Why Sarasota Property Managers Must Collect Deposits Up Front
It always surprises me that tenants question the fact that we need security deposit funds up front. Apparently, with 27 years in the real estate business I’m too close to the subject and what seems so obvious to me really isn’t at all that obvious. There are many reasons why Sarasota property managers must collect deposits up front, but here a just a few . . .
First, it would be imprudent to pull a property off of the market, thus loosing out on potential renters, without knowing with absolute certainty that money is in hand. Imagine writing up a lease without a deposit and then three weeks later the would-be tenant fails to show up for the scheduled move-in. Without a deposit, the property manager has no recourse and the owner has wasted three weeks and lost income. Had there been a deposit, the likelihood of a no-show tenant would have been greatly decreased, and had there been a no-show, the security deposit could have been withheld to offset expenses and lost rent.
Another reason for collecting deposit money up front is that the only way to get a tenant out of a property once they are in a property is to evict. An eviction can be an expensive and time-consuming process for the owner and manager and in the event of an eviction the security deposit can be retained to offset those expenses. Also, if a tenant damages a property, without a security deposit in hand there is no real recourse for the owner and property manager. In addition to being withheld to make up for unpaid rent, a security deposit can be used to offset damage and extraordinary cleaning expenses.
Tenants sometimes want to know if they can move in and then pay the security deposit over time — the answer is no. The reason is the same as the above — once the tenant is in, they are in, and the promise to pay the security deposit over time is as worthless as the paper it is written on.
At Real Property Management of Sarasota & Manatee our policy is simple — if you can’t afford the deposit to move in, then you can’t afford to live in the property. End of story. No further discussion needed. These, among others, are the reasons why Sarasota property managers must collect security deposits up front.
If you are a property owner desirous of working with a top professional team that will protect you by ensuring that your interests come first, please contact Real Property Management of Sarasota & Manatee at 941-225-8183.
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