Security deposits are important but many landlords often have to deal with not knowing how to properly collect the security deposit from their tenants when they move in.
The good news is that it is easier than ever before for landlords to collect security deposits from their tenants.
In this article, we'll provide you with several tips that you can use which will make collecting security deposits easier than you ever could imagine.
Collect Security Deposits Before They Move In
Ideally, the security deposit should be paid with the first month's rent, before you hand over the keys to your tenants.
This is important because, once you have that security deposit in your bank account, you can have confidence that you can move forward with that tenant as a renter without wondering if their security deposit or future rent check is going to clear or not.
Collect The Security Deposit Online
Another important thing that you should do with the security deposit is collect it online along with the rent.
This is important because online payments get paid to you instantly and there's no need to wait for a check to clear, or for the tenant to show up to pay the security deposit in person
Know When To Return The Security Deposit
Last of all, but most important, another important thing that you should do when it comes to the security deposit is to know when to return it.
If your tenant has finished their lease, cleaned the rental property, and left in move-in ready condition after they moved out, there shouldn't be anything stopping you from returning the security deposit to them minus any charges for cleaning and normal wear/tear.
If there is damage to the property, lease violations, or unpaid rent, you are legally within your rights to deduct those cost from the security deposit.
Make sure that you document the money that you've taken from the security deposit just so that there's no question regarding your actions when your former tenant does receive the balance of their security deposit returned to them
Contact JD Homes
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