Why You Should Collect Security Deposit from Tenants?

renturhome security deposit

When a property owner allows a tenant to occupy space in his rental property then he charge rent from them. He makes a rental agreement that works for both the tenant and landlord and includes all the terms and conditions and rules to be followed by both. Apart from signing the lease agreement the tenant also has to pay advance money as a security deposit. A security deposit is the sum, that a tenant agrees to pay to the landlord before moving in to the rental unit. Usually it is based on the monthly rent.

What is the Purpose of Security Deposit?
The purpose of the security deposit as a landlord is that you are entrusting your investment property to the care of tenants and it is possible that many things can or do go wrong. Security deposits helps you for severe damages to your property, excessive wear and tear, unpaid rents and other problems. you may better know, What Is Security Deposit and How A Landlord Can Keep It?

If you were not collecting security deposits from tenants then you should start collecting it. It is refundable, so you need to not worry about that you are charging something extra from your tenant. Collecting security deposit has so many benefits for you like:

Tenants More Careful
When tenant pays you security deposit then they become extra careful. They then, take care of your property like their own as if they will make any damages then they will not get the full amount of security deposit.

Safeguard against Damages
When your tenants become careful then you don’t suffer any damages. You can actually save your property from damages by the deducting the damage cost from the security deposit hence it is a safeguard against damages and you will not suffer any loss. Tenants will not try not to make any damages even by mistake and will take care of the property.

Safeguard against Non-payment
Sometimes tenants fails to pay the rent on due date and some willing do it. You can use the security deposit as monthly rent and evict the tenants for not paying the rent on time.

You must include the security deposit in the lease agreement along with the terms and conditions that when and why you can keep the security deposit.

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So, above are the benefits of collecting security deposit from your tenants and this is why you should collect it from them. If you are thinking that you are unable to handle all these or not well aware of the use of it then you can hire property management company in Baltimore that can assist you to manage your property and collecting and keeping the security deposit.

 

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How Often You Should Renovate Your Rental Property?

renovation renturhomeRenovating your rental property is essential for having quality tenants and increase the rental property income. Renovating is generally done when the tenants move out or move in. And it is expensive also. When the tenants move out you need to hire new tenants for your rental property and for that you have to paint your home, make repairs, etc. So, basically hiring new tenant is more expensive than maintaining the existing ones.

Before you decide your property to paint or renovate then there certain important things to consider to know whether there is a need to renovate your property or not:

  • How the property appears?

  • What does simple can do?

  • Check all the rooms.

This way you can see that whether you need to repair something or everything is just fine. Renovating can cost you a lot hence people prefer it do from year to year. And in case it is not very much necessary then you should also do it in every three years.

How often you should renovate or paint your rental property is completely a personal matter. Yes, you can decide whenever you want to paint or renovate your home but there are some other reasons also when you need to renovate your home like:

When tenants move in or out

when you are hiring new tenants the you surely want to look the home a brand new one. The tenants would like to stay longer if they find your property more attractive and beautiful. Even when your previous tenants move out from your house then you have to see that is there any thing that needs to be repaired. Clean your house and renovate it completely to attract new tenants.

Increase the property income

If you want to increase the property income then you must renovate your property with this you can attract high-quality tenants who will agree to pay a good rental charges for a beautiful and attractive house. For making your home attractive you have to paint the walls with vibrant colours, clean the house and make repair.

Protect your property

Apart from attractive potential tenants to pay a good rental amount you must be wanted to keep your rental property’s wall insulated and protected so for that you need to paint the walls. And renovate your property regularly.

So, it seems that renovating your rental property is very important and also you need to do it many times. But this can be really expensive and hectic task for you whether you are doing it by your own or hire professional property management company. However, it is said that the ideal time to do paint or renovate your house is three years. Well, you can renovate it on the basis of your requirements or needs.

What is Security Deposit and What are its Benefits?

http://www.renturhome.com/When you will find the higher quality tenants for your property then there are few important things that you have to do before handover the keys to them and that is making a rental agreement and taking security deposits from the tenants. Security deposit is the sum of money that the tenant agrees to pay to the landlord before moving into his property. It is generally equal to the one or two month’s rental charge. There are many reasons to take security deposit from the tenants and some of the benefits are listed below:

Tenants more careful

When you take security deposits from the tenant then they become more careful about your property and keep it maintained. They will now not break the rules as mentioned in the rental agreement.

Safeguard against damages

You can deduct the repair or maintenance charges from the security deposit if the tenant will make severe damages to the property. So, they will be more careful about this to not to make any damages otherwise they have to pay the damage cost and the landlord has the full right to keep the security deposit.

Safeguard against non-payment of rent

Sometimes tenants fail to pay the rent or just refuse it to pay in that case you can evict the tenant and keep the security deposit.

http://www.renturhome.com/These are the benefits of the security deposits but there are some laws that you must know as a landlord to keep the security deposit. You have to include the amount of security deposit in the rental agreement. And in some state it is also a rule that the landlord should give a receipt to the tenants when taking security deposit from them. You must know these things before taking security deposit from tenants.

There is no one rule for collecting security deposit in United States in fact it changes from state to state. You need to know your state law for collecting and keeping the security deposit. And also the reasons you can deduct amount from security deposit. In that case you should hire professional property management company that are well aware of the landlord tenants law. They will manage your property in legal way. You just need to find the right and reliable relocation company. If you reside in Baltimore or anywhere in USA so, for your rental or residential property you can hire maryland property management company  who are professional and will manage your property in awesome way.

Prominent Questions for Determining If You Need a Property Management Firm

http://www.renturhome.comManaging a rental property is not as easy then buying it. You may invest a big amount for buying a rental property but is worthless until you manage the property in well condition. And here comes the role of the renters/tenants. People hire renters for their investment property who take utmost care of their property like their own. You can also be relaxed after giving your property to the tenants and they will enjoy occupying the property forever.

In the starting 2- 3 months everything seems fine and then reality comes crashing in. Instead of rent deposited directly in your account every month, there’s the tenant who refuses to pay the rent. You actually start facing troubles and arguments with your tenant and if the tenants are really stubborn who are not willing to leave the apartment then the things go serious and this may end up at the court. Hence, you have to be ready to face all these problems with remedies to solve them. And in this matter who can help you the best is none other than professional property management companies in Baltimore county. They are the experts who manages property so well that you don’t even need to look after your property any-more. They manage it like their own property and also hire higher-quality tenant for your rental property. But do you really need a one or you can manage it by yourself. Well, here are the prominent question you should ask to yourself to know whether you need a property management firm or not:

How far do you live?

The distance between your residence and the rental property is very much important to figured it out whether you need property manager or not. If you live far from your rental property then you may not visit your property frequently to manage the property. If you live close then you may be able to make regular visit to your property for inspection, maintenance, etc. otherwise the further you will live the higher you travel time and expenses will be.

How many units do you own?

The number of the units you own is another factor to determine whether or not you require property management firm. It is easy to manage one unit but you may not be able to manage two or more units or rental property.

Are much experience do you have?

Do you know who to call to fix the damages, overflowing taps, etc. If you are not experienced in managing the maintaining property then you may hire unexperienced handyman who does poor job. Professional property management firms have their own crew who are expert in maintaining and managing the property.

Whether or not you be able to manage your Baltimore residential or rental property still you should hire reliable property management company in Baltimore to manage your property in great way. And you should take a Prime Advantages of Hiring Property Management Company in Baltimore, county MD.

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What is a Protected Tenant? A Thing Every Landlord Should Know

http://www.renturhome.comRenting a property is actually one amongst the toughest tasks for the owner. The property owner has to keep in consideration the legal as well as financial management, in order to attain higher rate of benefit of the property. Everything in the property need to be done under the jurisdiction. Tenants have many rights and this is a reason why the property owner needs to look out for the same when he is renting out his property to someone. One very common term that is heard random when it comes to property management is protected tenants. What is a protected tenant actually.

Government has given so much of rights to the tenants, which is good from their prospect as well. But sometimes, the liberty of one can become problem for others. Hence, it is required that a person should look out for the same while taking any sort of action. Protected tenants have more rights than other tenants and these all rights come into action when the land owner tries to evict them from the property. There are many means and classifications that surrounds a tenant in the category of protected tenant.

The first and the foremost important classification is age. The tenants on or above the age of 60 years come under the protected tenants. This means the land over cannot evict them out of the property without any solid reason. Other than this, if the tenant who are above the age of sixty years are living in the property for more than ten years then also one cannot evict him from the property. The another classification is the tenant with disability.

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A person who is suffering from any sort of disability and have been living in the property for more than ten years then also he comes under the category of protected tenant. And the last clause is with the tenants with chronic illness. If a tenant is suffering from chronic illness and has been living in the property for more than five years then at that case also he will come under the category of protected tenant. These are just general synopsis of protected tenant. To be at the safest side it is required to take the assistance of professionals in the task. You can consult property management company in Baltimore for their much better assistance in the task that could help you to have the property at the safest side always and all the time.

Related Article – How to Work with a Reliable Property Management Company

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How to Handle Multi-Residential Rental Property in Baltimore

http://www.renturhome.comManaging apartment building is actually one amongst the toughest tasks to handle. This is definitely a complicated business for the property owner and that too in the case if he is having a property is one amongst the renowned locations of USA Baltimore. As the city has many urgent and rent control laws that the landlord need to out for every single aspect whenever he desires to rent out his property. Tenants have got many rights here, hence the landlord really needs to be aware with each and every law. To be at the safest side always, taking the services of property management company in Baltimore for apartment management Maryland, is a great idea but this too in the case when you have multi residential property in Baltimore.

Landlords to have rights but it is necessary for them to know their rights as well. Landlords should make them familiar with the rent control laws and should be well aware with the same as well. The laws restrict the landlord from increasing rent every month and there are some other restrictions with respect to that as well. The third thing that the landlord need to take care is that they should take care of the demands and desires that have been made from the side of the tenant.

This is necessary because it would cost you the same as it will cost a week later but the time duration covered could hamper the image of your property. Hence, be regular on maintenance and repairs that would make your property outdated. However, this does not mean that your tenant should get whatever is their demands, but yes the genuine demands from their side should be catered well by you.

Handing a multi residential property in Baltimore is going to be one amongst the toughest tasks for you to handle and in order to do the things in well order, you should hire property management company in Maryland for the same. Just owning a property does not make you a good landlord but you have to put the best efforts from your side in order to be at the safest side always. Don’t forget the rules and try to do everything within the jurisdiction whether its filling the vacancy or eviction of tenant. Consider laws as the primer fact and them move forward because there could be nothing favourable than this for you.

Avinash Kumar is a passionate business analyst and writer. He loves writing on various topics especially on business related topics. Currently he is rendering his services to professional Real Estate, Maryland Rental and Property Management Company, that provides services of professional property management, rental management, tenants’ management, landlords, property maintenance and the best working area of property management in Anne Arundel and Baltimore County and other cities and counties of USA.

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Related Article – How Often a Landlord Should Visit His Residential Property in Baltimore

Reference Link – https://www.localguidesconnect.com/t5/General-Discussion/Amazing-Dreams-Properties-in-Baltimore-Maryland/m-p/530448#M146355

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Most Common Reasons Landlords Use Property Management Services

Avinash Kumar is a passionate business analyst and writer. He loves writing on various topics especially on business related topics. Currently he is rendering his services to professional Real Estate, Maryland Rental and Property Management Company, that provides services of professional property management, rental management, tenants’ management, landlords, property maintenance and the best working area of property management in Anne Arundel and Baltimore County and other cities and counties of USA.

http://www.renturhome.comWe all know that property management companies do exist. But do you know that what exactly they do and offers to us. Well there are top most common reasons that a landlord use property management services and you should also hire them for managing your property well and hire right renters for your rental property. Here is the list of the services provided by a property management company:

Determine accurate rental rate

They know the value of the property and determine the accurate rental rates for your property. They do market research for the similar property you are having in local areas where your property is located and fix the right rental charges for your rental property.

Maintenance and Repairs

They manage your property in the right manner that also increase the value of the property. They clean both the interior as well the exterior of your rental property. Make repairs if needed. While tenants moving in or out they check the property properly and make repairs if required. They have their own crew members who fix repairs and if not then they hire handyman for this in low costs.

Marketing property

Property management companies advertise your property through online or offline medium. They know where exactly to advertise your property for hiring quality tenants. They use local newspaper, pamphlets, etc. for marketing rental property.

Screening and hiring tenants

They collect the information about the tenants and screen the tenants well. They do background check and also check credit history, criminal record last eviction reason and also talk to the previous landlord if necessary. And hire the higher-quality tenants for your rental property.

Tenants move in

when tenants move in to the property they collect a security deposit from the tenants which is refundable. Make rental agreement which includes all the necessary things like security deposit amount, monthly rental charges, tenants name, rules and regulations to be followed by the tenants, etc.

Inspection

They inspect the property on a regular basis including exterior of the property. And also make the reports of the damages that have occurred in property due to tenants and send it to you in the end of the year.

Rent Collector

They collect the rent positively on the due date from the tenants without any failure. They also credit it your account after deducting their shares.

Tenants move out

When the tenants move out they inspect the house properly and refund the security deposit to the tenants. Clean the property and repeat the process of advertising and hiring tenants for your rental property immediately.

18So, these are the services provided by professional property management company therefore people prefer hiring rental property management companies for an easy landlordship. If you live in Baltimore, Maryland or anywhere in USA and then you can hire Baltimore rental management company to manage your property.

Related Article – How to Find Right Tenants for Your Rental Property

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Roles and Responsibilities of a Property Management Company

Avinash Kumar is a passionate business analyst and writer. He loves writing on various topics especially on business related topics. Currently he is rendering his services to professional Real Estate, MD property management that provides services of professional property management, rental management, tenants’ management, landlords, property maintenance and the best working area of property management in Anne Arundel and Baltimore County and other cities and counties of USA.

5We all know that property management companies exist but not everyone is aware of their roles and responsibilities that what they actually do. They manage your rental property and along with that they are responsible for the following things:

For Rent

They are responsible for setting rent, collecting the rent and also increase it from time to time:

  • Setting rent: They inspect the house interior as well as exterior and after knowing the value of your rental property they set the right rental rate for the property.

  • Collecting rent: They fix a date on which the tenants have to pay the rent on any circumstances. They collect the rent on the due date from the tenants and also credit to your account.

  • Adjusting rent: Rent can be increased on every 12th months but property managers are responsible for adjusting rent they can increase the rent just after an eviction.

For Tenants

Property management companies are also responsible for hiring good tenants for your rental property.

  • Finding tenants: They advertise your property using both offline and online and find the right tenant for your rental property.

  • Screening tenants: They have link and sources to screen the tenants. They use application forms that applicants filled with their personal details. And property manager use it for checking their background, credit history, criminal records, previous evictions records, etc.

  • Handling tenants’ complaints: They also handle tenants’ complaints and also solve their problems if the tenants’ complains for any repair or maintenance issues.

  • Dealing with eviction: If the tenants fail to pay the rent on time or breaking and rules then they understand the law and file eviction against tenants.

For Maintenance and Repairs

They manage your property and keep it maintained. They also inspect the house to know if there is any requirement of repair issues and fix it immediately. Property management companies have their own crew who maintains and make repairs. So, they are also responsible for repairing and maintaining your rental property.

18These are the roles and responsibilities of a property management company. A good property manager has thorough knowledge of landlord and tenants law. So, if you want to manage your Baltimore rental property or residential property then you must hire Baltimore property management company. They are professional and will keep your property maintained in awesome way.

Related Article – Question a Landlord Should Ask Tenants before Hiring

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How to Find the Best Property Management Company in Maryland

property management (9)We all know the benefits of hiring property management company but it is also important to hire the right one. Hiring a wrong company can put you in trouble so you must be very attentive and careful when find a good and reliable property management company. Finding the best and reliable property management company in Maryland may be a tough job but with some wise steps you can easily hire right property manager for your investment property. Here are the useful steps to find the best property management company that will be the best for your property:

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Get Referrals from Different Sources

One of the best ways to find renowned property management company in Maryland is through word of mouth. There are many real estate agents and other property owners whom you can ask about good and reliable property managers in your area.

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Do an Online Research

Internet nowadays helps us in every sector whether for finding a person or a company. So, you can search for best property management company in your area that can manage your investment property in affordable charges. Make a list of all the companies you find relevant for your requirements.

Interview Several Property Management Company

Interviewing several property management companies will let you know about their different charges and services they provide. And for finding the best company you must interview at least three companies. This will help you to distinguish between good and bad. You surely don’t want to hire the one property manager who has evicted more than 5 tenants in a couple of months. He either has the worst luck in the world or, more likely, does not know how to properly screen tenants.

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Check Out Their Current Works

Currently how many units there are managing will let you know how proficient they are. You must see the properties to check the properties are clean and well. You can get some great information by talking the tenants they currently manage. If they are happy and satisfied too that means you will also be satisfied with their work as a landlord. After all property management is about keeping you and your tenants happy.

Check Their License and Certification

You must check the company’s license and certificate whether the company is qualified or not to handle your property and the staffs should also be educated to manage your property.

This way you can find the best maryland property management company for your Maryland rental property. Always remember to read carefully the terms and condition written in their agreement before signing it.

Related Article – How to Deal with Bad Tenants

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Time and Cost Required for Signing a Lease with Tenant

http://www.renturhome.comThere is certainly no doubt in this that our property provides us a great comfort in life. Owning a property in big areas of USA such as Baltimore is such a great thing, but what is more special in this is hiring competent rental management in Baltimore, Maryland for your task. However it doesn’t means that you cannot cope up with the requirement of the process by your own, but professional management always keeps you at a risk free zone. If you are all set to handle the task of managing your property then here are certain things that you need to follow for the same. It is one of the greatest tasks for a property owner to make his property rent ready, and apart from this completing all the essentials things for property is something that comes in the priority list. A property owner has so many expectations with his property and this can only be fulfilled if there is a good management.

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For making your property rent ready, you need to browse as what is trending in market. Search for all the possibilities of things that a renter will look at your property. Make all the necessary arrangements that will make your property at the top list. Once you are done with this then there come the fixation of rent. Do make sure that rent of your property is as what is trending in market. It is required for a property owner to fix the rent adequately. Once the rent is fixed then the final decisive round is there and it is the legal documentation. As a land owner you are always supposed to be sure that every necessary arrangement is made by your side to secure you and your property lawfully. Complete all the legal phases before handling over the property to the tenant.

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The entire lease with tenant should be cross verified. Remember tenant can ask you for the charges that you have implemented on the lease, hence make sure you possess adequate knowledge about the same. Your new renters will look to you for explanation of the lease and key terms and dates will need to be clear and concise. This lease signing time will also allow you the opportunity to set “house rules” with regard to items not specifically spelled out in the lease such as city noise ordinance times, changing of filters and light bulbs, maintenance responsibilities or any special neighborhood or Association rules. So, these are the cost effective manner, through which you can proceed for a safe management of your property.

Related Article – Things to Consider When Interviewing Property Management Company

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