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How do you communicate your security deposit policy and expectations to your tenants clearly and effectively?

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Security deposit disputes are one of the most common and frustrating issues that property managers and landlords face. They can lead to legal battles, negative reviews, and damaged relationships with tenants. To avoid these problems, you need to communicate your security deposit policy and expectations to your tenants clearly and effectively. In this article, we will show you how to do that in six easy steps.

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1 Step 1: Know the law

Before you set your security deposit policy, you need to know the legal requirements and limitations in your state and local area. Different jurisdictions have different rules on how much you can charge, how you can use the deposit, and how and when you have to return it. You also need to comply with the federal Fair Housing Act and avoid any discrimination or bias in your deposit practices. Make sure you research and follow the law to avoid any liability or fines.

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?????? Peter Temple Real Estate Investment, Leasing and Sales Advisor

Over 12 years experience helping clients build wealth through real estate. Analysis, Purchase, Leasing, and Sales.
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In Colorado, the customary timeframe for the return of a security deposit is typically 30 days, although it may extend up to 60 days. To ensure the longer time limit is enforced, it is necessary for the tenant to explicitly acknowledge and agree to it by signing the lease. Familiarizing oneself with the regulations governing security deposits in each state is always a good idea.

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2 Step 2: Write a clear lease agreement

Your lease agreement is the most important document that defines your security deposit policy and expectations. It should spell out how much the deposit is, when and how it is paid, what it covers, how it is refunded, and what deductions can be made. It should also include any specific conditions or rules that apply to your property, such as pet fees, cleaning fees, or maintenance fees. You should use clear and simple language and avoid any ambiguity or loopholes.

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3 Step 3: Conduct a move-in inspection

A move-in inspection is a crucial step to document the condition of the property before the tenant moves in. It helps you establish a baseline for comparison and avoid any disputes over damages or repairs. You should conduct the inspection with the tenant present and use a checklist and photos to record everything. You should also have the tenant sign and date the inspection report and keep a copy for your records.

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?????? Peter Temple Real Estate Investment, Leasing and Sales Advisor

Over 12 years experience helping clients build wealth through real estate. Analysis, Purchase, Leasing, and Sales.
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As part of my move-in inspection process, I also create a comprehensive property video. I have found that by first taking all the necessary photographs and subsequently filming the property during a second walkthrough, I am able to capture significantly more detail. Over my decade-long career, having a saved video record of the inspection has proven invaluable in numerous instances. Additionally, when tenants are featured in the video, it serves as clear evidence of their presence during the inspection.

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4 Step 4: Educate your tenants

Communication is key to avoiding security deposit disputes. You should educate your tenants on your security deposit policy and expectations and remind them of their responsibilities and obligations. You should also provide them with tips and resources on how to maintain the property and avoid damages. For example, you can send them a welcome letter, a maintenance guide, or a newsletter with helpful information.

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?????? Peter Temple Real Estate Investment, Leasing and Sales Advisor

Over 12 years experience helping clients build wealth through real estate. Analysis, Purchase, Leasing, and Sales.
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A contented tenant is more inclined to be cooperative and proactive in reporting any maintenance issues that could potentially damage the property, such as a leaky pipe under the kitchen sink. By being affable and responsive to the tenants' requests, and ensuring that work orders are promptly scheduled, landlords may foster a mutually beneficial relationship that encourages tenants to take an active role in safeguarding the property. This proactive approach can help minimize the need for costly repairs down the line.

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5 Step 5: Respond to maintenance requests

Another way to prevent security deposit disputes is to respond to maintenance requests promptly and professionally. By fixing any issues or problems that arise during the tenancy, you can prevent them from worsening or causing more damage. You can also show your tenants that you care about their comfort and safety and build trust and rapport with them. You should keep a record of all maintenance requests and repairs and communicate with your tenants about the status and outcome.

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6 Step 6: Conduct a move-out inspection

The final step to avoid security deposit disputes is to conduct a move-out inspection with the same rigor and detail as the move-in inspection. You should compare the condition of the property at the end of the lease with the condition at the beginning and note any changes or damages. You should also use the same checklist and photos and have the tenant sign and date the report. This will help you justify any deductions or refunds and avoid any arguments or misunderstandings.

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?????? Peter Temple Real Estate Investment, Leasing and Sales Advisor

Over 12 years experience helping clients build wealth through real estate. Analysis, Purchase, Leasing, and Sales.
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The property video captured during the move-in inspection can prove to be an invaluable resource during move-out as well. As compared to photographs, videos provide a wealth of additional information that can be useful in assessing the property's condition at the end of the lease term.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Leslie W.

Manager of 55+ Communities, FLCAM, HOA & COA advisor
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I’ve managed in Michigan so pre-fall I do furnace filter changes & smoke detectors and attend with my contractor. It’s an opportunity for me to see how the unit is being maintained since move in. I ask for any needed work orders and document concerns. That way tenants have “your ear” and the paper trail doesn’t have gaps between M/I and M/O!

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Jacky Kapadia

Natural Intelligence | B2B Expert
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Tenant deposits, also known as security deposits, are a sum of money that a landlord or property manager requires a tenant to pay at the beginning of a lease agreement.

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How do you communicate your security deposit policy and expectations to your tenants clearly and effectively?

1

2

3

4

5

6

7

1 Step 1: Know the law

2 Step 2: Write a clear lease agreement

3 Step 3: Conduct a move-in inspection

4 Step 4: Educate your tenants

5 Step 5: Respond to maintenance requests

6 Step 6: Conduct a move-out inspection

7 Here’s what else to consider

Property Management

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How do you communicate your security deposit policy and expectations to your tenants clearly and effectively?

1

2

3

4

5

6

7

1 Step 1: Know the law

2 Step 2: Write a clear lease agreement

3 Step 3: Conduct a move-in inspection

4 Step 4: Educate your tenants

5 Step 5: Respond to maintenance requests

6 Step 6: Conduct a move-out inspection

7 Here’s what else to consider

Property Management

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