Real Estate Investors Association of Greater Cincinnati

Author: Jeffrey Taylor (1 articles found) - Clear Search

Tips on Management


Deposit Refunds for Resident Retention

        Consider the benefits of keeping good residents longer. By providing a “cash back” incentive, you not only encourage longer stays but also increase the likelihood of a larger deposit refund for the resident. This strategy can significantly improve your property's stability and reduce turnover costs. 

        I expect to redo apartments every 4 to 5 years anyway, so why not offer to start sending back annual deposit refunds, perhaps in $100 installments, starting the 4th year and continue to do so as long as the resident stays, passes annual inspections, and there is a balance remaining on the deposit?

Four “Nevers” When Screening Potential Residents

  1. Never rent without asking for a picture ID
  2. Never rent to someone who needs to move in “right away.”
  3. Never rent to someone who flashes all rent and deposit in cash
  4.