June 27, 2018

Property Management Revenue Tips - Boost Profit with Pet-Friendly Leasing

pet_friendly_property_manager_425Have you been soured by a past experience involving a tenant
with unruly pets? Landlords and property
managers in Metro-Detroit
often want to protect their investment to reduce maintenance costs and
property upkeep by issuing “no pet” policies on their property. If you want to drive your profits in the
right direction, and fill vacancies, then you may want to consider a change
to get pets into your rental property.

According to a recent study from the Foundation for
Interdisciplinary Research and Education Promoting Animal Welfare (FIREPAW),
the average pet-friendly rental doesn’t suffer any additional damage beyond
typical rental units.

With the rough economy, especially here in the Metro-Detroit
area, more people are adopting family pets as comfort during trying times. In many cities in Michigan, it can be a
challenge for a tenant to find a pet-friendly home.

By accepting those renters with open arms, you open yourself
up to a larger pool - and the major benefit is that you can charge a higher
deposit and/or additional rental fees to accommodate additional maintenance and
repairs associated with pets.

It’s a simple fact that properties allowing pets make more
profit. In fact, according to the survey
done by FIREPAW, landlords who operate pet-friendly properties in Metro-Detroit
make an average of $2,300 more each year over similarly priced properties with no-pet
policies.

Additional Savings for Property Managers

If you’re managing multiple rental properties, or working
with a property manager to do so, you know there are costs associated with
marketing your vacant property. By
increasing leniency with pets, you will spend less time, effort and money to
fill those vacancies. This is especially
true if you live in a more populated area with a large number of no-pet
residential units.

In addition to traditional marketing methods, you can post
your listings in places like pet stores, shelters, vet clinics and pet
communities online to attract more renters.

Getting the Best Renters

People who truly care about their pets and treat them like a
member of the family typically know how hard it is to find a good pet-friendly
home. These renters are far more likely
to stay long-term and renew their lease.

You can expect a drop in turnover for your property, which
translates into additional profits thanks to a drop in vacant units. You’ll also save more time and be on better
terms with your renters: Since you’re
not spending as much time marketing, you can work on building a much stronger
relationship with those renters to keep them happy.

If you’re curious about how to approach changes in your
lease terms in consideration for allowing pets, contact us today. A Metro-Detroit based property management company
like JMZ management can help you make the transition while working with you to
screen prospects and start filling vacant units with quality tenants.

Topics: landlord tips, pet friendly property managers, pet-friendly rentals, pet rentals, property manager metro detroit