Additional Income When Renting to Pet Owners
The following are a few examples of how landlords are able to generate additional income
as they work to accommodate pet owners who wish to rent their property.
Many landlords charge a one-time fee for Pet registration (i.e. $100 to $250). One landlord
for example charges a $150 one-time pet registration fee. With 30 residents paying this, that
added an extra $4,500 in income from just pet registration fees.
Most landlords who accept pets also charge a monthly pet rent fee ($25 to $100) on top of
whatever the charge is for the normal monthly rent. And some landlords have also started including in their lease that there is an inspection
required each year for renters with pets with a nominal fee charged ($25 to $50) for each of
Fee Collected at In-Home Visit of Rental Applicants
Speaking of inspections, one website contributor shared how he has fine-tuned part of his
leasing procedures. He shares what he is now doing prior to an applicant/new resident
moving into a rental home.
When they (the applicants) are approved on paper and have seen the home via a lock box
self tour, we text to set up the 2-Minute In- Home Visit.
We prep the entire lease package and take it inside for the visit. If the housekeeping is
approved, I ask if they are ready to take the home. If so, I open the leasing package and tell
them if we sign the front page, it's theirs.
We'll set an appointment for a full lease signing/orientation and payment to get the keys.
Today (Sat afternoon, banks are closed), the applicant had $100 to seal the deal. She set the
appointment for Monday evening after work. She'll have the $1,028 to move in by then.
We don't sign until the full lease is signed and the funds are collected.
Goal: Save time, eliminate steps, and get their commitment before a competitor calls.
So far so good!
Social Media Marketing
It seems that almost daily I get asked by landlords how they can expand their rental
property marketing. I ran across a short article recently that had a couple of good tips on
marketing using social media. One tip was as follows:
Pin a Gallery of Photos -Several platforms allow you to "pin" a favorite recent post and
essentially stick it to the top of your feed or profile page to share with everyone who comes
along. Turning over a rental property is the perfect time to update your active pin to
showcase more pictures of the home. Start with a picturesque outdoor or living room shot,
and include a few of your best interior photos – as many as the platform will allow. Include
a small, simple caption that says the home is currently available for rent and your contact information.
Zillow Helped Investor Get a Great Deal!
This is a trick that has worked for me a couple of times. I'll find a house I like but that is
priced more than what I want. So I save it on my Zillow list (click the little heart). Then, I
watch for the price drops and be ready to speed dial in with a new offer or re-present the old
offer. I just recently snagged one. The house was originally priced at $43,900 in September
of 2018. Nope. Too high. But I saved it.
The first price drop happened in October. The house is now at $37,900. Still too rich, but I
kept it on my saved list. The second price drop happened in December. Now the price is
$32,500. Okay, I contacted the agent and looked at it. It's a solid home. 2 bed/1 bath with a
large storage shed in back. Central heat. Hardwood and tile floors that just need some
polish. No carpet! Electric panel 100 amp breakers (newer). The roof is a little old but okay.
There are no leaks and a newer water heater. It sits in between a major university to the
West and a decent-sized college to the East – about 1/2 mile to either campus. I could turn
this into a student rental, perhaps? I offered $18,000. No way, they said.
Then, again, the price dropped to $18,900 and Zillow notified me hours before the MLS
did. I called the listing agent saying I had the cash and was ready to close as is as long as
we verified the condition. We did our walk-through verification with the seller who
accepted and signed our offer on the spot (yay Docu-Sign!). In his words, We just want it
gone Yes, thats my kind of seller…a Dont Wanter!
I think with about $3K-$5K in clean up, bathroom repairs, paint and polishing those
beautiful hardwoods, it should rent between $550 to $600 a month with the tenant paying
all utilities and providing lawn care. Its a solid addition to the empire. Onward to closing!
The tips in this column are shared by regular contributors to the popular MrLandlord.com
Q&A forum, by real estate authors and by Jeffrey Taylor, [email protected]. To
receive a free sample of Mr. Landlord newsletter, call 1-800-950-2250 or visit their
informative Q&A Forum at LandlordingAdvice.com, where you can ask landlording
questions and seek advice of other rental owners 24 hours a day.
Editor’s Note: California laws may restrict owners from using some of these ideas. Be sure to
check with an attorney before implementing suggestions.