A 'no pets' policy might save a carpet, but it could also be costing landlords their best tenants. Fears of damaging property, noise issues, and the existence of liability cause the no-pet policies to be adopted by property owners.
Now the times are changing, and the market of renting is developing. There are about 67% households in the USA that own a pet, which leaves out pet owners as a very large group of potential customers.
The fact is that, by admitting pets in your rental house, you can make one of the clever business choices as a landlord.
Let us investigate the strong benefits that have to do with opening the doors to furry, feathered, and scaled friends.
Grow Your Tenant Universe by a Large Factor
You will instantly expand your reach among potential tenants when you open your rental house to pets. Owners of pets have a hard time locating good houses that accept their pets, and this means that they are motivated tenants who are willing to invest in a house that satisfies their needs.
Here's what this means for you:
Extended tenancy: Pet owners have a longer tenancy duration in the rentals since transporting pets is time-consuming and stressful.
Greater number of applicants: A greater number of applicants offers you an opportunity to be more choosy when it comes to getting responsible, reliable tenants.
Low vacancy rates: Your place is not lying idle between tenants.
Higher Rent and Additional Income
The possibility of charging extra fees to cover pet adoptions is one of the most tangible benefits, as it helps not only raise monthly revenue but also protect investors.
Pet deposits ensure a buffer stock in case something goes wrong. Such non-refundable or refundable charges are about $200 to $500 per animal, which will provide you with comfort and financing to cover any damage the pets might have caused.
Monthly pet rent (typically, between 25 and 75 bucks per pet) represents income on your cash flow. In contrast to the deposits, it is a continuing income that gets accumulated throughout the life period of the tenancy.
To the tenant who has one pet and spends three years of pet rent, of 50 per month, means that you have earned an extra 1800 dollars on top of your pocket.
Competitive Market Advantage.
Crofton and the surrounding areas are characterized by strong competition in the real estate and rental markets, and this is where pet-friendly places will stand out.
In cases where the potential tenants are comparing similar properties, it would be the one that would accommodate their four-legged family members and win all the time.
This competitive advantage implies that you are in a position to sometimes charge a little more in terms of base rent and get good candidates fast.
Longer Tenancy Periods
Owners of pets have serious barriers when moving. It is truly hard to find pet-friendly landlords, particularly in the case of large dogs or more than one animal. That is an obstacle in your favor, since you are a pet-friendly landlord.
When keeping these tenants longer, think about the following factors:
The lack of alternatives to housing makes them appreciate their present state.
Stress experienced during relocation is intensified by the presence of pets.
The veterinary records, acquisition of pets in new places, and the possible limitation of breeds are further impediments.
Tenants do not want to change their residences when there are established practices concerning pets (local parks, their walking routes).
Reduced Turnover Costs
Whether a tenant vacates, there are high costs, including advertising, screening new tenants, vacancy, cleaning, and repairs, as well as the possible loss of rent. With longer tenancies, the cost of turnover diminishes drastically.
A pet-keeping tenant that occupies your property for five years, as compared to two years, would only cost you thousands in turnover costs.
Building Positive Landlord-Tenant Relationships
When tenants with pets meet a landlord who does not object to their pets, they are very thankful. This appreciation may result in a positive and cooperative relationship benefiting the two during the course of the tenancy.
When tenants feel important and are listened to, they tend to:
Take better care of the house generally.
Be open and honest when communicating.
Renew their lease without delay.
Reduce the Risk by Being Smart with Pet Policies
Effective Pet Screening.
Tenants can be screened, so can their pets. An effective pet policy ensures that your property is guarded and at the same time allows responsible owners of pets.
Principles of efficient screening of pets entail:
Demanding references from former landlords or pets from your veterinarians.
Vaccinating Instructions: Request Sicca records and spaying/neutering.
Testing the temperament and training by meeting the pet.
Restricting the pets and size that are reasonable on your premises.
Writing an elaborate pet addendum to your lease.
Collaborations and Contracts with Pets
Your lease should include detailed expectations regarding noise and garbage management, leash regulations, and responsibility for damage, in the form of a detailed pet addendum. This paper will secure you and your tenant because it will form guidelines at the onset.
Professional Support in Property Management
The process of negotiating pet policies may be challenging, especially when profitability is considered the same as risk management ability. This is where business management of property comes in handy. The seasoned property managers are aware of the local market, fair housing issues, and how pets are screened during the screening process.
Professional property managers are able to assist you:
Create very elaborate pet policies that shield your investment.
Establish reasonable pet charges and deposits in your market.
Pet screens and screen pets successfully screen pets.
Resolve pet-related matters or pet-related tenant conflicts.
Make sure that we meet local ordinances and fair housing laws.
Addressing Common Concerns
Property Damage Myths
Although the issue of property damage is also reasonable, it is mostly exaggerated. The majority of pet damage is similar to damage caused by non-pet tenants. Children may be as severe as pets, but landlords will hardly turn away families with children.
Damage by pets can be successfully diminished and reduced to a small number, with proper screening, in sufficient deposits, and in illustrated terms of leasing.
Liability Considerations
The issue of liability, especially in the case of dog bites, can be solved by insurance provisions. Most landlords insist that tenants who have pets have renters' insurance that covers pet liability insurance. This not only secures you but also the tenant against occurrences.
Willing to Maximize the Potential of Your Rental Property?
Silver River Properties can provide you with specialized advice on the introduction of pet-friendly policies that would be effective and help you manage your property when you are a property owner in Prince George's County, or Anne Arundel County.
Our qualified property management personnel are familiar with the local rental market and can assist you in creating elaborate pet rental policies that will bring in quality tenants at the same time, ensuring the safety of your property.
From tenant and pet investigations, frequent property examinations, and repair arrangements, we arrange all in terms of managing property so that you are free to partake in the monetary outcomes without having to endure the everyday stress.
Our stable reputation of reliability, integrity, and honesty is one way we have assisted so many property owners in Crofton and other nearby locations to maximize rental revenue and also reduce stress levels.
The Final Say
To find out how this can be achieved, contact Silver River Properties today using 301-358-6004 or emailing the company at admin@silverrivermd.com. We will explain to you why our customers become our loyal customers and visit us every time, again, and again with their needs regarding property management.
