Here’s how POMPM handles the return of security deposits.
Today we’re discussing a hot topic in the property management world: the security deposit. There’s no other topic that irks people quite the same way as a security deposit does.
For us at Peace of Mind Property Management, the process starts with a resident giving us their forwarding address. We now have 30 days to return their security deposit. Once the tenant moves out, our goal is to get a professional to come in and look at the house to give us an estimate of what needs to be fixed within 24 to 48 hours.
We have 30 days to return the security deposit.
We compare the property’s former condition to what it looks like now to determine what should be fixed. Obviously, there will be some wear and tear, so we don’t look for that. We look mostly for damage caused by the tenant, then we have handymen make bids, hire one to do the work, and take the difference out of the security deposit. If the repairs go above what the security deposit is, we charge the tenant the excess.
If you have any questions about security deposits or anything else relating to property management, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.