Tag Archives: Ballard Realty Property Management

Non Refundable Deposit- A Useful Property Management Seattle Tip to Counter Buyer’s Remorse

The demand for rental property is very high in today’s markets. The people have to be constantly on the move because of their career commitments. Moving from one city to another has become a common occurrence for people. That is why, people look for temporary homes nowadays, rather than permanent ones. This is the main reason why the rental markets are in full bloom these days. The rise in demand has also led to more people investing in multi tenant homes. However, maintaining more than one home is a quite difficult task to achieve. Hiring a professional Property Management Seattle firm to do this job is therefore, a very wise decision.

property-management1The job and responsibilities of a property manager consists of a lot of things. A proper manager is responsible for efficiently maintaining the property and looking after all repairs and upkeep. He or she selects suitable tenants, collecting rent, scheduling proper repairs, conducting inspections, etc. The process of tenant selection is a very long one. First of all, a property manager has to interview all the prospective candidates and conduct a background check on them. They then have to go over the lease agreement and finalize the deal. A deposit is then collected from the tenants who serve as a token of reservation of the property. The deposit signifies that a property manager cannot broker the same property to someone else now. This deposit however, is also a huge cause of problem to the Property Management Seattle firm.

Rental_house_blueThere is a frequent phenomenon which occurs in the real estate industry, called buyer’s remorse. The term buyer’s remorse is generally used in the industry to describe the unsure feeling a buyer has, just after finalizing a property. This is generally followed by the buyer going back and forth on his or her decision or sometimes might even end in the deal falling out entirely. In most of the cases, it is found that the renter or buyer has actually decided to go for another property and now wants to let go of this one. Meanwhile the property manager might have refused several attractive offers for the property, in the wake of it being booked already. So, what exactly can a Property Management Seattle firm do in order to dissuade the renters from this practice?

Collect a non-refundable deposit! It is mainly a deposit that a renter has to pay while finalizing a property. A property manager should make the renter sign a document, stating that if the renter fails to move in the apartment in a fixed amount of time, he or she would lose the deposit entirely. The property managers who have tried and tested this technique actually report that the thought of losing money actually makes the people weigh every option before zeroing in on one. The decision made in that way is not a “heat of the moment” decision, it is actually a carefully analyzed decision which would in turn, save the Property Management Seattle firm a lot of losses. That is why, the property managers around the world are advised to follow this technique, as it can potentially save them a lot of money and effort.