Property Management Tips For An Accurate Security Deposit Return
One of the most common problems that landlords and tenants have to deal with every year is security deposit returns.
Sadly, many property managers make common mistakes regarding security deposit returns that often lead to disputes between tenants and property managers.
The good news is that it’s easier than ever before for property managers to make sure they are accurately refunding their tenant’s security deposits, especially if they follow these tips.
Tip #1 – Make Sure Those Deductions Qualify
Before taking deductions from your tenant’s security deposit, one of the first things that you need to do is to make sure that your deductions qualify.
This is important because the rules for security deposit deductions vary from state to state so it’s important to research what qualifies as a legitimate deduction before you return your tenant’s security deposit.
Tip #2 – Document Damage To The Rental Property
After your tenant has moved out, another important thing that you need to do is document all of the damage that’s been done to the rental property.
During the process of documenting the damage, you should also be taking pictures of the damage so that you can present your former tenant with an itemized report.
Be as concise with your tenant as possible regarding damage to the rental property, and be willing to review the report with them in person to eliminate any confusion regarding security deposit return.
Tip #3 – Create An Itemized List Of Deductions From The Security Deposit
Last, of all, another essential thing to do before returning the security deposit to your tenant is to create an itemized list of deductions that you made from your tenant’s security deposit.
Having an itemized list of deductions is important because you don’t want there to be any missing information.
If you made deductions from your tenant’s security deposit for work that needed to be done to the property after they moved out, be sure to include invoice numbers for those repairs and copies of receipts for the work that was performed.
Following these tips will help you to simplify the process of deposit returns and make your job easier as you get your rental property ready for your next tenant.
Learn More About Deposit Defender
At Deposit Defender, we offer an easy to use app that enables the tenant to document the condition of their rental property before they move in.
Thanks to our app, more tenants have been able to get their deposits back from landlords so that both landlords and tenants are ‘on the same page’ regarding the real condition of the property after tenants move out.
To learn more about Deposit Defender, click here to download our app from the Google Play, or the Apple App Store.