When people call you to enquire about a rental property, they usually have a list of items that they are looking for. Some of them are really important while others are a nice bonus. These property details usually fit into one of four categories that I will define and go through.
- Property rules
- Minor upgrades
- Major upgrades
1. Property Rules
The first one that I will address is the property rules. They include:
- Tenant repairs
- Use of the property
Pets policy is by far the most important item on this list by a long shot.
Allowing a pet is the most important property rule that will affect the amount of rent you can charge and the number of potential tenants you will have. Our policy is to accept a cat in every property and allow small to medium dogs in any property that has a private yard.
Since two out of three Americans own a pet, by not allowing a pet, you are minimizing the number of potential applicants drastically. You should always protect yourself with a pet addendum and additional deposit if need be but take a pet anywhere you can.
Allowing subleasing and allowing people to run a business out of the apartment or house could make you more money, but it will drastically raise your liability.
We are always a hard no on those topics.
Allowing tenants to make minor changes to the property are a different story. For example, if tenants want to paint, we allow them to, with the disclosure that they will be charged if it is not painted back when they move.
Related: Part 2: Major and Minor Upgrades
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About Belmont Shore Land Co.
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- Repairs Are A Unique Part Of The Property Management Business
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