Pros and Cons: Security Deposit vs Move-In Fee
Hello, BiggerPockets!
After doing some reading and our previous experiences, we are debating if a Move-In fee would be a better option than a Security deposit. Does anyone have information or a list on the Pros and Cons for Security Deposit vs Move-In Fee?
I am looking forward to your information!
Most Popular Reply
Agreed security deposit is a good incentive.
Make it clear to the tenants that you want to return 100% of their deposit and you will happily do so after they return the unit back to you in the same or better condition than they received it. If you work in a professional manner, the tenants will believe you.
I am returning 100% of a security deposit this week. I met with the tenants two weeks prior to end of lease. We went over the move in move out sheet. I noted several items that needed attention or cleaning. I also reminded them that I wanted to return the entire deposit. They addressed everything.
I have a clean unit that is move in ready and they get 100% of their security deposit back. Win win for all involved!