As property managers, we work with a diverse group of people – not only real estate investors. Often, we work with people who have to move out of the area, but they don’t want to sell their homes. Many times, those owners are members of the military and they’re being deployed or PCS’ing. In order to keep their homes, they look for renters to occupy the property during the time that they are gone. We love to help with that type of situation.
There are some important things to consider. These instances entail the homeowner returning at some point in the future. So you need to find someone who can ensure that the condition of your property remains the same. It’s not like an investment property, where a lot of wear and tear is anticipated. You want to live in this property again, so it’s essential to have someone in place to protect that property.
You also want to be sure there are adequate funds available to take care of anything that may happen. We take large refundable security deposits from any tenant who wants to rent your home. The minimum amount is the equivalent of one month’s rent plus an additional $300.
If the tenant doesn’t have great credit or it’s a roommate situation or there’s a small pet moving in, we ask for a deposit that’s equal to two times the rental amount. That’s a large deposit, but it ensures that when you come home, the property will be in the same condition that it was when you left, except for expected normal wear and tear. Anything beyond that wear and tear, we know we will have enough funds in the security deposit to take care of the problem. We can use that money for cleaning, touch up paint or minor repairs around the house. It will be ready for you when you come back.
Hopefully that helps as you’re trying to decide how to handle an upcoming move. If you have any questions or you need any help, please contact us at Ralston Team, and we’d be glad to tell you more.
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