Topic: Deposit Partial Payments?

Good Morning,
The company I work for is looking for new ways to entice residents to sign a lease and move in. Does anyone accept partial payments for deposits at their communities? If you do, what is the process and how effective is it? Do prospective residents stick to the payment plan and move in?

Partial payment is a double sided coin and it can cut either way. Now I can only speak of my own experience here and in one community it worked and in another it did not. I am one to say bad things can happen to good people and they are not able to pay everything up front, so you work out a payment plan.

Some tenants are right there and everything is fine and then there are the others which it is a harbinger of what is to come and that is not paying their rent on time and, and, and.

What I found out is that you have to look at your community and how high in demand is it and what is your nearest competition. Do you have a waiting list, or do you have a high vacancy?

I would have something written up where legal has looked it over in case at the last minute the people pull out. You want to have something that does not put you in the hole for making this deal.

So, I have seen both sides and I know at the one where it did not work for me, I did not do a good job of checking out my local market. Older and wiser now and for sure I am looking at it all the way round if it comes to take or not take partial deposits!

I have one payment plan for deposits... 100% at move in, UNLESS....



I have a vacancy problem at the property, in which case I will accept 50% at move in and the balance at the time rent is due next. I have not had a problem with this.