Top 5 Hacks to Return your Tenant’s Security Deposit after 9/1

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We got through 9/1. Now the real work of fulfilling new tenant repairs and returning of security deposits needs to get done. This week’s property manager’s pulse, I’m going to be talking about security deposit returns, and how we make it a smooth process.   Preparation of Forms   Most landlords and management companies have…

Top 5 Hacks to Return your Tenant’s Security Deposit after 9/1

We got through 9/1. Now the real work of fulfilling new tenant repairs and returning of security deposits needs to get done. This week’s property manager’s pulse, I’m going to be talking about security deposit returns, and how we make it a smooth process.

 

Preparation of Forms

 

Most landlords and management companies have their tenants fill out a very basic apartment condition, statement form where they write in the damages they see when they move in. The problem with this is that they can either make up the damages or make them so big or location generic and you wouldn’t know where the actual damage is.

 

An example of these floors are worn down or paint damages on walls. Because of the lack of detail and the quality of the result from these department conditions statement form, it’s really hard to deduct later on when the tenants move out and tenants might argue and fight these charges.

 

At Green Ocean Property Management, all of our tendencies and online software that allows them to take pictures and write detailed notes of any specific damages and repairs, specific, to each room in your apartment. We spend the time to make sure every property and location of every room is clearly stated when his first put into the system and onboard. That way each year we can compare each room and location so that there’s no generic comments and damages that are generic. This also allows us to complete a timeline of every inspection done by both us and the tenants.

 

The inspection software is only part of the process . We have 3D tours that are done on all of our properties. We’re considering doing this each year because of the value that it provides for most of our landlords especially when doing security deposit deductions. For some of our units, we are able to determine that certain couches and furniture that were left outside. That we are fined by the city for belong to a specific unit, we are able to bill them back for it.

 

Process of Determining Security Deposit Deductions:

 

  1. Check the apartment condition inspection when we do before the tenant moves in
  2. Check if the tenant completed an inspection for damages that they stated when they moved in
  3. Review the mid-year annual inspection we do during the year
  4. Check the 3D tour during the year of any potential tenant caused damages, such as TVs on walls
  5. Review our move out inspection form

Seems like a lot right? Well, it sure is, but we do it to make sure that you, the landlord are protected and that we have proof of any tenant caused damages. Most importantly, the tenants are billed back for any damages that they caused in responsible for.

As a recap, these are all the steps we take to make sure tenants are taking care of the properties that we provide proof of any deductions and to keep as much money as possible in your pocket.

If you or anyone else you know is looking for a detail-oriented and process-driven property manager to handle tenant turnovers and security deposit deductions, please think of Green Ocean Property Management, you get more than a property manager you get peace of mind.

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