Holding properties for tenants really doesn’t benefit homeowners unless there is a holding fee during the interim. The problem with this is that most property management companies will take a large portion of this fee, if they even charge one at all. The loss of income from a property being vacant really impacts an owner, unfortunately we see property managers willing to put a property on hold for a tenant simply because it means they don’t have to invest any more time or money in searching for tenants.

Witnessing property managers in court fighting with a tenant over a holding deposit doesn’t usually go well for the property manager. The term “deposit” means it’s refundable, and when you don’t want to refund it you should have a good reason why. In these cases you commonly hear the question of “Was this a deposit or a fee?”. If the term used was incorrect, that’s not the plaintiff’s fault.

We won’t hold properties for tenants under any circumstances. If they can’t move in until 2 weeks after the date the property is available, we require them to sign a lease for that 2 week period. They don’t have to agree, but at the same time we don’t have to rent to them when someone else can start renting at a sooner point. We represent homeowners and our job is to have the property bringing in rent.

Posted by: Colorado Springs Group on August 3, 2016
Posted in: Uncategorized