So, we’re going to talk about a very hot topic here. People love their pets.
You probably love your pets. If you have pets, you probably love them.
But you may even love your pets but not want a pet living in your rental home. So, we’re going to talk about some things we do.
We have found that 68%, that’s a huge number of residents, have pets.
So, if you think about it from a total market for your home, if you decide you don’t want pets, that’s going to cut out to almost…over 2/3 of your possible residents.
We always think of renting as having a pipeline of opportunities, and you’re only going to be putting 1/3 of the residents in your pipeline.
But we think that given this thing is a traditional sales funnel, you’re going to rent your home quicker or to the better person by allowing pets.
Now, the kind of argument against pets is pretty clear. Pets can tear up your home. I have seen it.
I have spent days cleaning cat urine off of hardwood floors, trying to get them out.
Those pet stains seep down into hardwood floors.
Dogs scratching doors trying to get out or get back in, dogs digging holes in the back yard so don’t get me wrong.
If a dog bites a child walking by, you know, that child’s parent is going to…their attorney’s going to sue you.
They’re going to sue us as the property manager.
So it’s kind of like darned if you do, darned if you don’t.
And so, let’s just talk about some basic things that I think probably allowing pet, which make a lot of sense.
I hope they make some sense to you.
So let’s talk about what each one of those are.
A pet fee is money that is paid to you, that you get regardless of if the pet destroys anything.
So that’s a pet fee.
A pet deposit is that resident is putting up money saying, “If my pet destroys anything, you can use this deposit against this.”
And a pet rent is you saying, “Hey, I’m charging you rent but I’m also charging your pet rent because I know that traditionally, there’s more wear and tear on the home as a result of pets living there.”
Residents typically leave to go to work. They go on vacation.
They’re out of the house for periods of time during the day.
Pets stay in the house, you know, typically 24/7 or at least on the property 24/7.
So, they’re going to cause wear and tear to the property and so, pet rent helps make up for some of that.
There’s no fair housing laws that are against pets.
Now, certainly, you can get into some issues if it’s an emotional support animal or, you know, the pet’s needed for some sort of handicap.
We’re just talking about a traditional pet in this case.
You can take them, and you can actually decline them, based on a pet, as long as it is a traditional pet.
One of the things we like to say is smaller pets typically do less damage, so maybe putting a weight maximum on a pet.
You also want to put a breed restriction on a pet.
There’s actually a list of breeds out there that your insurance company may not even cover you, if you allow the pet that has one of those breeds into your home.
An example of that would be a pit bull. That’s the one we see most often.
And there’s some ways around that but you want to make sure that you have, probably, a breed restriction and a size restriction.
You can also allow certain pets and not allow other pets. So maybe you’re a dog person and you don’t want to allow cats.
You’re not required to let a snake in, so also, the type of pet there is.
Well, that’s it.
I hope this was helpful.
This is an incredibly hot topic around the office.
Typically, homeowners don’t want pets in their home, meaning in an ideal situation.
There’s not much reward for the risk you take on, but that’s it.
I’m Matthew Whitaker.
Thanks so much for watching.