How are the security deposits handled?
We handle the security deposit for your tenant. According to state law, there are special requirements for the handling of deposits. We keep the deposits in a separate account. We conduct a move-in condition report of your property prior to the tenant moving in; we do it again when they move out, so we have a before and after picture and can lawfully deduct any damage over and above normal wear and tear on the property. As the owner, state law requires you to pay interest to the tenant on the deposit held. It’s nominal and we simply pay it out of your account when the tenant vacates, so you don’t have to do a thing. When do I get my money each month Rents are due in our office on the first of each month. Our leases specify that if rent is not received by the fifth of the month, a late fee is assessed. In order to avoid violating trust accounting laws, we need to wait until rent checks clear before we can send payment to you. We will collect the rent, pay the bills and then at the end o
