For many people, pets are a key member of the family. So, when you’re considering tenants for your rental property(ies), how is the best way to handle having Fido or Fluffy in the mix?
Actually, there can be both benefits and drawbacks to consider when renting to people who have pets. But typically, tenants will not balk at having to pay an additional amount of monthly rent, as well as a larger security deposit, in case of any possible damages. This can equate to a higher incoming cash flow for you.
By readily accepting pets, you will also open up your pool of potential renters. So, if you’re having trouble filling vacancies, you may want to consider advertising that pets are welcome in your unit(s).
Before you give the OK for a pet owner to move into your rental property, though, it is essential that you conduct a thorough screening, which should ideally include checking the applicant’s credit, income, and possible criminal history, as well as contacting references such as past landlords in order to determine whether or not there have been incidents involving the individual and their pet(s).
It can oftentimes be beneficial for you to actually meet the pet prior to giving the green light to the potential tenant. In doing so, you can determine first-hand whether the pet is well-behaved and responsive to the owner’s commands.
If you want to keep your incoming cash flowing from your investment properties, but managing them is taking up more time than you’d like, it may be time to consider hiring a property management team to do the work.
Just some of the items that you can take off your plate and turn over to a property manager include collecting rent, screening tenants, responding to emergencies, and ensuring that all of the regular maintenance is complete.
So, if you own rental units in Orlando and / or the surrounding Central Florida area, just give us a call for more details on how the right property manager can work for you!