Should we allow pets in our rental property? As a property manager that’s a question we hear often from our owners.
We’re happy to help owners rent their properties out whether they’re willing to allow pets or not. It’s all about understanding the potential pros and cons, so we make sure to have a conversation with them about those before they decide.
In Colorado, tenants oftentimes come with pets! In fact, we estimate 50 – 70% of qualified tenants in this our area will want to have pets in the home, so we typically advise owners to accept pets if they’re open to it. It will help them rent the home faster and for more money because it makes the potential tenant pool much larger.
Pets admittedly come with risks though, such as risk of property damage or risk of an incident like a dog biting someone.
So how do we help our owners mitigate that risk to the extent possible?
The first thing we do is make sure each tenant, with or without pets, has to create a “Petscreening” profile provided by petscreening.com. If they have multiple pets, they have to create a profile for each one.
As part of the pet profile each pet is assessed and given a “Paw Score” of 1- 5 (1 being the best and 5 being the wost).
As part of the petsceening process the pet owner has to answer a bunch of questions related to their pet and their pet’s history. Could they lie and answer things favorably just to get the pet approved? Yes, but they are now on record answering these questions in case there is an issue later.
The owner also has to provide information about vaccinations and vet information.
Once we have the petscreening results in we can assess the risk and do several potential things to help mitigate it.
If there was a moderate level of risk, such as a Paw Score of 3, due to a dog’s young age and breed, we could:
collect a higher security deposit to provide extra cushion in case there is property damage that needs to be recouped.
collect higher non-refundable pet fees for the potential extra work the pet will cause for the property manager.
verify that the tenant’s renter’s insurance policy (which we require) covers that specific dog breed. That way if something happens, like a dog bite, the owner knows the tenant has appropriate general liability insurance coverage.
The key is to get the pet screening done every time so we can assess risk and do what we can to mitigate potential damage or liability for the owner.
At Focus Real Estate Property Management we also offer a unique “Pet Guarantee” that helps absorb some of your pet risk as the property owner. If the pet causes damage and the costs of repair go above and beyond the tenant’s security deposit amount we’ll contribute up to $1,000 to help the owners cover the cost of repairs. This way our interests are aligned as owner and property manager. We don’t want problem pets in your home any more than you do.
Still not excited about having pets on the property? That’s your choice! Some owners prioritize keeping the property in great condition so they can move in later again. Or maybe an owner has an allergy and they don’t want pets in the home for that reason. We can help you rent out your home without pets if that is what you choose to do. In that situation it may take a little longer or possibly earn you less in rent, which we’ll explain to you, but your priorities are our priorities and we’re still happy to help!
One important note before we leave this pet screening topic. Service animals or Support Animals that assist a potential tenant with a disability understandably cannot be denied because of a “no pet” policy. That’s another great thing about petscreening.com, they will review and validate tenants’ requests regarding Service or Support animals. By outsourcing this to petscreening.com owners and property managers can be confident their tenant screening/pet screening process is appropriate and people who rely on these animals receive can be confident they’re receiving fair treatment. Win-win!
Petscreening.com is completely free to the owners. It’s $2- $25 per pet profile for the potential applicants. We don’t receive anything as a company for using petscreening.com, we’re just big fans because we see value in what they do.
Hopefully this post helps you in making your decision whether or not you should rent your home to tenants with pets.
We provide property management and brokerage services to the Central Park neighborhood of Denver and the surrounding areas. (within 15 minutes drive).
Joe Phillips
Managing Broker
Focus Real Estate Property Management
(720) 299-1730
