A security deposit is a good way for landlords to protect themselves against high repair costs if tenants cause damage to a property. If not managed correctly, however, landlords could face significant legal costs for violating their legal responsibilities with regard to the deposit. Having an experienced property manager handle the security deposit for you can help you avoid complications.
Watch this video to learn more about your legal obligations for collecting security deposits. Failing to follow these rules can cause you to have to pay your tenant’s legal fees, as well as three times the interest the money could have earned.
MRS Property Management helps landlords avoid legal complications like these with our property management services in Beverly, MA. Speak to one of our property managers today by calling (978) 578-2793.