Access Property Management Security Deposit Tips

By Justin Bajema | Property Management Tips

Jun 12

There are several ways that landlords and Grand Rapids property management companies can handle security deposits, which helps ensure that landlords are adequately covered in the event of damage. By following these suggestions you can count on an easier experience when dealing with security deposit issues:

 

  • State Laws – Each state has unique laws that govern security deposits, including how the accounting should be handled. It is against the law to charge additional deposit amounts based on applicants’ status, race, or gender, as this is discrimination.
  • Amounts – Some landlords may be tempted to charge less for security deposits. Access Group Property Management in Grand Rapids, MI advises charging a fair damage deposit, as this attracts more financially independent tenants and offers some defense against defaulted rent payments.
  • Rent – Damage deposits are not considered to be rental income. If the home or apartment is not damaged, these deposits are required to be returned to the tenant unless there is unpaid rent upon lease expiration and move-out.
  • VideosGrand Rapids property managers and landlords can videotape walk-through conditions, which make it easier to conduct move-out inspections. This helps thoroughly document the property condition upon move-in. This information features a recorded date, which makes it easier to pursue future litigation if required.
  • Professionals – It’s best to leave rental management to professionals that understand state and local laws. While many landlords may feel they are well equipped and capable to manage homes, without proper training, it’s easy to violate tenants’ legal rights.

 

At Access Property Management we want to help ease your burden. By having a set policy and plan in line for security deposits, we can ensure greater success for all parties involved.

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About the Author

Justin Bajema, CPM® is the Founder & President of Access Investment Group, LLC and Access Property Management Group, LLC. His love for everything Real Estate and business began with one book back sent to him while he was returning back from the war in Iraq in 2003, "Rich Dad Poor Dad" by Robert Kiyosaki. Justin is a proud U.S. Marine combat veteran who served 2 tours in Iraq as an infantryman. He received the Purple Heart from Commander in Chief President George Bush for his wounds received in action while serving with the 24th MEU in Iraq. Justin Bajema, | Founder & President

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