Not Allowing Pets

For the last 25 years, every tenant I have talked to about his or her dog, tells me the same thing. Their dog is "Lassie" from the classic television series. Their perfect dog would never mess in the house, never chew or scratch doors, etc. Their cat is equally well trained, never touching the drapes or failing to use the litter box.


Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Know About ADA

Remember that service animals are not considered a pet. Also, keep in mind that service animals may be needed for psychological reasons and may well be protected under the Americans with Disabilities Act (ADA). If you are not familiar with the ADA then speak with your real estate attorney for advice and direction.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Term "Pet Deposit" Misleading

It is common to get a higher dollar amount for the security deposit when a pet is involved. you should NOT identify this additional amount as a "pet deposit", as that may limit how your total security deposit can be used when the tenant vacates the property.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

The Reason To Allow Pets

Remember that each lost week of rent can never be made up. Lost rent is similar to an empty airline seat. Once the plane leaves, the income from that seat is lost forever; hence the reason airlines will sometimes offer airfare below its actual cost. Getting the unit rented in only one week is guaranteed to put more money in the owner's hands.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Pets Or No Pets

The landlord has a business decision to make regarding pets. Probably two-thirds of would be renters for single-family homes have a pet (we are talking dog or cat here). By automatically excluding pets the landlord is drastically reducing the number of potential renters available. The balance of this series will look at the pros and cons of such a decision.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

 

Clients Will Thank You

The out of state investor typically assumes that our rental rates are similar to theirs. This assumption proves to be costly when it is time to locate a suitable tenant. As a general rule of thumb, it will take 25 percent down to allow a rental unit to break even. This 25 percent figure does not include the rehabilitation costs discussed earlier. As a buyer's agent assist your client by being realistic about foreclosed properties to be used as rentals. Your clients will thank you and perhaps purchase more properties.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, which manages 150 single family homes and properties in Denver, Colorado. He holds the Master Property Manager (MPM) designation and the firm holds the Certified Residential Management Company (CRMC) designation from the National Association of Residential Property Managers (NARPM). To learn more about Peter's Landlord solutions visit www.coloradolandlordsolutions.com website. Or visit Meer and Company website at www.meerandco.com.

Negative Side of Foreclosed

For investors wanting to purchase foreclosed single-family units to use as rental properties there is a negative side. These cons do exist and are significant. A buyer's agent should remember the following-generally, the condition of the foreclosed property is poor; and there is an incorrect assumption held by many investors that tenants are willing to accept tired and worn out properties to call home. While vacancy rates have fallen, it is still a tenants market. As a property manager, my customers (tenants) are demanding clean and functional homes to live in. Be certain your client is prepared for necessary rehabilitation costs connected with most foreclosed properties.

Peter Meer is President/Broker of Meer & Company, Inc., 303-322-1550, and manages 150 single-family units in metro Denver. He is a speaker, consultant, expert witness and holds the Master Property Manager (MPM) designation awarded by NARPM. He has served on the National Board of Directors of NARPM. His firm holds the Certified Residential Management Company (CRMC) designation also awarded by NARPM.