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Care of Property
What restrictions can we make on tenants and activities?
The question we hear most often in this area is about pets. While allowing pets does create greater risk for the home, pets are family members for many tenants and to say "no pets," will reduce the potential rental market for your home. Owners have the right to put pet restrictions in the rental contract and where pet situations are permitted, and we increase security deposits and require tenants to sign a contract accepting full responsibility for any damage caused by the pet. Certain types of animals incur greater liability to the home or the owner and these animals are not allowed at all. Certain activities and situations create greater liability for owners. We do not permit daycare operations in your home, nor are any businesses inappropriate for residential neighborhoods allowed to be operated from the home. We ensure tenants are aware of the community rules and regulations.
Financial
How is the rent determined?
The amount of rent is a joint decision by you and us. It is based on the current rental market by comparing similar homes and their rents. Our objective is to rent the home for its highest value in the shortest amount of time. Many owners of single-family homes will not be able to cover their mortgage payment with the rent, however when the tax benefits of renting your home are factored in, the negative cash flow should be overcome. Rent raises are also based on market activity. If a tenant wants to extend a rental commitment, we evaluate the rent amount at that time. When a tenant wants a multi-year agreement, we may put in an escalation clause to adjust rent at some designated time during the contract. These items are discussed with you and often are a point of negotiation with the tenants.
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