Live Webinar

Wear & Tear Vs. Resident Damage: A Complete Guide for Multifamily Professionals

May
22
01:00 PM ET / 12:00 PM CT / 11:00 AM MT / 10:00 AM PT
Duration: 60 minutes Speaker: Doug Chasick

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Hours
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This webinar will be recorded, hence will be available on-demand later.

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Recording With License to Share
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ABOUT THE EVENT

Like death and taxes, wear and tear in apartments is inevitable! The challenge for multifamily professionals is to identify what is “normal” wear and tear and what is damage, since we are able to charge the resident for damages but not for typical deterioration of the property due to time and use. This can be challenging, as it requires us to carefully make the distinction between the two and must not deduct wear and tear from the security deposit.

Because we can hold residents responsible for such damages, including those caused by guests. It's crucial for us to understand the difference between normal wear and tear and tenant damage in order to manage processing security deposits and budgeting for property maintenance correctly. And let’s not forget the increasing number of jurisdictions that are legislating more stringent rules about requiring and returning security deposits!

Areas Covered

  1. What constitutes damage?
  2. Move-in and move-out inspections.
  3. Mid-lease inspections
  4. Move-in and move-out appointments
  5. Inspection checklists
  6. Budgeting for turnkey
  7. Estimating costs
  8. Documenting damages
  9. Communicating security deposit deductions

Learning Objectives

  • How to create the distinction between normal wear and tear and damage.
  • What to consider when calculating the security deposit amount to charge.
  • How to create a “Damages List” with descriptions and charge amounts.
  • What needs to be in the lease regarding wear and tear and damages.
  • Considerations when billing for damages.
  • Why waiting until move-out to inspect apartments is not a best practice and how to correct.
  • How to effectively onboard new residents

Who Should Attend

  • Property Managers
  • Property owners
  • Community Manager/Director
  • Multi-site Manager (Area, Regional)
  • Training Professionals
  • HR Professionals
  • Builders
  • Developers
  • Realtors
  • Housing Authorities
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Doug Chasick

Doug Chasick, CPM®, CAPS, Adv. RAM, SLE, That Fair Housing Guy™, is the former President of the Fair Housing Institute, Inc. With more than 46 years of investment real estate experience, he began as the Resident Manager of a 524-unit apartment property and has been the President or CEO of five real estate companies, responsible for portfolios of over 28,000 apartments. Doug was awarded his CPM® in 1979 and was a member of the IREM National Faculty for eight years. A Senior Instructor member of the NAAEI Faculty, he leads the Advanced Facilitator Training course, is the co-author of “Outstanding Facilitation Techniques”, and a co-author of the joint IREM & NAAEI “Fair Housing and Beyond” course. He is a licensed Real Estate Broker in Florida, a licensed Expert Fair Housing Instructor in the Commonwealth of Virginia, and the recipient of the NAAEI Apartment Career & Education award.

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