Property Management Blog

Security Deposit Release Procedures

Web Admin - Friday, February 03, 2012

The release of security deposits to tenants after move-outs is an integral function of property management. Security deposit funds must be returned to tenants within 21 days after move-out with a full accounting statement and invoices. If the security deposit disposition is not returned within 21 days, then the tenants can sue for twice the amount of the security deposit. Therefore, it is imperative that all tenant charge repairs be done promptly.

The expectation of tenants at move-out is for them to return the property to the condition it was rented minus normal wear and tear. We consider normal wear and tear items to be nail holes from to picture hanging, light bulb replacement and minor scuff marks on the walls, etcetera. If anything is questionable, we tend to be more cautious when determining tenant charges in order to avoid the time and cost of litigation.

As always our goal is to keep our owners investments in good condition and to be their advocate. Did help with your property? Contact our Business Development Department at 760-585-1751.

The Roommate Shuffle

Web Admin - Monday, August 29, 2011

Many of the properties we manage are multiple occupancy properties. Occasionally during the term of a lease one tenant may want vacate the property, while the remaining tenants would like to continue their occupancy. In order to release the vacating tenant from the current lease, all parties on the lease must agree. 

It's important to note that the security deposit stays with the property until all tenants have decided to vacate. Therefore, tenants will need to work out the security deposit between themselves. Keep in mind, as long as a tenants' name is on the lease, he or she is responsible for rent. This is the case even if the tenant is no longer living at the property.

If the remaining tenants would like to add another tenant to the lease, the new tenant must be qualified by PropertyADVANTAGE prior to move-in. We want to insure the new tenant will be able to contribute to rent, verify rental history and check for collections or evictions on their record.

Dos and Don'ts of Roommates

Web Admin - Wednesday, August 10, 2011

Living with multiple people is often stressful. Use these simple dos and don’ts to help avoid problems before they start.

The Dos of Roommate Relations:
Do Clean Up After Yourself
Do Release a Vacating Roommate from the Lease
Do Pay Your Portion of the Rent On Time
Do Be Cautious of Your Electrical Output (Utility Costs Are Usually Shared)
Do Talk About Issues You May Be Having
Do Be Considerate of Your Noise Level Late at Night and in the Early Morning
Do Help Clean Common Areas
Do Report Maintenance Issues

The Don’ts of Roommate Relations:
Don’t Mooch Off Your Roommate (Buy Your Own Food)
Don’t Have a New Roommate Move In Until They have Been Approved
Don’t Throw Parties Without Consulting Your Roommate
Don’t Have “Extra” Guests Over All the Time (Girlfriend/Boyfriends)
Don’t Use Your Roommates Things Without Asking
Don’t Just Move Out, Give Your Roommate Proper Notice

Remember open communication is probably the best way to minimize conflict. 

Anyone have any other dos, don'ts or suggestions?

The Property Turn

Web Admin - Friday, August 05, 2011

The property turn is the maintenance done after a tenant has moved out and before a new tenant has moved in. This time in-between tenants is a great time for a rental property get in rent ready condition. It is also a good time to do small or large renovations to the unit.

One of the best benefits of refurbishing a rental unit is to attract good tenants. Good tenants who are looking for a nice place to make their home, not just a place to live. The more pride a rental owner takes in the rental, the more the tenant will care about the unit and take pride in maintaining it. Depending on the location and what kinds of upgrades are made, another benefit is the ability to collect more monthly rent.

Some properties turn maintenance may only consist of cleaning, carpet cleaning and minor repairs. Other properties require a little more time and effort before a new tenant can be secured. Large changes like replacing carpet, re-painting, re-staining cabinets, changing countertops, installing new appliances, removing wall paper and removing acoustic ceilings make huge improvements to the look of a home and will likely make a difference in the units ability to rent quickly.

While large changes tend to have the most impact on the overall esthetic of the unit, it is important not to forget the little things; such as cabinet hardware, plumbing and lighting fixtures. Replacing gold faucets with chrome or changing the boxed light fixture in the kitchen with canned lighting will give your rental a polished, finished look.

If a thorough maintenance turn is done, you will avoid differed maintenance problems and have less maintenance issues during the new tenancy. 

According to the U.S. Department of Commerce, the rental vacancy rates are declining in the United States. This time last year the vacancy rates were 10.6 percent, it is now 9.2 percent. Additionally, the vacancy rates are even better on West Coast and in California. The vacancy rates on the West Coast are 6.8 percent and the California vacancy rates are 5.9 percent.

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