Whether someone trips and breaks a dish over dinner or one of your guests throws a wild party, it’s almost inevitable that at some point, your vacation rental will suffer some damage.
Because of the near-inevitability of this, security deposits are a routine part of rental transactions.
Typically half the rental fee, a security deposit — also called a damage deposit — is typically collected by check or credit card and held until after the guest leaves and you or your housekeeper has had a chance to do a final inspection. Any damage or extra fees (e.g. additional cleaning) can then be deducted against the amount; any remainder is then refunded.
It’s a pretty straightforward process. However, deposits and deductions can also be a source of contention for two reasons: Continue Reading…