Drive Revenue

By on Aug 5, 2019 in News

Permitting pets on your premises comes with its fair share of challenges. But with the right tools, permitting pets can also help to drive revenue by attracting renters and promoting resident retention! The tips below can help you create a pet-friendly property that adds value to the renter experience.

Start with the basics—welcome pets! According to the National Apartment Association, more than 70 percent of renters own pets. Yet 82 percent of renters report difficulty in finding apartments that accommodate them and their furry companions, reports By accepting pets, you gain a competitive edge that can help to improve occupancy.

Designate space for a leash-free dog run. You know that unused land near the retention pond? Or that plot near the trash receptacles?  Aesthetic fencing and landscaping help to transform unused portions of land into a valuable dog park. This gives pets a space to burn off energy rather than chewing on door frames. Dog parks also increase the perceived value of your property. Pet-friendly properties with dog parks can charge a rent premium between 20 percent and 30 percent higher than the average rent.

Create a pet-friendly atmosphere. Sometimes, the fine details can help prospects and their pets feel at home in your community during tours. When prospects see dog bowls at the park, treats in the leasing office, and a pet wash station, they can sense that they will be a welcomed and integrated part of the community.

Host pet-friendly events. A sense of community promotes resident retention. Pet events give renters opportunities to socialize and feel that they belong. They’re are also fantastic photo ops! Got pictures of residents interacting and having fun with their pets? You’ve got marketing gold. Use such content to foster leads on social media.

Fine-tune your pet policy. In your pet policy, detail which pets are permitted as well as any size limitations. Create clear protocols for introducing a pet to the property such as required vaccines or spay/neuter requirements. It is also advisable to detail where pets are not allowed such as the pool, playground or community garden. You may also consider move-out guidelines, noise ordinances, and procedures for visiting pet sitters or dog walkers. Such details keep pet policies fair and consistent for all renters.

Include a penalty system in your pet policy. Enforce your pet policies to keep the community safe and clean for all renters. Create a system that penalizes residents who do not abide by the rules, like keeping their dog on a leash or using designated relief areas. When management is lax about the rules, pet-free renters (as well as pet owners who are following the rules) are placed at a disadvantage that may affect their desire to renew the lease.

Permitting pets on the property can help your improve revenue by attracting and retaining renters. Learn more ways to improve resident retention.