Property Management Waltham, MA
Serving all cities in and around Waltham, MA
You can be totally worry free, you could choose to completely outsource rent collection us. Not only can we collect rent payments for you, but deal with all tenant complaints, we can handle all tenant complaints and fill vacancies. You will have to sign a contract with our company and pay an agreed upon amount based on the services you desire. The typical cost of property management for apartments, single family homes and single condominiums is 10 percent of the gross monthly rents.
Rent Collection Method: There are several different ways you can collect rent from your tenants. These methods include personally collecting the rent, as well as outsourcing rent collection to a third party. Below are five options you may way to consider. When you decide on a rent collection method, you must include a clause in the lease agreement that clearly explains the rent collection procedure. Not every rent collection method is right for every landlord. Looking at these four factors can help you determine the method that will work best for you and your tenants.
1. Number of Tenants/Rental Units:
If you have own several rental units, you probably don’t want to personally knock at doors to collect rent on the first of every month. You will want a more streamlined and efficient way to collect rent.
2. Distance From Rental Property:
If you live far from your rentals, hiring a third party to collect the rent or doing an electronic funds transfer may be better options for you.
Collect Rent Online:Pay Pal and Venmo are other options for collecting rental payments. Venmo allows instant payment but requires you to be friends on social media. Pay Pal is a free service.Pay Pal can take several days to process and it requires the tenant to follow instructions so that the payment is not delayed or so that you are not charged a fee.
Collect Rent by Mail: You can choose to allow tenants to send their rental payments by mail. This saves you the time of having to collect the payments yourself. The rent would not technically be considered late, but you would still not receive it on time. In addition, if the tenant only partially pays their rent, sending it in the mail will buy them a few extra days until you find out. To prevent this, tenant can obtain a certificate of mailing from the post office, it costs a little over a dollar. This certificate serves as proof that the mail was sent when the tenant says it was.
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