Broker Fee Paid By Tenant

[Rich Hupper]

Hello fellow brokers. In my neck of the woods here in Boston tenants are accustom to pay broker fees and the amount usually equals 1 month worth of rent. The only problem is the landlord usually wants first last and security. In some cases this could mean the tenant needs to come up with 4 months of rent to sign a lease. That is just crazy, especially when most nice 1 beds start at around 2000 here. 

I am wondering if anyone knows of a way where I could get my broker fee spread out over the course of a year rather than all up front. This would be great for me because I could stop using checks and I would be able to show regular income monthly income. Also it would be easier for a tenant to sign a lease because they would not need so much money upfront. 

Paypal first came to mind but it would require the tenant to pay me each month manually. I am looking for a product that would automatically take 1/12 of the broker fee out monthly from a checking or credit card account, until the fee was paid in full. 

Please let me know if any software / apps do this already for a nominal fee if any. 

Cheers!

[Mary K.]

For my SEO / marketing agency we do monthly ACH drafts on many of our clients. Your bank can probably help you with this but feel free to PM me.