According to the Plano, TX, government, over 125,000 dogs and cats "call" the city home.
As you can imagine, many of those adorable creatures have renters as their "fur" parents. So, if you, as a landlord, allow pets in a rental property, you can significantly expand your tenant pool. You can also charge higher (but still reasonable!) rates by turning your properties into pet-friendly rentals.
But having inclusive rental pet policies isn't always rainbows and butterflies. You must be careful with tenant pet agreements, lest you want your property to suffer from damage.
In this guide, our team at PMI LegacyPro will share landlord pet management strategies and rental property tips, so read on.
Screen Tenants and Tenants' Pets
FamilyHandyman.com points out that pets can damage homes in at least nine ways. From soiling carpets and couches to scratching and clawing surfaces, these are just some ways pets can cause property damage.
So, always screen tenants and their furry loved ones before allowing pets in a rental property. While even generally well-trained and well-behaved pets can still cause property damage, they're less likely to do so than their untrained counterparts.
Include Pet Responsibilities in the Lease
Correct garbage disposal and preventing property damage are some of the primary legal tenant maintenance responsibilities in Plano, TX. Tenants must also adhere to all local safety and health codes.
Your lease agreement must outline all those duties. However, if you're welcoming your tenants' pets, you should also include specific responsibilities regarding pet management.
First, you must require tenants to adhere to the City of Plano's annual pet registration requirements. Then, mandate them to furnish a copy of all vet records, vaccination status, and tick/flea treatments. You should also consider requiring renters to purchase pet liability insurance.
Enforce Pet Security Deposits or Fees
Since many renters have pets, welcoming them into your rental property can be an excellent way to attract Plano tenants. Not all landlords welcome pets, so by being different, you can get pet-owning renters to apply with you instead.
However, you must balance the pros of pet-friendly rentals with the potential cons of animal-caused property damage. One way to do this is to charge a pet security deposit or rental fee.
You can use the pet security deposit to cover cleaning and repairs if your tenants' pets damage your rental. But like standard security deposits, you must return the pet deposit if you don't use it after the tenancy. On the other hand, pet rental fees, which work like typical rental charges, are non-refundable and considered part of your income.
Need More Help Navigating Pets in a Rental Property?
Now you know that pets in a rental property can expand your tenant pool and let you earn more with additional pet rental fees. However, you should still implement rules, such as screening renters with their pets, requiring pet registration, and mandating insurance.
If you find all that tedious and time-consuming, our full-service property management firm, PMI LegacyPro, can help. Our CEO and award-winning realtor, Brenda Thompson, has been a licensed broker for 20 years and possesses many designations/certifications. With her expertise, she and the PMI LegacyPro team can make managing your Plano rental a breeze.
Speak with us today for a free consultation and learn more about our services!
