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Central Georgia Realty is a full-service real estate brokerage and property management firm headquartered in Senoia, GA and serving the entire metro Atlanta area and suburbs. Currently managing nearly 500 residential properties for both individuals and investors, we are experts in this part of the state in the property management business. We also offer management services for smaller multi-family properties, up to 30 units.

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How quickly should I return a security deposit?

Todd Ortscheid - Tuesday, September 12, 2017
It's one of the first questions a tenant asks when their lease is getting close to terminating: "how quickly can you get my security deposit to me?" Far too many tenants are irresponsible with their finances, so they don't plan ahead for paying their next landlord a deposit or rent, and they want the deposit you're holding immediately. Some even ask for it before they move out!

For the latter request, the answer is simply a firm "no!" NEVER return the deposit or even give an indication that the tenant will get their deposit back until after they've completely vacated, handed over the keys, and you've inspected the property for damage.

But what about if the tenant just wants the deposit quickly? Should you agree to that? For several reasons, we advise against it. The law in both states where we operate allows a landlord up to 30 days to return a security deposit. While we don't recommend using all of that time, we do recommend not rushing it. We generally tell tenants that we usually get their deposit processed (not refunded, as we'll get to in a moment) within a week or two, but that it could possibly take up to 30 days. This puts the tenant in the right frame of mind that they shouldn't be hassling us a few days after moving out.

So why should you not rush it to make the tenant happy? Let's remember the purpose of the security deposit. The deposit is there to cover any damage to the property or any amounts that the tenant still owes you on move-out. We see landlords frequently forget items when they're actually conducting the move-out inspection (such as re-keying, carpet cleaning, etc.), and then they remember a day or two later. If they've already given the tenant the deposit back, too late! That tenant isn't going to give you money then, no matter how much you're owed it. You want to take your time and make sure you thoroughly review the condition of the property, the move-in inspection, and the terms of the lease. You don't want to miss anything.

Also, you simply have a life of your own to live, and you don't want to commit to a quick turnaround on the deposit. If you promise that up front, and then life gets in the way and you need a few more days, the tenant is going to be hassling you non-stop. Once you've told them that you'll give them a speedy refund, they're going to make plans for the money based on that. So don't promise it. Make them arrange their finances around a reasonable timeline rather than you arranging your schedule around their finances. There's a reason that the law gives you up to 30 days. Lawmakers don't think it's reasonable for you to have to immediately cut a check, so you shouldn't either.

And this gets us to the most important part: there is NO guarantee that the tenant is getting their deposit back in the first place. You should NEVER tell the tenant that they'll be getting a check on ANY date. What you should tell them is that you will "process" the security deposit in a certain time frame. Processing it could mean a refund, or it could mean that they lose their entire deposit and still owe you even more money. Or it could mean a partial refund. It all depends on what the condition of the property is and what they owe you. You don't ever want to give the tenant the impression that getting their deposit back in full (or even in part) is a foregone conclusion. They need to always be under the impression that getting their deposit back is entirely dependent upon them returning the property to you in the same or better condition than they got it, serving out the full term of their lease, and owing you no rent, late fees, or other amounts.

Security deposits are some of the biggest problem areas for do-it-yourself landlords. So if you don't want to deal with these issues, give us a call and let us take the worries off your hands!

My tenant died! What do I do?

Todd Ortscheid - Tuesday, September 05, 2017
There are many difficult circumstances to deal with as a landlord (which is why it's important to have professional management of your property), but this is one of the most difficult. On the one hand, you have sense of empathy for the surviving family, but on the other hand, this property is a business for you, and you have to treat it like a business. So how should you go about handling it when a tenant passes away?

Hopefully it isn't something that is sudden and you're aware that it could be coming on the horizon. This is frequently the case with elderly tenants going through treatment and they let you know ahead of time what is going on and who you should talk to in their family if anything should happen to them. Unfortunately, even many people in this situation don't let you know, because they aren't eager to discuss their own mortality. And then there are the people who die unexpectedly. So you have to be prepared on how to handle it if you are notified of a sudden death after the fact. You won't always have advance warning.

Usually the way you find out is when the rent doesn't get paid. You make a phone call, send an email, and send a letter, and then you get a phone call from a relative who breaks the news to you. Obviously, it is important to be understanding and express your condolences. While this is a business, even businesses shouldn't be heartless. But after expressing condolences, you do need to get down to business. Carefully ask the family how they intend to handle the deceased person's lease. Many times they'll have someone who wants to move in so that they can spend some time organizing their loved one's possessions and tying up loose ends. When that's the case, it's as simple as writing an amendment that changes the name on the lease to the family member's.

If they do not have anyone wanting to take over the lease, though, it becomes more complicated. They're probably going to want time to put everything in order, but again, this is a business, so you can't simply allow them to take their sweet time to move the tenant's belongings out of the property. Carefully explain to them that you'd be happy to give them all the time they need (within reason) if they pay the rent. If they do not want to pay the rent, though, then give them a reasonable deadline for when to have the deceased's belongings out of the property. I would recommend something between 7-14 days. This is a reasonable period of time so that you don't seem heartless and unreasonable, but also expeditious enough so that you aren't being significantly harmed financially by the delay.

Keep in mind that you'll be entitled to keep the security deposit since the lease isn't being served out for its full term, so that will help with the financial loss of the rent if the property is in good condition.

This is a sensitive situation, so you want to treat it as such. But you also need to be somewhat firm because this is a business and not a charity. Your financial interests still matter, so don't allow yourself to be pressured into being too accommodating, but also don't be cruel to people who are going through a difficult loss.

Finally, and unfortunately, there are times when the tenant's survivors simply don't care about your situation and are in no hurry to remove the deceased's belongings. When they simply refuse to cooperate, you'll have no choice but file an eviction. The eviction would be filed against the deceased tenant "and all others"or "et al." This will ensure that the survivors who may be occupying the property are included in any judgment that gives you possession of the property. While no one wants to take a family dealing with a loss to court, sometimes they give you no choice.

If you'd like to hire a company that is used to dealing with these sorts of uncomfortable tenant situations so that you don't have to, please give us a call!
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Central Georgia Realty
42 Main Street Suite 2B
Senoia, GA 30276

(678) 648-1244

Office Hours: 8am - 5pm

Central Georgia Realty, LLC, Property Management, Senoia, GA


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