Florida is one of the premier destinations for tourists around the world, making it one of America's top places for rentals. According to Visit Florida, approximately 140 million visitors come to the state each year.
For a Florida landlord, this leads to a rich and healthy market of tenants and renters. But what do you do when it comes to calculating security deposits and ensuring your temporary residents aren't leaving lasting damage?
If you're looking for Sarasota landlord tips, we're here to help. Read on for some things to consider when thinking of security deposit rules and tenant relations in Sarasota.
- Legal considerations
- Staying transparent
- Keeping tabs on the property
- Inspect after vacancy
Legal Considerations
One of the first things you'll want to consider is the legal considerations around security deposits in Florida. The state of Florida doesn't limit how much a landlord can charge for a security deposit, but that doesn't mean there's no regulation.
Individual cities and counties often put certain laws. These laws are also frequently changing, so make sure you're paying attention to what Sarasota is putting into play.
One important law is how much time you have to return a security deposit. Florida laws state that the landlord has up to 30-60 days to return a security deposit.
Stay Transparent
A crucial thing for security deposits - and for all things as a landlord - is to stay transparent with your tenants. Tenants will often want to know the exact mechanics behind how you're operating as a landlord.
Security deposits are one of the many places this is true. You can boost tenant relations in Sarasota by being clear about how much you're charging and why.
If you end up not returning the security deposit, be clear about why. Explain what damages made you keep the money and provide proof where relevant. Doing so isn't just helpful for your tenants, but it also could help if things move to court.
Keep Tabs on the Property
Looking to avoid damage from happening? One of the best ways to do so is to keep tabs on the property.
Set a schedule for inspection and communicate this schedule to your renters. During inspections, look for any damages or necessary repairs. Taking care of these as they occur can help make sure the damages aren't insurmountable at the end.
The most important step is to clearly communicate to your renters that you'll have inspectors coming through. The knowledge that they'll have visitors often helps them make sure the home is in top condition. You'll also avoid any headaches from the renters not being home at the time.
Understanding Security Deposits
Security deposits are one of the more contentious parts of tenant relations in Sarasota, but they're far from complex. Understand security deposit rules and how they impact your role as a Sarasota landlord.
At PMI Sarasota, we're a locally owned and independently operated branch of a franchise with decades of experience. We're dedicated to serving clients from Sarasota to Longboat Key. Contact us today to see how we can help you make the most of your property.
