Help Tenants Protect Their Security Deposits

Most homeowners who rent out their property only want to make money with an asset that they no longer need. Charging a security deposit as part of the moving-in package for tenants isn’t a sneaky way of wringing extra funds from them. Instead, it’s a method of protection in the event that something goes awry during their stay. Due to some unscrupulous landlords, though, many tenants hold little hope of ever getting their security deposits back. You can help ensure that they can.

1. Screen Tenants Thoroughly

The importance of a thorough screening process for tenants cannot be overstated. Steps such as a background check and references can help eliminate those tenants that are irresponsible so that they never get the keys to your home in the first place.

2. Go Over the Rental Agreement in Person

The rental agreement between you and your tenant is extremely important. Within that document, the responsibilities of everyone involved are spelled out thoroughly. Be sure to explain and highlight any particular important areas that your tenants should know about. Always ask if they have further questions. Invite them to contact you at any time if they are unsure of some aspect of the rental agreement in the future. Provide them with a copy of the rental agreement after you have both signed it.

3. Perform an Inspection Together

Prior to signing the rental agreement, schedule an inspection of the property. Point out any existing issues and encourage your potential tenant to take pictures. Document in writing — and with attached pictures — any issues that you come across. This helps ensure that there are no disagreements about any damage that was there previous to the tenants moving in.

4. Document Everything

Maintain a paper trail — either via computer or actual paper — of everything regarding your property. Every time your tenant reports an issue or you make a repair to the property, the date and details should be documented.

Real Property Management Las Vegas handles all aspects of property management from finding ideal tenants to handling security deposits and more. Contact us today to learn more!