The Boise Turnkey Beat

Property Management Corner

Question: How Does Boise TurnKey Property Management Process Security Deposits and Disposition Letters During a Turnover?



When a tenant moves out of a rental property, one of the most important responsibilities of a property manager is handling the security deposit and disposition. This process must be timely, transparent, and in compliance with state and local laws. We need to use all our resources, and time is of the essence! Our clients deserve to have their property returned to rent-ready condition quickly, trusted vendors need to be paid for their quality work, our residents should have their balance returned as quickly as possible to assist with the cost of moving. There are a lot of moving parts and coordinating, and here’s a quick overview of how it typically works:

Day 1 of the vacancy: Our team conducts a Move-Out inspection. We report to the property and secure/rekey the locks. We begin comparing the current condition of the unit to its conditions at move-in, as documented in the photos of our initial inspection report. Additionally, our team will review for:

● Damage beyond normal wear and tear

● Missing items or appliances

● Required deep cleaning

● Repairs needed, or deferred maintenance items to tackle

Within weeks 1-2: Determine Deductions If the inspection reveals damage or other issues caused by the resident, we schedule a trusted vendor to complete the work. These costs will be passed on to the resident by retaining the actual costs of repairs and cleaning from their deposit funds. It’s important that any charges are reasonable and well-documented, supported by invoices direct from the contractors. We don’t mark-up any invoices; we firmly feel transparency is key to building trust and our 5-star reputation. Additional deductions could be taken for any outstanding fees, as outlined in our lease agreement, or unpaid rent funds.

Within 3 weeks to 30 days: Return the Remaining Deposit, Write the Disposition Letter Once deductions are finalized, Boise TurnKey processes the return of the remaining portion of the deposit. Our lease requires this to be done within 30 days after move-out of all parties on the lease. If one roommate moves out earlier, the clock will not start until the property is fully vacated and controls/possession is returned to us. While we have 30 days to complete this process, we try to wrap matters up within 3 weeks or so. A security deposit disposition letter (an itemized statement) is mailed and/or emailed to the tenant, along with any remaining funds. This letter outlines the total amount of the original deposit, each deduction itemized with a brief explanation and cost, the amount being refunded, if any, and supporting documentation such as invoices/ receipts.

Clear communication and proper documentation are key to avoiding disputes and ensuring a smooth transition for all involved parties. By following our consistent process and protocols, and adhering to legal and lease requirements, we protect the property, the resident relationship, and our own reputation! It’s a detailed job, but we take pride in doing it well!

-Heather

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