Hey Everybody,
As the title shows, I had a quick question on your approach with rental items...
I carry insurance on rental inventory, but usually do require some sort of deposit ( fullly refundable, and usually equal to 1 months rent) to cover myself for major damage. However, with everyone tightening their belts these days, I find that some clients chafe at the idea. What do you do in this regard? Have you ever had to keep a deposit?
Thanks for the feedback!!
I can see that would be a tough sell. We've never charged a security deposit. We always charge the staging fee and first month rent up front. All damage and loss responsiblity is clearly laid out in the contract. And we typically have a credit card to charge to if there is damage or loss, but we've never had any issues with all the stagings we've done over the past two years. Good luck!
David, Thanks for your input. I was thinking that having a valid credit card number would be a better alternative. I too lay out responsibility for damages in my contract. I think that your way is probably the workable solution!
Holly ~ Like David, we don't charge a security deposit and include damage specifics in our contract. However, I have read that some other established stagers here on AR do, so I guess it's a matter of personal choice.
Wow, I've never heard of getting a security deposit. I also just charge the staging fee and first month's rent up front and then hold a credit card number to charge for subsequent months and any damage. I did have one staging of a high-end home that had lots of showing activity as the architect and developer were using it to entertain potential clients. I had to charge them for damaged items almost every single month. Thank goodness they took it in stride and paid up. It's all in my contract.
Holly, my contract stipulates a fee for damaged or stolen property. I give the client a complete inventory list so we don't have any problems should the need to collect arise. I've had two properties burglarized. One in which they took only the towels (go figure) and the client was responsible, the other when they completely cleaned out the condo, which insurance took care of. I would never insist my clients pay for that, although because it is a security issue on their part, I don't think it would be out of line to ask them to cover the deductible.
We don't charge a security deposit but we do collect our staging fee and first month's rental up front. Damage and loss responsibilities are outlined in our contract along with a complete inventory list.
I like the idea of getting a credit card number to charge to if there is damage or loss. I may add this to my business practice.
We don't charge a security deposit. So far only one thing has been damaged: a glass pitcher which the homeowner used to water her plants. So far, so good!
Holly: We do charge a security deposit. The one time I didn't the home owner moved into the house (supposed to be vacant), used all the towels & bedding, threw a party, etc. When clients have "skin in the game" they tend to behave better. We had to dip into the security deposit once (theft of some furniture). We have never lost a job because we ask for a security deposit (at least not that I know of).
Our contract clearly states responsibility for damage, etc. Security deposit should, at a minimum, cover your insurance deductible.
Great question - we don't charge a security deposit and have only had one incident where it would have been beneficial.
Thanks all for your input! Sorry I did not get a chance to respond sooner, I have been out of the rain!!
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