Whether to allow pets or not tends to be a tough decision for many landlords. Make no mistake about it, every pet will cause some wear and tear on a rental. If people cause damage, pets certainly will.
The question is, how much wear and tear is acceptable.
The number one cause of pet damage is urine. The odds of a pet urinating at one time or another on a carpet or a hardwood floor are surprisingly staggering. The pets may be housebroken, but excitement, illness or a host of other reasons will ultimately prompt such an accident.
If caught early, and if the accident spot isn't a place of recurrence then any one of the commercially available enzyme treatments should suffice. On areas that are frequented, replacement of the carpet may be necessary with the accompanying treatment of the flooring below with an encapsulating chemical such as Kilz(TM). Hardwood floors may need to be sanded and resurfaced. On those occasions where urine has soaked into an untreated wooden floor, the afflicted section may need to be replaced.
Checking for urine accidents is relatively easy. Foremost, the nose is a good indicator, but for those who need a more refined tool, a portable black light will quickly indicate accident spots since urine flouresces under a black light.
In the yard, dogs will also create problems. During urination, a female will squat and create brown spots throughout the yard where the grass is killed by her urine; a male will find a bush and ultimately kill it with his urine.
And yet, the landlord has to recognize that limiting access to tenants without pets grossly reduces the number of applicants who will apply. The pet industry is an $8 billion business that caters to many people, many of whom are renters.
One way to minimize the landlord's potential damage is to increase the security deposit by an adequate amount. This, too, is an art, since raising it too high will make the rental less desirable to renters with pets.
If pets are a possibility, depending on what types they are, how big they are and whether they're fixed or not, a landlord should consider advertising the rental with pets on a case-by-case basis.
Ray
Sunday, November 26, 2006
Saturday, November 25, 2006
Beware of Rental Applicant Scam
I've received two of these emails now. In both cases the emails were prompted by an advertisement that I ran for my rentals. The emails were sent by individuals who claimed to be British subjects, looking to transfer to the US for their very high paying jobs. The messages would go on about how much they liked what I'd said in my ads about the properties, and that since they were unable to personally view the properties, they wanted to make application to them.
So far so good.
They went on to say that since they were British subjects (doubful) that they would not be able to pass my traditional background check with its accompanying credit check, and that they would overcome that burden by paying the full year's rent up front with certified funds.
OK, that works for me.
Let's say that the monthly rent would be $1,750 for a nice townhome, somewhere in Fairfax County. The total amount due for a full 12 months would then be $21,000. After acknowledging the specifics of the rental agreement, I was informed that certified funds for this amount would be forthcoming.
And indeed, the registered letter would arrive with a certified check in the amount of ... $31,000?! A quick email to the applicant, asking why the extra money was sent, would be answered with, "Oh my god, I'm sorry ... I made a mistake. Please deposit my check and send me certified funds back for the overpayment."
The scam was that the applicant's certified check was bogus, but an American bank wouldn't know that for a good two weeks since that check would have to be cleared through a British bank. In good faith, and not wanting to wait for the applicant's "certified" check to clear, I was to immediately go to my bank and issue a good certified check in the amount of $10,000, the overpayment, and send it to the crook. About two weeks later, my bank would then advise me about the bogus certified check, but by that time my good check would have been cashed.
Fortunately for me, I had read about this scam and opted not to reissue a refund until the applicant's check cleared, which, of course, it did not.
When I tried to reestablish contact with my overly-anxious rental applicant I did not receive any responses.
Be aware!
Ray
So far so good.
They went on to say that since they were British subjects (doubful) that they would not be able to pass my traditional background check with its accompanying credit check, and that they would overcome that burden by paying the full year's rent up front with certified funds.
OK, that works for me.
Let's say that the monthly rent would be $1,750 for a nice townhome, somewhere in Fairfax County. The total amount due for a full 12 months would then be $21,000. After acknowledging the specifics of the rental agreement, I was informed that certified funds for this amount would be forthcoming.
And indeed, the registered letter would arrive with a certified check in the amount of ... $31,000?! A quick email to the applicant, asking why the extra money was sent, would be answered with, "Oh my god, I'm sorry ... I made a mistake. Please deposit my check and send me certified funds back for the overpayment."
The scam was that the applicant's certified check was bogus, but an American bank wouldn't know that for a good two weeks since that check would have to be cleared through a British bank. In good faith, and not wanting to wait for the applicant's "certified" check to clear, I was to immediately go to my bank and issue a good certified check in the amount of $10,000, the overpayment, and send it to the crook. About two weeks later, my bank would then advise me about the bogus certified check, but by that time my good check would have been cashed.
Fortunately for me, I had read about this scam and opted not to reissue a refund until the applicant's check cleared, which, of course, it did not.
When I tried to reestablish contact with my overly-anxious rental applicant I did not receive any responses.
Be aware!
Ray
Tenant Applicant Research Tool
There are many different research tools on the internet that allow landlords to check on rental applicants. One easy, free tool is anywho.com which allows anyone to either locate (or confirm) someone's address by entering their name and city, or to perform a reverse look-up by entering an applicant's phone number and receiving a corresponding street address.
I should add that this service does not work for cell phones or with telephone numbers that have been tagged as "unpublished" by their owners.
Ray
I should add that this service does not work for cell phones or with telephone numbers that have been tagged as "unpublished" by their owners.
Ray
Bad Sales Market = Good Rental Market
You've been living in a bubble if you're unaware of what's going on in the real estate sales market. There are still sellers in the market who wish that things would return like they were in 2004 and 2005. Dream on!
The good news for landlords is that potential buyers who are now completely turned off by buying a home, still have to live somewhere and their only option now is to rent.
I've noticed in my business that rentals are up, up and up, not only in the number of people who are looking to rent but also in the amount of rent that landlords can get. Because of this new upsurge in rentals, it's now more so than ever to have one's leasing systems in order.
One of the top, free advertising outlets for landlords is Craigs List. You'll be able to advertise your rental for seven days and you'll be able to include up to five different pictures of your rental for absolutely no money! After seven days, the ad falls off and you'll have to repost it ... Big Deal!
In my opinion, Craigs List is much superior to any other advertising medium, including the local newspapers.
Click on this link, http://washingtondc.craigslist.org/ and go to apts / housing to set your ad ... you'll thank me later.
If you're leasing your property in the cold weather months, try for an 18-month lease instead of the traditional 12 months; it'll end the lease term in a more favorable, warm month that will make it easier for you to rerent your property.
As landlords, our times are here, now. Fix up your rentals and get the word out and start moving into a positive cash-flow environment.
Ray
The good news for landlords is that potential buyers who are now completely turned off by buying a home, still have to live somewhere and their only option now is to rent.
I've noticed in my business that rentals are up, up and up, not only in the number of people who are looking to rent but also in the amount of rent that landlords can get. Because of this new upsurge in rentals, it's now more so than ever to have one's leasing systems in order.
One of the top, free advertising outlets for landlords is Craigs List. You'll be able to advertise your rental for seven days and you'll be able to include up to five different pictures of your rental for absolutely no money! After seven days, the ad falls off and you'll have to repost it ... Big Deal!
In my opinion, Craigs List is much superior to any other advertising medium, including the local newspapers.
Click on this link, http://washingtondc.craigslist.org/ and go to apts / housing to set your ad ... you'll thank me later.
If you're leasing your property in the cold weather months, try for an 18-month lease instead of the traditional 12 months; it'll end the lease term in a more favorable, warm month that will make it easier for you to rerent your property.
As landlords, our times are here, now. Fix up your rentals and get the word out and start moving into a positive cash-flow environment.
Ray
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