Question regarding property management

[Toby Khan]

Hey guys, My property manager retired to spend more time with his grand kids in another warmer state (he was also investor himself). I found a good PM company who is reputable and so far I had no issues-however they mentioned they hold $2k for each property (SFH) or per unit (MFH) from tenant deposits for when tenants move out they do their inventory of the things to be fixed in unit & take the damage cost off the deposit. My previous pm never had that done as we held the security deposits. Is this regular with property management companies? If anyone can share their experience I'd highly appreciate it.

[H. Louretta Dawkins]

@Toby Khan I am in North Carolina and South Carolina.  We hold the tenant's security deposit for move out expenses that the tenant is responsible to pay and we keep $300 per door of owner funds for small maintenance issues.  Just as Andrew Eherts pointed out, we contact the owner for pre-approval and funding for any repairs above the $300 amount.