Apr '23 • General discussion
Tenant deposits
This has been a debate and a topic for many property managers. For a long time I would send the money to the landlord, but what happens when landlord is irresponsible, they use the funds, or worse they get foreclosed. This was a pivotal point for us, though legally we are not responsible, we get our name dragged through the mud. We also have an option to hold funds in trust to protect landlord from themselves, after the foreclosure debacle we decided the only we we would manage the property was if we hold the deposits. We do the move out and deposit refund letters so it just made sense for our company. . Do you hold the deposit or does your landlord hold the deposit?
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Tenant deposits
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