PropertyZar

Is there any special way for property managers to handle multiple roommates per lease?

Common Issue

This is a common issue for landlords and property management companies. My first advice is to spell out the details of guests and roommates in the initial lease. Be upfront and make sure you specify all the details that you want up front. Ask the new tenants, do you plan to have frequent quests or visitors? Depending on their answer, you may want to include those individuals on the lease.

Avoid Mistakes

If it’s not in the lease, don’t make exceptions, unless you want to update the current lease. Make sure you are protected as much as possible. If the tenant falls on hard times and needs to bring on a roommate to help with expenses, make sure you are aware of it.

You will want to have that roommate complete an application and go through the same background screening as everyone else. Screen them as if they are a new tenant for you. A good Property management software usually offers the

When it comes times for your tenants to move out, landlords and property managers must decide if they can return the entire security deposit or not.

1 in 4 tenants say they did not receive the amount of return they were expecting. So, what is the deal?

Full Security Deposit Refund

Believe it or not, most property management companies want to return the full deposit to the tenant. Why? Because it would mean that the property was left in the same condition it started in. That’s good for the property management company as well as the property owner.

But the fact is some tenants do cause damage or leave the property in a state that requires some work to be done for the property to be “move in” ready.

Wear & Tear Vs Damage

States have established laws to help define what is wear and tear vs damage. In general, property management companies can deduct damages from the tenant’s security deposit. Here are some examples:

Wear And Tear

1. Minor nicks or nail holes in walls
2. Wood floors losing their finish