5 Ways to maximize the amount of Security Deposit or Earnest Money (terms used in Realty companies) that you get BACK at the end of a lease.
It’s YOUR Money. How you choose to use this resource, benefits all tenants and landlords.
We WANT to help!
We have created a list of suggested ways that we can all work together to make sure you get your money back!
First off, being asked to put down a large sum of money, known as a security deposit, when signing a lease is the 1st step to building a positive relationship with the property management company. This “down payment” ensures trust between tenant and landlord. If you choose not to take care of the property, the down payment assists us in the cost of all repairs needed to get the property back into original or close to condition.
YES, we are hoping that there is nothing to be done at the end of your lease so we can have it ready quicker for the next tenant. Trust me, we WANT to give you YOUR money back! We don’t want to use our time and resources in repairing damages done by tenants. We would rather turn around and rent it fast.
So, now that you know we want you to get YOUR hard earned money back, let's talk about how we can both make that happen!
As you can imagine, some people are not the best tenants. Some people make large holes in the walls, let their pets free on the carpet or even let daily living take over. It is because of tenants whose lives are full, that security deposits are implemented to assist you and the owner with the cost of repairs. If you’re a new renter, a deposit will be a constant no matter where/who you rent from including utility providers such as electric companies. They will also ask for a deposit to start services for the first time. Similarly, used as a trust building resource. With our expensive knowledge and experiences, we have compiled a few ways we can all work together to make the move-out experience go smoothly.
Follow these suggestions from a IPM Inc to guarantee your hard earned money is returned to you when you do move out.
- Move-out cleaning and repair list – Stop into the property management company before 30 days prior to move-out to start the given 30 day notice required by state law. Most companies have already created a list of duties to check to ensure you maximize your chances of a higher return. This list will spell out for you EVERYTHING that needs to be done so there are no surprises.
- Upkeep your home regularly - Ok, I hate cleaning too, and we're not asking you to scour daily. Just don’t let trash pile up, keep the floors vacuumed/swept, have the carpets professionally cleaned every 6 months if you can. When you dust, include baseboards and walls. Daily and weekly upkeep go a long way in making sure a house stays well-kept.
- Don’t have an unauthorized pet- A few of our rentals allow pets- with a pet deposit. For IPM Inc. the pet deposit is $500/pet and $50/month pet rental fee too. Ya, it’s a lot. I understand the disappointment because we all have fur babies that are part of our lives. However, $500 is SO much money, I get it. It is awfully tempting to just sneak in your cat or dog and not pay the money and cross your fingers that the landlord won’t find out… However, PLEASE don’t do that. Pet hair is always noticeable upon moving out. So, I know it seems like a lot of money, and even though your pet may be calm, older or well behaved, we still have to require the deposit. As you can imagine, there have been many times in the past where pets cause much more than $500 in damage and we are forced to go out of pocket. So, if you are a responsible pet owner, and you clean up after your pet, there will be no problem upon moving out. Then, you can use the $500 to put down for another place or invest in home ownership too!
- Be honest about any issues so we can fix it for you. If something happens that requires maintenance, PLEASE let us know immediately. If it is a maintenance issue due to normal wear and tear, we will cover it and get it up to standards promptly. We use contractors from our local area to assist us. If something happens that is caused by your or an accident on your part, please let us know too. Even if you do have to pay for some damages, it's better to know and discuss it with us rather than waiting to surprise us with a hole in the wall upon moving out. This relates directly to the trust mentioned above too.
- Use the proper hanging tools- When hanging anything on the wall, there is chance there may be damage, 3-M tape & hooks are not suggested as a method of hanging pictures or wall décor. When attempting removal, the chances of not peeling the drywall are slim. Try small thumb tacks and limit the amount of décor if possible. Now a days, the trend is to mount your new 60in TV on the wall. Unfortunately, there is not a good way to do this that won’t cause damage. It creates 6-8 large holes when you remove the mounting system, and that is always something that has to be repaired, thus costing you deposit money. Try methods that don’t cause damage and be aware than any damage caused will have to be paid for by you.
There are many ways a tenant could help themselves when it comes to maintaining a rented property. We have come up with a short list. When it comes down to it, a great way to make sure you get your deposit back is to be responsible, keep a clean place & have open communication about any issues that you find.
Interested in a lease with IPM? Shoot us a message on Facebook or give us a call at (701) 852-1157 TODAY!