2A — July 22 - August 18, 2022 — M id A tlantic Real Estate Journal
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M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman AVP, Conference Producer ...........................Lea Christman Publisher ........................................................Joe Christman Conference Producer ...............................Jordaan Van Oort Editor/Graphic Artist ......................................Karen Vachon Contributing Columnist ...........................Roey Dor, Obligo Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 34, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
Roey Dor
4 Key Questions to Ask Before Implementing a Deposit-Free Renting Solution n rental housing, secu- rity deposits have long been the preferred way to protect property owners from damage and other losses. But as property management operations become highly au- tomated, security deposits are seen as more of a burden than a benefit. Savvy property managers have begun to look for security deposit alternatives. Here are 4 key questions to ask before implementing a deposit-free renting solution. 1. How is deposit-free renting better than taking a traditional deposit? Property managers take security deposits for good rea- sons. Maintaining protection against damages and unpaid rent is the primary reason, but deposits also provide screen- ing and establish account- ability with renters – they now have skin in the game. So how is a deposit alternative better than a cash deposit in check- I
ing these boxes? Handling traditional cash deposits is no picnic. Accept- ing, processing, and refund- ing deposits is a burdensome administrative process, made even more complicated by ongoing regulatory changes. The right deposit-free solu- tion will help you transition to a paperless process, saving many hours on administrative tasks. Your residents will also love keeping the cash to invest, save, travel, or spend. 2. How do I make sure that my residents are still accountable for damages? What good is a security de- posit alternative if renters are
continued on page 14A 3. How does deposit-free renting impact my leasing and accounting process? unsure about their account- ability and property owners are unable to understand pricing, coverage policies, and claims processes? When considering a deposit- free solution, it’s important to read the fine print and understand how the company describes its service to rent- ers. Is it clear that they are still accountable for damages or unpaid rent? What kind of protection is promised to you? Is there a claims process, and how are disputes handled?
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
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