Unloading payment handling from PMs

[Sean Dezoysa]

Hi everyone,

I would like one of my lease terms to stipulate automatic payment one day after the renter's paycheck date, direct to an account managed by me. Would most property managers accept a term like this? If not, what is the concern?

PS: In case of a bad payment, reported by me within a tight window, there would be a clause to allow the PM to manually pursue payment from the renter.

[Dave Poeppelmeier]

Sorry Sean, but that is a logistical nightmare. I know there are tons of software choices out there, but I don't see an option that would easily allow that. What if the Resident changes jobs? Then you have to go and change everything, which the PM will likely charge you some kind of admin fee every time. I see where you're going with the train of thought, but the point of having PM is to let the PM do the work of managing the Resident and the property for you. You also can't treat Residents like children (also sometimes we have to), there has to be some responsibility on their end and part of that is paying rent on the 1st, which is what most everyone does.