No. The security deposit is to cover any damages caused by the resident and their guests and to pay any outstanding administrative fees. The security deposit is processed by Mynd Management according to State Law.
Can the resident use their security deposit to pay the last month rent?
How many days notice does the resident have to give to move out?
The standard Mynd procedure is the resident must give 30 days notice, the procedure may change depending upon state law or non-Mynd lease. If they do not give appropriate notice, they are rent responsible for the amount of time stated in the lease.
What happens if the security deposit does not cover the damages?
Mynd will send the resident an invoice for any deficit. If the resident does not pay, Mynd will send the resident to a third-party collection agency. You, the investor, will need to cover the cost of damages above the security deposit to get all work completed.
Mynd will cover up to $5,000 in damages above the security deposit if you are on the Peace of Mynd Plan. To learn more about the Peace of Mynd plan click here
Do you market my property while the resident is still living in the property?
Mynd Pre-lists the property while occupied. Pre-listing the property is advertising the property that it is coming soon and that we are accepting applications. Mynd does not show occupied properties.
How Mynd determines what is needed to get the home ready for a new resident?
Mynd reviews the latest assessment report to determine what work is needed to get the property ready for the next resident. Mynd sends the report to a trusted vendor to get an estimate based on the report. Once the estimate is received Mynd will determine what is damage (resident charge) and what is wear and tear (investor charge).
If the wear and tear estimate exceeds the maintenance limit, your property manager will review the assessment with you for your approval and funding. If the wear and tear estimate does not exceed the maintenance limit, the property manager will approve the work to begin.
What does Mynd do to limit the number of vacant days?
Mynd pre-lists the property while the unit is occupied. Mynd is in constant contact with the resident during the last 30 days to ensure the resident leaves the property as they received it and does not occupy the property after the scheduled move out date. Mynd schedules rekey, utilities, landscaping and maintenance weeks before the scheduled move out date to ensure all work is completed as soon as the resident moves out.
As the property owner, what can I do to limit the number of vacant days?
The best way to limit vacant days is to allow Mynd to do what we do best which is to manage and lease properties. By following our recommendations you can limit the vacant days. Approving upgrades, contributing funds in a timely manner (if needed), allowing pets and accepting our rental price recommendation are all examples of what you can do to help reduce vacant days.
Do you rekey the house after the resident moves out?
Each time a resident moves out and prior to a new resident taking occupance, the locks will be changed. This will reduce your liability and give your resident peace of mind.