If you have a property in Katy, Texas, you’ll obviously want to maximize profitability however you can. Some decisions you make will have obvious repercussions; for example, some neighborhoods are clearly better investments than others. But some decisions are harder to evaluate; for example, if you charge more rent, you’ll stand to make more money, but you’ll also drive away potential tenants, making it harder to make that additional money.
Pets present a similar dilemma. The gist of the problem is this: allowing pets in your dwelling will open your doors to a wider pool of tenants, but may also expose you to certain risks that you wouldn’t face by disallowing pets.
Approximately 36.5 percent of households in America own dogs, with an average of 1.6 dogs per household, and 30.4 percent of households own cats, with an average of 2.1 cats per household. That amounts to more than 144 million pet dogs and cats that all need somewhere to stay—so someone has to allow pets at their properties.
What are the benefits? You’ll open yourself up to a wider pool of prospective renters. Most people who own a pet aren’t willing to get rid of it just to move to a new location. If you don’t allow pets, you’ll instantly make the “no” list of more than a third of American households. Plus, you’ll need to remember that many apartments don’t allow pets; if you distinguish yourself by allowing them, you’ll stand out from the competition, and it could serve as the tiebreaking factor between you and a close competitor.
So what are the risks associated with allowing pets in your apartment?
Fortunately, this decision isn’t an all-or-nothing one. You don’t have to simply “allow pets” or “disallow pets.” Instead, you can establish specific protocols for what types of pets can be allowed, and under what circumstances they’ll be allowed.
These are just some of the factors you should consider:
Sneaky tenants may wish to violate your pet policies if they don’t agree to your terms. For example, they may claim to have no pets to secure the apartment, and bring a cat when they move in anyway, or they may acquire new pets and fail to tell you so you can update their pet fees. If you discover that the tenant is violating your explicitly written policy, you can give them a formal warning and request that they correct the situation (such as by giving up the pet or paying a higher monthly fee). If they refuse to comply, you may have grounds for eviction.
Making these types of decisions as a property owner can be challenging, especially if you’re inexperienced. That’s why one of the best decisions you can make is hiring an experienced property management services firm like Green Residential. We’ll solve most of the tough problems for you, and take care of things like tenant screening, property maintenance, and if necessary, legal action to protect your property. If you’re interested in learning more, contact us today!