One issue that causes irritation and monetary losses to a landlord is that of tenant turnover. The reason why it proves costly is because of double impact of loss of rent and the effort that goes into making the unit rent ready once again. Cleaning and repairing are not just tiring but also require lots of money. These are the reasons why it should be the goal of every landlord to get back his unit from the tenant in as good a condition as possible. One of the best tools that can help the landlord in this endeavor is the ‘get back your deposit form’ signed with the tenant at the time of moving in.
Things to do to get back property in good condition
If you want your tenants to hand over their units in a clean and good condition, you have to do three things. First, you need to get some cash up front in the form of security deposit. Then ask the tenant to sign the get your deposit form before he moves in. Finally, show this form to the tenant when is ready to move out of your property.
Get your deposit form is a weapon in your hand
The above mentioned form is a potent tool in your hand if you really want your units in a good condition from your tenants. Tenants understand that they will get back their security deposit only when they fulfill the conditions mentioned in this deposit form. This form clearly mentions the costs that will be deducted from the security deposit paid by the tenant if he leaves the property in an unclean, dirty, or damaged condition. The cost of repairing or replacing every appliance or fixture is mentioned in this form clearly. For example, the cost of a broken window is $50 while the cost of a dirty bathroom is $75. If the tenant has not swept the place or vacuumed it, he will be charged $50 and this amount will be deducted from his security deposit. There is no need to inflate the charges and try to keep them real as far as possible based upon the actual cost of labor and the materials. Remember, your goal is not to make money from a tenant who is leaving your property. All you want is your property handed back to you in the same condition that you gave to your tenant when moving in. It helps you to have a rent ready property that you can quickly rent out to another tenant soon after the existing tenant moves out.
Tenants sign the form as they are in a hurry
The trick with this form lies in the fact that most of the tenants hardly look at all the conditions. Even if they do read them, they ignore the conditions as they are in a hurry to somehow move in. They sign the form, giving their consent to all the terms and conditions of this form as they are only thinking about moving and moving out is farthest from their mind at this point of time.
This security deposit form serves as an incentive for every tenant as he knows that he will get back his security deposit only if he hands over the property in a neat and clean condition. He also knows that the cost will be deducted from his security deposit and so he tries his best to leave the property in a good condition. Of course you have to allow for normal wear and tear of many things like the paint, the rugs, the hardware, and the fixtures and appliances you have provided to your tenants.
If you’d like to talk more about property management, or you need help with Everest Property Management, please contact us at Everest Realty.
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As a top producing Realtor and Property Manager; Terry specializes in sales, extensive construction homes, rentals, REO’s, short sales, and all aspects of Real Estate. After graduating the University of Michigan with a master in MBA, Terry continued his endeavor and now has over 15+ years of experience in the Real Estate world. If there is anything that has to do with Real Estate and sales, you can always be sure of Terry to provide important, specialized knowledge.
