Security Deposit unpaid in full

Small investor here. (6 properties) We have a Property Mgr. “Little Old Lady” moved in to one of our units. She only had half the $ for Security Deposit. 4 months later…hasn’t paid that other half. I’m not happy PM did this, but isn’t this a violation of her lease? She’s nice. Keeps the unit tidy, but is always a week late with rent and still owes $500 for SD. Suggestions? Thanks in advance!

At first I was going to say sweet old lady probably doesn’t have the money to spare but then I thought, once the lease is up, she is going to ask for $1,000 back since it was written in her lease. I would suggest getting that $500 asap before she forgets and your property manager needs to get on top of this and shouldn’t have let her move in until all of the money was there. And there should have been a late fee written in the lease agreement that your property manager should be collecting. If your property manager is not managing the property right, property manager needs to be replaced.

I hired a property manager to manage 2 of mine. My property manager set the tenants up with an online portal for payments and they couldn’t be happier and they automatically charge late fees so makes things easier.

Thank you so much for your reply. I agreed with everything you said. Called PM and told him 1. Old lady needs to pay the missing $500 and a late fee would be charged until it is paid. 2. No potential tenant will be considered going forward unless they have the FULL security deposit with first month. Again, thank you for your assistance on this one.