Updated over 9 years ago on . Most recent reply
Broker Fee Paid By Tenant
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!
