How Effective Pet Policy Management Improves Leasing, Operational Resilience And NOI

Offering quality amenities and competitive rent rates are common strategies that multifamily owners and managers can use to attract renters. However, even buildings that offer the best perks may be passed up if renters are not allowed to bring their four-legged family members along. 

The percentage of pet-owning renters has increased in recent years, from 46% in 2019 to more than 58% now, according to Zillow. Its study of 11 million listings also showed rentals that welcomed pets garnered more interest among prospective renters and were leased an average of eight days sooner than those that didn’t. 

To realize these benefits without increasing risks, expenses and operational burdens, building owners must have processes in place to ensure compliance with pet policies and safeguard their assets.

“For owners, having a pet-safe and pet-friendly portfolio means giving residents who have pets access to as many apartments as possible and making the management company’s process of working with residents very efficient, while also mitigating risk of damage and liability,” said Kevin Jacobson, president of Foxen, a proptech platform that drives net operating income, efficiency and risk reduction for property owners and operators. 

In addition to basic information such as an animal's name, breed, weight and vaccination history, owners and managers also need to know if a renter’s animal has classifications as a service animal or an emotional support animal. These animals, specifically, may have particular legal considerations, Jacobson said. Both service dogs and support animals are considered assistance animals under the Fair Housing Act, which entitles their owners to reasonable accommodations for housing. 

Protect Assets From Liability 

Jacobson said that owners typically charge a fee to have a pet, whether it be a charge upon move-in or a monthly fee to offset the costs of operating a pet-friendly property. It is also an owner’s responsibility to ensure tenants provide accurate information about their pets before they sign a lease and to update the property if they adopt a new pet. 

If pets are not properly documented or described during the move-in process, building owners may not only miss out on collecting the fee, but they are also vulnerable to unforeseen risks, he said.

“It’s the owner’s and manager’s responsibility to know who is living in their apartments at any given time and have key information about them, as owners can face liability for pets being on the premises that don’t follow the building’s policies,” Jacobson said. “The cost of noncompliance can show up in dollars and cents for buildings.” 

He emphasized the importance of owners and managers connecting with tenants and making sure that their environment is welcoming for all, especially to tenants with service and support animals. 

Enhance Efficiency With An Integrated Records System

Collecting and managing animal information and policy affirmations can be a hassle if buildings are using multiple technology platforms or outdated methods to store details. Some owners and managers may collect this type of information by phone or email. They may also include a form during the application process or have renters enter animal information online. All of these disconnected processes can make it difficult for the property management team to find and update information easily.

PetClear is Foxen’s solution to enhancing efficiency and driving pet compliance.  

This new solution, which is part of Foxen’s platform, collects and consolidates information about the animals in an owner’s portfolio and enables managers to make data-driven leasing decisions and keep track of the pets at their properties, increasing efficiency and accuracy, Jacobson said. 

Residents are provided with a Foxen account through their property, where they share details about their animal and agree to follow the property’s pet policies, starting immediately after they submit a rental application. Since Foxen is designed to integrate with property management systems, owners and managers can view these documents as needed on the back-end without having to hunt down information on different platforms. 

PetClear’s capabilities also include collecting pet verification fees, sending proactive communication to applicants, ensuring pet policy agreements are distributed and signed by all residents, and handling accommodation requests for support animals. 

Foxen’s customer experience team guides owner and property management clients through the implementation and integration of Foxen on their property management systems and provides training for property staff. If renters have questions about PetClear, they can reach out directly to Foxen’s support team, saving time for property staff. 

“The information that is gathered by PetClear allows owners to make data-driven decisions,” Jacobson said. “They can look at their portfolios as a whole because they’re collecting information upfront.”

Drive Portfolio Revenue 

Jacobson said that Foxen’s primary goals are to help building owners and operators solve problems and obtain continued resident satisfaction and retention while ultimately increasing property revenue. 

He said that PetClear provides properties with a systematic way to confidently collect pet verification fees when residents sign or renew a lease or adopt a new pet. Traditional ad-hoc or manual animal information collection is prone to data errors, making it difficult for property staff to correctly categorize assistance animals and pets, resulting in missed revenue from pet fees. PetClear solves this problem with trustworthy information gathering, categorization and pet verification fee collection.  

“We’re ensuring that renters are aligned with community policies, while also increasing NOI for management companies and allowing them to focus on their day-to-day operations,” Jacobson said. “Renters are getting access to these apartment homes that they otherwise wouldn't have had access to, and everyone has clear expectations and access to all the right information. This is a win-win for everyone.” 

This article was produced in collaboration between Studio B and Foxen. Bisnow news staff was not involved in the production of this content. 

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