Friday, October 19, 2012

No pets allowed!…are you limiting the chances of finding a good tenant?

Owners can often be nervous about allowing tenants to have a pet and there is a level of trust that goes along with it. There are some properties that will never allow pets due to strata regulations but where pets are dependent on the landlord’s wishes don’t necessarily rule pets out completely.
Regularly, good tenants are missing out properties because owners are afraid of damage their pets could cause. However there are also some terrible tenants out there that may cause more damage then a pet.
When considering allowing a pet at your property there are a number of things you can do as a landlord to protect yourself from any damage that may be caused. This includes having references for the pet prior to accepting a tenant, know the type of animal, age, breed etc. Regular inspections can be commenced, as well as having a clause in the lease that states the tenant is responsible for any damage caused by the pet and to rectify any damage prior to vacating.
If you are thinking about becoming pets negotiable consider the following:
-How big is your property?
-Does it have a yard?
-Would certain pets suit the property but not others?
-Do you have adequate security for a pet? (Particularly dogs)
-Not all pets are bad
-You could miss out on good tenants
-Attract a larger range of tenants
-Potentially let your property faster
-Longer Tenancy- Pet owners typically stay in a rental longer because it can be harder for them to find other pet friendly options.
-Responsible Pet Owners Are Responsible Tenants- if someone is mature enough to take good care of an animal, there is a good chance they will treat your property with the same respect.
-Charge Higher Rent- look around your area. If there are not a lot of pet friendly properties, tenants will have fewer options, and you may be able to charge slightly higher rents if you allow pets due to the increased demand.
-Happier Tenants- Animals can help reduce stress. Having a pet around can make your property feel more like a home for the tenant.
-If you allow pets, it will decrease the chances of tenants trying to sneak in pets that you have not approved.
Cons:-Property needs to be pet friendly, i.e. fencing needs to be adequate; this is a landlord’s responsibility upon approving a pet.
-Damage that could be caused, scratches, broken items, smells & stains
Disturbing neighbours
-Landlord insurance will not cover damages however you can use the bond to cover any damage caused should you need to.  

Don’t let the fear of potential future damage stop you from accepting a good tenant for your property, good tenants can be hard to come by.

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