DID YOU KNOW…
Security deposits must be returned within 45 days of vacating a property (the deposit must in the tenant’s hands; not mailed).
A property is defined as vacated when the keys have been physically turned over to the landlord or property management company.
A maximum of two-month’s rent may be kept as a security deposit.
Any money taken as a security deposit – by an owner or a property management company – must sit in an escrow account and pay 1 ½% simple interest per year.
If a landlord is keeping any portion of the deposit for repair work, all work must be done by a licensed contractor and documentation should be available showing receipt of payment.
We’re willing to bet – as are many landlords – you did not know all of that.
WHO AM I AND WHY SHOULD YOU LISTEN TO ME?
My name is Andy Detweiler.
I’m a licensed real estate broker and the founder of The Rockville Real Estate Exchange – I also currently live in Rockville, Maryland with my family.
When I entered the real estate field a few years back, I couldn’t believe how many people were reaching out with questions about condo and apartment pet policies, utility information, garage parking, and more…the same questions again and again.
I searched for a website that could give me an encompassing list of the condos in Rockville – just the names of the condos, nothing else.
I couldn’t believe it.
There was nothing.
Within seconds, I could take almost any problem I was experiencing and find a YouTube video on how to fix it – but I couldn’t get a list of all the condos in a major metropolitan suburb.
I knew that was a huge problem.
And I knew it was just the tip of the iceberg.
I wrote down all the common condo questions people had ever asked me – and spent the next six months building my initial website, tracking down the information (it was ridiculously hard), and organizing it in an easy-to-consume fashion.
Since then, I’ve researched apartments (combined with condos, there are over 75+ options in the 20850 and 20852 zip codes) in the same vicinity and have helped tons of folks in their rental search.
Folks like Chris and Cheryl Rost…
ARE YOU WORRIED ABOUT FINDING A PLACE FOR YOUR PET?
Chris and Cheryl were an engaged couple living in New Jersey when Cheryl accepted her dream job in DC.
The only problem was they knew nothing about living in Maryland – and once Cheryl accepted the job, things started moving very fast; they had a limited amount of time to figure out a plan.
They didn’t know what neighborhoods to look in or what would be feasible in terms of a housing budget.
Making matters more difficult, they didn’t know if they were going to find a place that would accept their beloved dog, Harvey, and were afraid they were going to have to leave him behind.
The process was overwhelming and confusing.
Cheryl would spend all her free time Googling new search terms and trying to use national sites like Zillow and Hotpads – but she wasn’t getting very far.
Time was moving quickly and the two had their hands full trying to leave their old jobs, start new jobs, pack, and visit as many people as possible before they left New Jersey.
Finally, Chris and Cheryl came across an apartment that said it was dog friendly; they went to see it.
Unfortunately, the website was extremely misleading – it wasn’t nearly as new or nice as advertised.
“It was such a dump,” Cheryl recalled.
“It reminded me of a bad college dorm. That was the best thing I could find. One weekend, we came into town and were driving around aimlessly trying to find a good area.
We would drive down the street and Google buildings as we passed them. It was a nightmare.
Our biggest fear was that we wouldn’t find a place that would accept Harvey. We came from an expensive real estate market but we had no idea we were moving into an even more expensive and competitive market.”
Luckily for Cheryl and Chris, the two connected with me.
They were not only shocked that such a service existed (since most professional REALTORS will not work with renters – especially knowledgeable ones) but also blown away by how quickly and seamlessly I was able to hear their requirements, identify the places that met their criteria, manage the application process, and get them into a good home, all the while protecting their interests along the way.
Cheryl looked back…
“It was supposed to be an exciting time because I had found a dream job. But if we ended up living in a place we were miserable it would have ruined the experience.
We would have been out a ton of money trying to break the lease – and would have had to try to start the whole process all over again while living here.
Chris and Cheryl at least had each other to help with their search.
Lindsey Spady wasn’t so lucky….
HOW DO YOU FEEL ABOUT LIVING WITH COCKROACHES?
As a single Mom working a full-time job, caring for her son, and searching for a place to live all at the same time, Lindsey was finding the entire renting process extremely overwhelming.
Despite access to sites like Zillow and Hotpads, many of the ads – and pictures -were deceiving.
There was either too much information or not the right information – and she knew apartment complexes were paying someone to make their units look the best.
For example, one complex showcased pictures of brand new renovations while leaving out the fact there were no in-unit washers and dryers.
When Lindsey showed up to view properties in person, things became even more frustrating.
She recalled the experience….
“There was an advertised rental for a certain price.
As soon as I showed up for the tour and mentioned the price, they said you can’t trust what you see online.
I was a single Mom trying to juggle a million things.
I had taken hours out of my day and made special arrangements to see this property – and here they were doing a classic bait and switch.”
Whether renting from a large corporation or a private owner, Lindsey found different, but similarly challenging issues:
“It’s intimidating to go on apartment tours because you are incentivized to sign up right away; you don’t have time to do research and there is usually some type of pressured buy.
If it’s a private owner, you’re always wondering if the person is going to be responsible and responsive; they’re less likely to be audited and if you’re unrepresented, they know you don’t have the time or expertise with regards to rules and regulations.
In my previous rental, I found roaches within a week of moving in. If I had someone working I’m my side, it’s likely I wouldn’t have incurred the problem to begin with.”
Luckily, Lindsey was able to connect with us before ultimately choosing a destination.
Almost instantly, she winded up finding a condo that both she and her son love – and that her son brags about to his schoolmates.
When asked to summarize why she found the rental service useful, she remarked the following:
“I could trust you and you knew the area. You were willing to tailor services to me based on my situation and were giving me a personal touch in terms of adjusting to my circumstances.
I felt safe having someone who knew about security deposits, required maintenance, and other leasing matters – things I previously signed away on without much thought.
You were nothing short of amazing .I've worked with other (REALTORS) in other areas, and I've never felt so well-served.”
