In the unyielding market of buying, selling, and renting, landlords vie for tenants. You should keep an open mind when it comes to dealing with pet-owners as tenants, as this will increase the number of potential tenants who get in touch with you.
Instead of completely writing off tenants with pets, come up with a set of clear-cut rules for pet owners. This will increase demand for your property, since not all rental units lease out to pet owners. Your property will be in high demand, fetching you high rental income. Additionally, people with pets make for more responsible tenants. Take a look at the different ways to handle tenants with pets.
First things first. Decide what type of pets you will allow into your house.
Acquaint yourself with the different kinds of pets people may own, and make a list of the kind you wouldn’t mind having as a tenant. Be very specific with your allowances right from the start. For example, you may be alright with cats and dogs, but an exotic snake or spider would be a no-no. Make your demands very clear to the tenant.
Ask for a pet reference.
Ask your tenants for written letters about their pets behavior from their previous landlords and vet. This should help you determine whether their pet is well-behaved and trained, and how much damage they may (or may not) cause to your property. Find out if your tenants’ previous landlord or neighbors ever complained about their furry companions.
Add a separate ‘Pet Clause’ to the rental agreement.
Cite your conditions regarding pets in the rental agreement, and make sure your tenant sticks to the terms. Make sure this clause is crisp and concise, stating clearly what is and what is not allowed.
Collect a pet damage deposit.
Before taking in pet owners as tenants, make sure you collect a higher deposit from them. This is a one-time deposit, irrespective of the number of pets owned, or the amount of damage caused. Inform the tenant that any serious damage caused by the pet to the exteriors and interiors of the house will be repaired using the money from this deposit.
Keep in mind that you cannot ask tenants who require service animals (such as a guide dog), to pay a pet damage deposit.
Refund the deposit after the tenure of tenancy.
Once you’ve collected this deposit, you are entitled to keep the money even if the pet dies or is given away. You are, however, obligated to refund the deposit upon completion of the tenancy. Scout the house for pet-related damages, and remove the required amount from the deposit, before handing it back to your tenant.
Once you get used to the idea of leasing out to pet owners, you’ll welcome the change. Not only does it open the doors to a larger pool of people, but will also reduce turnover rates and increase your rental income. So don’t hesitate any longer. Go ahead and open your doors to warm, friendly, and fluffy animals.
I am an avid writer, whose focus is more towards highlighting civic issues our society faces on a daily basis. I provide tips on property investment, write on real estate market price trends in India, and provide an insight on the latest residential projects. For more property related queries, you can visit http://www.commonfloor.com
By Abishek KumarShare on Facebook