Web Admin – Sunday, May 12, 2013
When you have homes for rent in Salt Lake City, they can be a great income maker. They can also be a problem if you do not know the proper way to protect yourself from a possible lawsuit when the tenant moves out. One of the situations to deal with as a Salt Lake City property manager is returning the security deposit.
Returning the security deposit or holding it back due to damages is not as easy as it sounds. You need to have firm ground to stand on if the tenant decides to dispute what you say. Here are a few tips on property management in Salt Lake City and record keeping that will keep you from losing out in this area:
- Take Photos – Be sure to take photos of the home before the tenant moves in. This gives you firm proof of what shape any of your homes for rent in Salt Lake City were like before your current tenant moved in the house. This protects you and the tenant.
- Beyond “Ordinary Wear and Tear” – You can only deduct damages that would have incurred beyond the ordinary wear and tear of the home. Items like repainting and cleaning the carpets are not typically items that can be deducted.
- 3 weeks – You as the landlord have approximately 3 weeks to get either the letter or the money back to the tenant from the date you received the new address or the date they move out. Make sure if you hold any money back or keep the entire deposit that you have sent the letter out no matter what. If it comes back then put it in your files to show that you have tried to make contact.
- Never round your costs – Be sure to keep whatever receipts you have as you do repairs and never round the numbers.
Always be honest and fair when you are doing the final inspection of your homes for rent in Salt Lake City. And remember, as a Salt Lake City property manager you want to do what is right by your tenant, your home and your company.