translates into a better tenant reputation ratio. This saves you a lot of money in the long run. For example, you won’t have the associated costs of frequently finding tenants.
4. Responsible tenants
On average people that have pets tend to be more responsible and accountable. This means they also work out to be better tenants. Owning and looking after a pet is a challenge in itself, thus it requires some semblance of responsibility. This will also mean that they will most likely take good care of your property. In addition, it points towards them being responsible enough to pay rentals in time.
5. Insurance restrictions
It’s not all rosy, however, some insurance companies explicitly forbid pets being kept on premises. With this in mind, you need to verify with your insurance provider prior to making your property pet-friendly. To acquire full insurance cover ensure you adjust your insurance accordingly. Bear in mind that you could be in for some hefty costs if you do not adjust your policy cover accordingly.
6. Know the pet
Take some time to interview the pet. Yes, you read correctly. Spend some time with the pet to ascertain just how domesticated it is. You’d be surprised that in a short period of time you can determine how well behaved a pet is and how likely it is to cause damage to your property. It is also crucial that you evaluate just how long a prospective tenant has had their per. Furthermore, you need to understand how well a renter knows their pet. Answers to these questions will help you appreciate if a tenant can control their per. In addition, it helps you know if they can control the pet and prevent damage to your property.
7. Set your pet policy
Your pet policy should be clearly defined in your lease agreement. You should distinctly specify if pets are allowed or not. Make sure that your expectations are very obvious right from the beginning. Additionally, the responsibilities of a pet owner must be stipulated in the lease. Lastly, there must be a procedure for dealing with issues that may arise throughout the tenancy.