This month’s article: “If I find a really good tenant, should I lower the deposit?”
A resounding NO. Do not lower or waive the security deposit EVER. If the required funds to move in are too high, collect a reasonable portion of the deposit prior to move in and allow the tenant to pay the balance of the security deposit in installments. But always insist that atleast a one month deposit is paid in full prior to move in.
Everytime Security deposits are more than just money that you hold for protection against unpaid rent of damage caused by your tenant. Although the actual cash amount may be relatively small compared to the overall value of your rental unit, the security deposit is a psychological tool that is after your best insurance policy for getting your rental unit back in decent condition.
It is also important to note. Your tenant’s first experience with you is that you will bend if they push you. Not collecting the deposit today may result in not collect the rent later. Then where are you? Not rent and no deposit to cover you. Take our advice, always collect a deposit. This is one time, where a little longer vacancy is worth it.
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Orlando Realty & Property Management
708 E. Colonial Dr., Suite 201, Orlando, FL 32803
Office: 407-641-5049 | Fax: 407-429-3857
orpm@407rentals.com | http://www.407rentals.com
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