1. Do you use surety bonds? I have in the past.
2. Do you feel that they give the residents benefits? Yes and No. At an A Class Community, my residents expect to get their deposit back when they move out. At my older properties, the deposits required were higher often due to credit issues, so it worked out for the resident by paying less money upfront.
If so, what are they?
3. When a resident moves out, how much of the move-out costs are they liable for? (Example, they have a $1000 Surety Bond, *cost at move-in was $175). Depends on how they leave the apartment. Sometimes, they would be liable for nothing. The claims get paid out of how much money you have sent in. So at a smaller property, you will have less money in your "pool" to cover damages. At a large property, the money adds up quickly.
4. How much money goes to 3rd party collections with your bonds? I submitted the bond before I sent it to collections.
5. Do you find residents with surety bonds leave the unit more damaged than someone with a refundable deposit? Yes, in my experience.
6. What is your overall satisfaction with the product? I had an influx of employee theft. Employees would steal them because you had to mail them in. I would also find them in files that were forgotten. I prefer refundable deposits. But that's just me.