Accepting Pets In Your Rental Property

Many landlords have heard stories about terrible pets, destructive dogs, and cats that pee everywhere.  These things can and do happen but you shouldn't let it scare you into refusing pets.  The latest statistics I have seen show that approximately 50% of tenants have a pet of some type.  Most caged pets are not an issue but what about dogs and cats?  Before you can decide how you want to handle pets in your property you need to know the laws in your area.  Some areas don't allow particular breeds whereas some covenant controlled areas may not allow pets at all. 

Once you have deciphered what's allowed by law, zoning, and covenants you should decide and make clear what pets you will or will not accept but remember that each time you add stipulations to your tenancy you decrease your options for tenants.  The fewer tenants you have to choose from the less likely you are to get top dollar for your property.  Your property will sit on the market longer and your return on investment will decline.

The key to accepting pets is only renting to responsible, reliable, quality tenants!  If the tenants is a responsible pet owner the wear and tear on your house will be minimal.  I manage many properties where a person wouldn't even know a pet is in the unit if it wasn't visible.  I have managed hundreds of rental properties and the worst damage I have seen has always been caused by people not pets.  If you are concerned about the way a tenant maintains your property (AND YOU SHOULD BE!) then whether they have a pet or not you need to do your homework and make sure you are selecting the right people.  You can refer to my blog about properly vetting tenants here.

If you are going to accept pets, and you should, then you will need a pet addendum that outlines the type of pet, number of pets, and any special stipulations for owning that pet.  Examples are: Special carpet cleaning, increased deposit, pet rent, ect. 

I hope this post was helpful and feel free to contact me if you have questions about accepting pets in your rental property or any other property management related topics

Sincerely,

Daniel Muldoon
Muldoon Associates, Inc.

Handling Infestations In Your Investment Property

Infestations

Infestations can happen at any time and for many different reasons.  You need to know how to react before the event even occurs in order to keep peace with your tenants and stay on the right side of the law.  Laws vary from state to state on this topic so I will be speaking of Colorado Law and more specifically Colorado Springs.  Make sure you contact the proper authorities or an attorney to find out what your state and municipality requires.  

In a multi family property the home owner is ALWAYS RESPONSIBLE for pest control.  This cannot be passed onto the tenants!  If you think you can avoid this by putting a clause in your lease you are wrong.  If you have a single family home you are only responsible for pest control for 30 days from the date of move in.  If the infestation happens after that the tenant could be responsible.  An infestation could be bed bugs, roaches, mice, vermin, or insects.

There is a relatively new phenomenon in Colorado called bed bugs.  These nasty little dudes hide in carpet, upholstery, clothes, shoes, and just about anywhere else in your home and belongings.  They can be difficult to kill and they reproduce so rapidly that one or two bugs could turn into a catastrophe quite quickly.  If you notice any bed bug signs act immediately!

Roaches are another issue although not as common in Colorado as some other states.  Much like other bugs, roaches can originate in a neighboring unit and spread very quickly into the whole building or multiple buildings.  If you have an attached property (townhome, 4 plex, apartments, condo) you could be affected by a neighbor!  This could cost you hundreds or thousands of dollars!  

The key with infestations is to act quickly and minimize the impact on your property.  The sooner you get a professional on site to analyze the situation and make recommendations the better off your home will be.  If you catch infestations early on it can be as simple as a one time spray or a few quarterly visits.   If you push it off or get the wrong advice you may need extensive drywall removal, multiple sprayings, traps, inconvenience and extensive costs.  Your tenants will be irritated and less likely to renew.  You can always figure out who is going to pay the bill after the work is done but protect your asset and get started immediately.  

Thanks for reading,

Daniel Muldoon

Property Manager

Muldoon Associates, Inc.

Micro-managing Your Property Manager

This can be a touchy subject but it's something that needs to be discussed.  Property management is a dynamic and complex business that depends on dozens of pieces placed together to form a complete unit.  Because of this many times property managers do things differently than a homeowner who manages their own property or very few properties.  It's very important to thoroughly vet property management companies before you decide on which one to hire.

When vetting the management companies and making a decision on who to hire it's imperative you choose a company who you can completely trust with your investment.  You are hiring a company for the ability to manage your home according to your needs.  Don't be embarrassed to ask MANY MANY QUESTIONS, you want to make sure you make the right decision the first time.  You will also have questions after you have hired a management company.  Things will come up that you have never dealt with and you will need to rely on your management company to clarify the situation and direct you down the best path.

When I refer to micro managing I am not referring to asking questions and staying in the loop of your investment property.  I am referring to situations where home owners are over involved and begin interfering with the day to day management of your property.  Property managers have to make difficult decisions virtually every day.  There are numerous laws and legislation affecting rental properties that must be adhered to at all times.  Your property manager must have the freedom and trust to address maintenance items, health and safety concerns, and tenant issues without the home owner approving every action.

Maintenance must be handled in a timely manner in order to avoid habitility disputes.  Tenants sign a lease that outlines their responsibilities as well as the homeowner and property manager.  It's imperative the terms are adhered to at all times to avoid breaches of contracts.  Since your property manager is local to the area of your investment property they can typically act quicker and they have the resources to handle every aspect of managing your property. 

Vet your property manager, stay in the loop, but trust them to make the right decisions on your behalf and give them the freedom to do so in order to create the most effective management situation.  If a homeowner wants to be involved in every decision it would be best to manage the property themselves.  Why pay a property manager to act on your behalf if you prefer to do the day to day management yourself?  Find the right management company and relax knowing your property is being handled by the best management company you could find!  You will be surprised how seamless and smooth the process can be!

Daniel Muldoon
Property Manager
Muldoon Associates, Inc.