Did you know that according to the Animal Health Alliance, nearly 5 million of Australia’s 7.6 million households have pets? Have you considered if you are comfortable allowing pets in your investment property? This is always a personal decision, though there are many benefits to accommodating Tenants with pets - Let’s check them out:
Properties allowing pets are in short supply.
According to a survey by the Real Estate Institute of Australia (REIA), up to 40% of Property Owners would not allow pets and up to 30% were unsure. Allowing pets can broaden the scope for Tenant selection and in some instances, lead to quicker results in letting the home.
Tenants with pets are more likely to be long term.
It is well known that it can be a challenge to find a property accommodating pets, so often Tenants with pets want to stay long term once they find the perfect fit.
What about the risks?
Allowing pets doesn’t come without risks. Some top tips are;
· Hire an experienced Property Manager. Your Property Manager will arrange the pet approval for you and ensure the correct clauses and pet agreements are in place. Regular routine inspections are completed to check the condition of the property and to make sure any pet damage or concerns are addressed quickly during the Tenancy.
· Look into Insurance options. Although it is not always common, there are some landlord insurance policies that DO cover pet damage. We aren’t qualified to give professional advice on individual insurance needs, but ask us and we can point you in the right direction to someone who can.
· Be mindful of the pets you approve. No one wants a Shetland pony in their suburban backyard or a Great Dane in a small unit complex. Think about the pets that are best suited for your property. A reminder to always check the by-laws in unit/complexes to avoid any unwanted issues with the neighbours.
Sometimes being open minded with pets can lead to a great outcome for all involved. Ask me about how you can manage the risk and have peace of mind when it comes to accommodating your new Tenant’s Four-Legged Friends!
Article by Caitlin Horder (Director, Spark Property Management).
