Property Management Blog

Security deposit expectations

Security deposit expectations

Security Deposits are the most misunderstood funds. Management Companies may charge a claim processing fee and/or reinspection fee however, the management company doesn’t get the tenants security deposit money. The money is always claimed for damages due to not following move out protocol. Emerald Coast Rental Management always tries to set the tenant up for success. We do this by setting expectation of move out, prior to move in. We complete move in walk throughs when we are able and/or we provide the tenant moving in with an inspection sheet for their protection this allows the tenant to document anything preexisting. No damages are off limits, from normal wear and tear to true cosmetic defects everything should be noted. We cannot make tenants fill out the form and we always take move in photos prior to tenants move in to protect the owners. Tenants are becoming savvier in current times; however, they are also doing more damage and feel they aren’t going to get their deposit back so why should they clean at all. The following statics illustrate the tenants mind set when it comes their security deposit.

· 59% of renters don’t expect to get a full refund back

· 51% of renters report deposit refund terms were not well-communicated

· 40% of renters challenge move-out damage charges

· 25% reported leaving a negative review due to a lack of communication or transparency…..

Let’s talk about google, freedom of speech and google now afford tenants the right to air their grievances and review companies. Every time a negative review pops up on Google, you have an 86% chance of losing a customer. We do always respond to the review; I acknowledge the experience and apologize. I also illustrate the circumstances with the response and why Emerald Coast Rental Management had to proceed as we did. Emerald Coast Rental Management was created to offer a boutique management service that offers unsurpassed service to both owners and tenants however, we do have to protect our owners. We also love working with our tenants we are here to help them from move in to move out with any and all questions because at the end of the day that Security Deposit money does belong to you, and we would prefer you receive it back.

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