How to Set a Pet Policy for Your Frisco, Texas Rental Property
Today we are talking about how to implement a pet policy in your Frisco rental property. Statistics show that 79 percent of all renters in America own a pet. That means if you are choosing not to allow pets in your property, you are greatly reducing the number of prospective tenants available to you. There are four important guidelines we suggest when creating a pet policy.
Proper Information Gathering
Just as you would require an application on a tenant, you should also require an application for pets. Ask for information on the type of pet; whether it’s a dog or a cat or a bird, what breed, what sex, the age of the animal and whether it’s neutered or spayed. If it’s a cat, you’ll also want to know if it is declawed. Ask for a picture of the pet, preferably a headshot and a picture of the pet sitting or standing. This allows you to attach a photo to the file so you can recognize the pet you approved for the property.
Collect a pet deposit in addition to the general security deposit to cover potential pet damage. Areas of the house specifically susceptible to damage from animals include the doors and door frames, paint trim and molding. In the backyard, fences and grassy areas can also be at risk. The average deposit is between $300 and $500 per pet. Determine if your pet deposit is going to be refundable or nonrefundable. We suggest a fully refundable deposit because this provides incentive for people to take care of the property. They will have an opportunity to have the pet deposit refunded, so they’ll be careful. If the tenants know they aren’t getting the money back regardless, they are not going to have an incentive to minimize or limit pet damage.
Create and use a pet agreement that states all your rules and requirements for pets in the property. We recommend looking for a state-specific pet agreement. You need to be as specific as possible. The best pet agreements provide clear understanding to all parties.
Documenting Property Condition
Carefully document the condition of your property on the inside and outside prior to a tenant moving in. Take pictures and focus on those areas we mentioned earlier that are at a higher risk of damage when a pet is moving in.Take pictures and focus on those areas we mentioned earlier that are at a higher risk of damage when a pet is moving in. This will help you justify any deductions you need to take from the pet deposit after the tenant moves out.
This should help you confidently rent to the millions of animal lovers out there looking for rental homes. If you have any questions, please contact us at Plat Realty.