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How to Diversify your Real Estate Investment Portfolio | Lakewood, CO Investor Guide

Susan Melton - Friday, December 27, 2019

How to Diversify your Real Estate Investment Portfolio - Article Banner

Diversifying your real estate investment portfolio is a great way to protect yourself against potential losses. It can also help you earn more ROI. Investment professionals are always encouraging their clients to diversify, and there are a few ways you can do that with your rental properties.

Consider Commercial Rental Properties

Perhaps you’ve stuck to a steady diet of residential rental properties throughout your investment career. Maybe commercial properties seemed too expensive or complicated. Perhaps you think the market is too volatile.

However, commercial spaces in and around Lakewood and the West side of the Denver Metro area are actually pretty hot investments right now. And, there’s plenty of diversity even within this investment space. When you buy a commercial property, you can look for opportunities in office space, warehouse and industrial buildings, retailers, and restaurants. You have a lot of options. Lease agreements are usually more favorable to landlords, and the terms are longer. You won’t have the turnover or the vacancy that often comes with residential real estate.

Multi-Family Properties are Great Investments

It’s easy for investors, especially new investors, to gravitate towards single-family homes when it’s time to acquire a rental property. Most of us live in single-family properties ourselves, so it’s a piece of real estate we feel we understand. However, multi-family properties can be excellent investment opportunities.

You protect yourself against vacancy risk when you own a duplex, four-plex, or even a small apartment building. When one unit is vacant, you’ll still have money coming in from other renters. These properties also consolidate maintenance expenses and allow you to increase the overall value of your portfolio fairly quickly. Consider buying a multi-family property if you’re hoping to diversify your investments. There are a lot of great opportunities in Lakewood and the West side of the Denver Metro area.

Diversify Your Financing Options

Another great way to diversify your real estate portfolio is by exploring different financing opportunities. If you typically pay for properties in cash or with a traditional mortgage, why not consider owner financing for your next investment? This can give you a lot more flexibility and drive up your cash flow right away. You can often get more favorable terms and less risk.

There are other ways to move your money around when you’re investing in real estate. Refinancing can free up some cash, and you can do a 1031 Exchange when you’re ready to let a property go that you’ve owned for a while and you want to find something new. Be willing to think outside of the box.

Consider Other Markets

rental markets - thumbnailA great way to diversify your portfolio is by exploring rental markets outside of where you currently invest. If you are in California or a city on the east coast, consider looking in smaller markets where you can get a lot more property for a lot less money. Increase your knowledge about other markets, and talk to property managers and real estate experts in those areas to learn more about what you can expect in terms of tenant pool and rental value.

These are just a few ways to diversify your portfolio of investment properties. We have additional ideas, and we always love talking about them. Contact us at Assured Management for more information.

Should I Allow Pets In My Rental Property? | Lakewood, CO Property Management Tip

Susan Melton - Friday, December 13, 2019

Should I Allow Pets In My Rental Property? | Lakewood, CO Property Management Tip - Article Banner

For many people, pets are a part of the family. If you’re not going to let a highly qualified tenant move in with his prize Pomeranian or her twin Siamese cats, you’re going to lose a potentially great tenant.

We recommend that you allow pets in your rental property. A large majority of prospective tenants own at least one pet, so by refusing pets, you’re discounting a large part of the tenant pool. That’s going to increase your vacancy times and ultimately cost you money.

However, we also understand that landlords have concerns about liability and the potential damage that animals can do to their property. As long as you have a great pet policy in place, you should be able to safely welcome pets into your property with their responsible humans.

Screen Pets Like you Screen Tenants

There’s no reason that you shouldn’t screen the pets of potential tenants. First, make sure you’re not considering a vicious dog breed. Many insurance companies won’t cover your property if you allow dogs like German Shepherds and Pit Bulls. Gather breed information, ask for vet records, and conduct reference checks. When you’re talking to a tenant’s former landlord, ask if the pets were well behaved.

Put Pet Restrictions in Place

In addition to restricting the dog breeds that you’ll allow, you can also put other restrictions into place when you’re crafting a pet policy. For example, you can limit the number of pets you’ll allow. Perhaps you’re comfortable with one cat or two dogs. Maybe you only want adult animals or you’ll consider pets that stay outdoors. Instead of saying yes, you accept all pets or no, you accept no pets, leave it negotiable. You can say that pets are accepted on a case-by-case basis, and you will be able to judge for yourself whether you want a particular pet or family of pets moving in.

Collect Pet Rent, Deposits, or Fees

You can earn a little extra money if you charge a pet fee or a pet rent. The pet fee should be paid in advance and you can have a separate fee for each pet. Pet rent can be an extra $25 or $30 per month in addition to what the tenant’s paying. A pet deposit is also sometimes used by landlords. You’ll have to return the full deposit if there’s no pet damage at the end of a lease, but many property owners believe this gives tenants incentive to keep their pets from misbehaving or damaging property.

It’s important to remember that service animals are not pets. You cannot say no to a tenant who needs an animal for physical or emotional services and support. You also cannot charge pet fees or deposits for service animals, and you cannot restrict breeds.

Service animal - thumbnailWe think you should say yes to pets. If you’re still nervous about allowing tenants with pets to move into your property, contact us at Assured Management. We can help you protect your investment without turning away potentially great tenants.

How Much Should Charge in Rent For My Lakewood CO Rental Property?

Susan Melton - Friday, November 15, 2019

Rental value can be an emotional topic. A lot of rental property owners come to the market with a specific idea of how much their home is worth and what they want to earn. There are a lot of factors that go into accurately pricing a rental property, and one thing that doesn’t matter, unfortunately, is what you want to earn. You have to price your rental property according to the market. Otherwise, you’ll find yourself with large vacancy costs and less-than-desirable tenants.

When you’re deciding what to charge, take a look at what comparable properties are renting for in your area, and consider the other factors that influence your property’s rental value.

Property Location is Important

You don’t have to be a real estate investor to know that location matters. You’ll be able to charge more when your property is in a desirable location. If you’re close to good schools and shopping, you’ll find that tenants are willing to pay more. If you’re in an area that’s more remote and it will take an hour for people to commute to work or get to the grocery store, you won’t be able to charge as much.

Property Condition and Features

A well-maintained home will always rent for more than one that’s old, falling apart, and neglected. Make your property desirable to good tenants. Provide some curb appeal and make sure it’s completely clean. Consider investing in minor but important upgrades such as better lighting, a hard surface floor, or even energy-efficient appliances. If a home feels bright and modern when a prospective tenant walks into it, the price can be on the higher end of the rental range and you’ll still find a good renter.

Unique features can also help you rent your property for more. Perhaps you’re in an HOA with a pool and a fitness center. Maybe there’s a double sink in the master bedroom or a walk-in closet in the second and third bedrooms. These things can raise your rent, and you should promote them when you’re marketing the property.

Size and Season with Rental Pricing

Size matters, too. Tenants are looking for homes that are spacious but not too troublesome to maintain. A three-bedroom and two-bathroom property with a garage, yard, and plenty of storage space is usually standard for single-family homes. Sometimes, if you’re renting out an apartment or a condo, a one-bedroom and one-bathroom unit is exactly what people are looking for. Usually, the larger the home, the larger the price tag. But, the condition and location indicators will often impact price more than the size.

rental pricing - thumbnailRental pricing can be seasonal. Most tenants are looking for new homes in the spring and summer, especially families with children who will need to be enrolled in a new school before the academic year begins. No one wants to move over the holidays or in the dead of a Colorado winter. So, your prices may need to come down if your home is vacant in January or February.

These are the most important factors that can help you price your home. We have extensive data that reflects the rental market in Lakewood and the West side of the Denver Metro area, and we’d be happy to share it with you. Contact us at Assured Management for more information.

Common Mistakes Made As a Landlord and How to Avoid Them in Lakewood, CO

Susan Melton - Friday, November 15, 2019

Common Mistakes Made As a Landlord and How to Avoid Them in Lakewood, CO - Article Banner

It’s easy to make mistakes as a landlord, and even experienced rental property owners find themselves making errors and bad decisions. The problem is that these mistakes can usually be expensive.

Today, we’re talking about some of the most common mistakes we come across, and how you can avoid the cost and the headaches that come with these issues.

Improper Rental Pricing

Your home’s rental value will depend largely on the market. You might have a specific amount in mind for what you want to earn in rent, but if the Lakewood rental market doesn’t support that number, there’s no sense in attaching it to your property. Take a look at what homes similar to yours are renting for in your neighborhood. Price your home competitively, otherwise it will sit vacant, and that vacancy cost will be far more damaging than bringing the asking price down by $50 or $!00 per month. Remember that the other factors that impact your price are:

  • Size of the rental property
  • Condition of the home
  • Location
  • Season/time of year

Don’t make the mistake of over-pricing. You’ll lose money and attract tenants who aren’t qualified.

Incomplete Tenant Screening

Maybe you’re the type of person who trusts his or her gut. That’s great, but your instincts don’t mean much when it comes to tenant screening. You have to screen each applicant thoroughly and consistently. Have a set of written rental criteria in place so you can demonstrate that everyone is screened against the same standards. Check income and employment, look for past evictions or criminal convictions, and always check landlord references. Not screening tenants is a big mistake. Don’t place someone in your property because they drive a nice car or you like talking to them.

Slow Response to Maintenance Needs

If you’re not responding to routine and emergency maintenance issues with a sense of urgency, you’re making a big mistake. Emergencies obviously require immediate action. When a tenant calls because the property is flooding or there’s no heat in the middle of winter, you need to take swift action. But, you should be just as responsive during routine maintenance issues. It shows your tenants that you care, and that will increase your retention rates. Immediate maintenance responses also lead to a property that’s better maintained. You want to protect the condition and the value of your asset.

Doing it All Alone

Work with a Professional Property Management Company - thumbnailWe think it’s a mistake not to hire a property manager. While you might think that being a landlord is as easy as finding a tenant and collecting rent, there’s a lot more to it. A professional management company can help you save money by reducing vacancy expenses, placing better tenants, and responding to maintenance issues with professional and licensed vendors. Your property manager has the tools and resources to screen tenants better, collect rent on time, and enforce your lease. Your investment property has the potential to do better, so let a professional help you.

If you have any questions about property management in Lakewood and the West side of the Denver Metro area or you’d like to talk about the mistakes you have made in the past and how to avoid them in the future, contact us at Assured Management. We’d love to tell you more.

Investing in Real Estate Out of State | Lakewood, CO Landlord Education

Susan Melton - Friday, November 1, 2019

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The Lakewood real estate market is strong and attracting a lot of attention from investors all over the country and even outside of the country. We have attractive properties, high rents, and a stable tenant pool that’s reliable and financially secure. While out-of-state investors have an easy time finding and buying rental properties here, managing them is another story.

It’s difficult to manage your own property when you live in the same city. When you’re outside of the city where you have an investment home, you really need to rely on two things: professional property management and technology.

Professional Property Management for Non-Local Investors

Working with professional property managers is always a good idea when you want to protect your investment and earn as much ROI as possible. However, when you’re investing from out of state, that property management relationship is critical. You’ll need a local resource who can be your boots on the ground and your eyes and ears. You’ll need your property manager to show the home when it’s vacant, screen the tenants, conduct the move-in and move-out inspections, respond to maintenance issues, and enforce the lease.

When a tenant has a maintenance emergency in the middle of the night, you’ll have a hard time getting a plumber or an electrician over to the home when you live elsewhere. You won’t be able to get to the property yourself to assess the damage. A good property management company helps non-local investors by protecting the asset and ensuring the tenants are taking good care of it. You need full-service property management when you’re out of state, so look for a management company that has experience with investors who live elsewhere.

Leveraging Technology for Out-of-State Investors

Leveraging TechnologyIn addition to great property management, out-of-state investors also need reliable and accessible technology. Most property management companies now provide online portals for both tenants and owners so that rent can be paid online, maintenance requests can be tracked and documented, and information can be shared. You will want to make sure you can receive electronic rental payments through direct deposit. You’ll also want to make sure you can look at accounting statements and run reports online. Find out how you’ll be informed when a repair is needed, and how those invoices are paid.

With technology, you can track income and expenses, communicate with your property managers, and stay up to date on lease renewals, marketing strategies, and lease negotiations. It’s critical that you have access to good technology when you’re investing in properties from another state or another country. Communication will be important, and you don’t want to feel even further away from your investments.

Smart investors gather the right partners, resources, and tools when they’re purchasing an investment property. When you decide to invest in a Lakewood rental home from somewhere else, make sure you’re working with a company that can keep you up to date on the local market, the performance of your property, and anything else you need to know.

We would be more than happy to help, and we work with out-of-state investors all the time. For more information, please contact us at Assured Management.

What Makes a Good Real Estate Investment in Lakewood, CO?

Susan Melton - Friday, October 18, 2019

What Makes a Good Real Estate Investment in Lakewood, CO? - Article Banner

When you’re looking for a real estate investment in Lakewood, remember that you’re not looking for a home that you’re going to occupy. Many investors make the mistake of looking for high-end finishes, large layouts and other things that make properties appealing to them personally. Those things don’t matter so much on the rental market. Tenants want a safe, comfortable home in a good location that’s priced and maintained well.

Follow these tips when you’re looking for your next real estate rental investment.

Consider the Location of a Property

Just like on the sales market, location counts. The best tenants in Lakewood will be looking for a home that’s close to work, shopping, and grocery stores. They’ll want to be in a good school district if they have children. Many tenants also want a walkable neighborhood in an area that is well-populated but not too traffic-heavy. Think about where you’re buying. A centrally located home will rent faster and for more money than a property that’s more remote. If the home is in an HOA, make sure you have permission to rent it out and get to know the association’s rules and regulations before you buy.

Buy a Home in Good Condition

You also want to evaluate the property’s condition. It may be tempting to invest in a property that needs a little work. The price will be lower, and you’ll be able to make any upgrades and improvements that you want. However, the best rental properties are nearly move-in ready. You don’t want to spend a lot of time making repairs and renovations because it only extends your vacancy time and delays the collection of rent. Have the property inspected thoroughly before you buy, and talk to a property manager about the work that will need to be done in order to get the home on the market.

A home that’s in good condition when you buy it is also less likely to need a lot of costly repairs after a tenant moves in. Routine maintenance will always be necessary, but if you can cut down on surprise expenses like new furnaces and roofs, you’ll be in a stronger financial position with your investment.

Properties with High Potential Rents

You want to earn as much as you can on your investment, so choose one that is likely to bring in the most rent. The rental property you should buy is the one that tenants will find most appealing. It might have energy-efficient appliances that will keep their utility payments down or a nice fenced yard that’s perfect for pets. Maybe it comes with extra parking or a large master suite. When you can find a home that stands apart from the rest of the rental competition and it’s priced well, you should buy it.

Talk to a Professional Property ManagerOne of the best ways to find the right rental investment for your portfolio is to talk with a professional property manager. A good Lakewood residential management company will help you estimate how much rent you can earn, how long it will take to find tenant, and what kind of work will go into a home before you can rent it out.

We’d be happy to help. Please contact us at Assured Management when you’re looking for your next investment home.

Guide for New Investors | Lakewood, CO Property Management Advice

Susan Melton - Friday, October 4, 2019

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There’s a lot of potential for building wealth and setting up financial freedom when you invest in real estate. There’s also a lot of potential for liability and risk. If you’re a new investor, congratulations on taking an important step towards meeting and exceeding your real estate goals. We’re here to help you avoid a lot of the costly mistakes that even experienced investors make.

This first-timer’s guide will help you get started now that you own some rental property and you’re ready to start collecting rent.

Price your Property Correctly and Prepare it for the Market

Before you start looking for tenants and signing leases, you need to ensure your home is ready for the rental market. If it needs a little work, get started on that right away. Have it cleaned thoroughly and professionally, and remove any debris or personal items that were left behind by former owners or tenants. Check every system and function to make sure it all works. Replace light bulbs that are burned out, make sure the windows lock, and replace the air filter. Take care of any repairs, and then consider making some cosmetic updates that aren’t too expensive and will help you attract the best tenants for the most rent. You might consider a fresh coat of paint, new appliances, or updated ceiling fans.

Next, make sure you’re pricing your property right. Everyone wants to earn as much as possible in rent. But, you have to be competitive and price your property according to what the market will bear. Conduct a market analysis so you know what other homes like yours are renting for in the area. Hopefully, you’ve consulted with a property manager before buying your house. If you haven’t, do so now so you can get some accurate pricing data.

Marketing and Screening for your Rental Property

Once you’re ready to find a great tenant, make sure you’re placing an ad that’s engaging, accurate, and full of great photos. Place your ad on all the online rental sites that prospective tenants are using, including Zillow, Trulia, HotPads, and Make sure you including information on rental amount, size, and location. When tenants get in touch, be responsive. Schedule showings and answer questions.

You need an application that’s compliant with all state and federal fair housing laws. Be careful when you’re screening; you have to screen every application consistently, and you need to be protective of your applicants’ data and financial information. When you’re screening, check these important things:

  • Nationwide eviction and criminal check
  • Employment and income verification
  • Credit check
  • Rental history check

Many investors and landlords neglect to talk to former landlords, but this is important. You can ask if rent was paid on time, if there was any property damage left behind, and if that landlord would rent to the tenant again.

Maintaining your Home and Enforcing your Lease

With a lease signed and a tenant in place, you will be responsible now for collecting rent, responding to routine and emergency maintenance issues, and making sure your tenants is doing everything you expect.

Working with Professional Property ManagersSmart investors work with professional property managers so they don’t have to worry about the stresses and expenses of finding the right tenant, executing a strong lease, and taking care of the property throughout the lease term. When you have an experienced property management team working for you, there won’t be any reason to worry about making mistakes or falling out of compliance. You’ll have access to their expertise as well as their tools and resources. Professional management companies work with reliable maintenance vendors, respond to emergencies in the middle of the night, and take care of any tenant disputes or problems.

The best thing you can do as a new investor is hire a smart, capable property management company to help you earn more and spend less on your investment. We can help. Contact us at Assured Management for more information.

Why Invest in Lakewood, CO Real Estate?

Susan Melton - Friday, September 20, 2019

Why Invest in Lakewood

Lakewood has enjoyed some explosive growth over the last couple of decades, due to its surging population, its high quality of life, and its stunning location near the Rockies. It’s now the fifth largest city in Colorado, and investors from all over the world are taking notice.

If you’re considering a real estate investment in Lakewood, we’d like to talk about the opportunities in our market. It’s a great place to live and an enjoyable place to visit. Whether you’re thinking about making your first rental property purchase or you have a portfolio that’s doing well and could use some new acquisitions – let us tell you why Lakewood is the place to invest.

Lakewood Has a Strong and Diverse Economy

The city of Lakewood is close to Denver, and a lot of its economic and population power comes from this proximity. But, the region is also able to stand on its own when it comes to economic stability. In Lakewood, there are great businesses providing great jobs to residents of every skill level. Unemployment is below three percent and the median salary is around $56,000. Some of the most important industries in this market are agriculture, manufacturing, retail, transportation, and finance. The high employment numbers and stable economy create a sustainable tax base and a lot of consumer activity. When you invest here, you can be sure that a healthy ROI is in your future.

Lakewood Tenants are Stable and Qualified

Investing in Lakewood rental real estate also brings you a pool of highly qualified and stable tenants. You’ll find renters with a verifiable employment history and income who are looking for well-maintained properties in desirable neighborhoods. These tenants are likely to stay in place for the long term, especially if you’re a responsive and proactive landlord. With the current Lakewood tenant pool, you won’t have to worry about vacancies and high turnover cost. Investors can expect to earn high rents, setting themselves up for attractive cash flow potential.

Diversity of Investment Properties in Lakewood

Investors have choices when it comes to investing in Lakewood. Maybe you’re looking for a single-family home in an established neighborhood or planned community. Lakewood has those. When you’re looking for the right property to invest in, consider townhomes near Bear Creek Park, duplexes near downtown, or units in new apartment buildings. There are outstanding opportunities at attractive prices, and you don’t want to wait too long before you buy. The average home is only on the market for about 16 days.

Professional Lakewood Property Management

Professional Property ManagerWhether your priority is short-term cash flow or long term price appreciation, the Lakewood rental market has something for you. Talk to a local property management company before you buy. We can tell you what to expect in terms of rental ranges, vacancy times, and tenant demographics. We can show you what kind of work will need to be done to the properties you’re considering before they’re ready to rent.

There’s a lot more to love about investing in Lakewood. Please contact us at Assured Management, and we’ll talk through your investment goals and our local opportunities.

Tips and Tricks for Advertising Your Rental Property in Lakewood, CO

Susan Melton - Friday, August 16, 2019

Assured Management is an industry leader in property management serving the West side of Denver Metro Area.

Advertising and marketing your rental property is an important part of keeping vacancy rates low and attracting outstanding tenants who will pay rent on time, maintain your home, and follow the terms of your lease agreement.

You have to advertise aggressively so you can get the attention of a large pool of potential renters. These are some of the tips and tricks we use as professional Lakewood property managers.

Make Sure the Property is Rent-Ready

Before you can begin advertising your property, it has to be ready for the rental market. This doesn’t mean almost ready or good enough. We mean move-in ready. Why is this important? Because good tenants are looking for homes that are not going to need a lot of cleaning and work before they begin unpacking. They want to be able to imagine themselves living in your property. So, before you even think about advertising it, make sure the property is empty and clean.

Walk through the home with a critical eye to see if there’s anything that needs fixing or replacing. Look for light bulbs that are burnt out, outlets that don’t work, and sinks that are dripping. Mow the lawn and create some eye-catching curb appeal. Don’t post an ad until you’re positive your home is ready to show to tenants.

Take Excellent Property Photos

A major part of your rental property advertising strategy is photography. Take high quality, professional-type photos of your empty home. You don’t have to hire a professional photographer (although it might help). You can probably take good pictures with your phone as long as you pay attention to the lighting and the spacing. Take pictures from corners so you can maximize the amount of the room you’re showing. Include a photo of any yard space and special amenities such as garden tubs, walk-in closets, or updated kitchens. You want to include as many photos as possibly in your advertising.

Use Online Advertising Resources

The best place to advertise your rental property is online. No one is reading the classifieds in newspapers anymore. Those glossy real estate catalogues that you see in supermarkets are not where tenants are looking for homes. Create an online listing to go with your photographs and get it on as many sites as possible. You’ll attract a large pool of tenants who are actively looking for rental homes.

Social media can help as well. Post your ad on Facebook or Twitter or even Instagram. People know people who are looking for homes, so word can spread fast.

Post a Professional Sign

There’s still room in advertising for professional signage. Post a good-looking sign in front of the property that includes your contact information and pertinent information such as number of bedrooms and amount of rent. This will help you get the attention of people who happen to be walking or driving through the neighborhood.

We love working with owners to advertise their properties. If you’d like to access our tools and resources or you need help with property management in Lakewood, Colorado, please contact us at Assured Management.

Tenant Damage vs. Normal Wear and Tear: Know the Difference in Lakewood, CO

Susan Melton - Wednesday, July 17, 2019

Assured Management is an industry leader in property management serving the West side of Denver Metro Area.

Unless a different time period is specified in the lease, landlords in Lakewood, Colorado are required to return their tenant’s security deposit within 30 days of a tenant moving out. How do you know whether to charge that deposit for damage and repairs?

It’s important to know whether the repairs required at your rental property are due to normal wear and tear or tenant abuse and neglect. Tenants are responsible for any damage they or their guests created. But, the wear and tear items are your responsibility as a landlord. Today, we’re helping you understand the difference.

Conducting and Documenting a Move-Out Inspection

Before you make any decisions about wear and tear or damage, you need to inspect your property thoroughly after your tenant moves out. This gives you the opportunity to compare the condition at the end of the lease to the condition of the home at the beginning of the lease. Make sure you take a lot of photos and include careful notes. You should have conducted a move-in inspection as well, so you’ll have plenty of documentation that can help you determine whether there’s any damage at the property.

Examples of Normal Wear and Tear

Normal wear and tear includes any deterioration that occurs in the general use of the property. It occurs no matter who is living there. All of those small nail holes in your walls from where tenants hung pictures are considered normal wear and tear. You might see that the paint in the living room is scuffed a bit from where sofas or other furniture were pushed against the wall. That’s wear and tear. Some worn carpet in high traffic areas is also wear and tear, assuming the condition of the carpet is otherwise intact. These things will need to be addressed before a new tenant moves into the home, and the cost will need to be covered by the landlord.

Examples of Property Damage

Property damage goes beyond what you find that’s normal wear and tear. Broken doors, windows, and appliances are good examples of damage. If you find large stains on the carpets or a tenant’s toddler has used the walls as an art canvas, you can charge the security deposit to repair those items. Gaping holes in the walls from where a large television was mounted could also be considered damage. When pets scratch at surfaces or dig up landscaping, you can consider it damage.

These are things that your tenant is responsible for paying for out of the security deposit. Make sure you document exactly what those charges reflect, and provide the tenant with copies of the invoices or bills that show the costs.

We always recommend that you be reasonable and fair when you’re deciding to deduct for damage. You should hold your tenants accountable, but you don’t want to give them a reason to file a claim against you for an illegal security deposit charge. Most conflicts between landlords and tenants surround the security deposit, so make sure you can back up any claims of damage that you’re making.

We’d be happy to help you if you’re not sure what’s damage and what qualifies as wear and tear. Contact us at Assured Management today.

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