Is Rent Collection Possible When Tenants Don’t Have a Bank Account?

Reading Time: 2 minutes

  We want to be very conscious that some tenants are unable to open up bank accounts and they may request to pay in cash. That sounds very tempting because it gives landlords more flexibility of saving what they earn. Yet, that’s not the right way to do things.   Can property managers accept cash?    …

Jarret Lau with "Is Rent Collection Possible When Tenants Don’t Have a Bank Account?" thumbnail

 

We want to be very conscious that some tenants are unable to open up bank accounts and they may request to pay in cash. That sounds very tempting because it gives landlords more flexibility of saving what they earn. Yet, that’s not the right way to do things.

 

Can property managers accept cash?

 

A person is handing a stack of money to another person

Photo from @lucky7trader of Freepik

 

As a property management company, we need to make sure that we are doing things correctly for our clients – the landlords. For us, it is not just us who should track the payments but tenants as well. They should also have the option to view it online at any given time that is why we can’t accept cash because of the liabilities that come with it. 

 

What tenants can do instead

 

The software that we use allows us to help tenants who do not have bank accounts or anyone who wants to pay in cash. They can go into local convenience stores, such as CVS or 7/11, and use a little coupon or code that’s tied to their unit. They pay it in cash, and they may pay a very small percentage of a fee for this. As property managers, we will just download it and put it into our system, as if someone pays with a check and widen the option for tenants to pay in cash.. It also allows us to help out those who may not have the same type of opportunities that we have. 

 

If you or anyone else you know is looking for a proactive property manager that can think outside the box, and find other ways to do things correctly and to make sure that you stay compliant, please think of Green Ocean Property Management, you get more than a property manager, you get peace of mind.

 

Man signing lease agreement

The Pros and Cons of Multi-Year Lease

Posted in ,

  A lease is an agreement between, the landlord or the property manager, and the tenant. One of the most important aspects of it is the duration. Typically in Massachusetts, we have a 12-month lease, but we want to make sure that our leases will always end anywhere between June, July, August, or September. Sometimes,…

Top Essential Traits of a Successful Property Manager

Top Essential Traits of a Successful Property Manager

Posted in ,

The role of a property manager is crucial in the real estate industry. To succeed in this field, understanding how to be one and what makes a good property manager is essential. This complete guide will explore the key traits that successful property managers possess and how developing these skills can lead to a rewarding…

Dealing with Difficult Tenants: A Property Manager's Survival Guide

Dealing with Difficult Tenants: A Property Manager’s Survival Guide

Posted in

The life of a property manager is rarely dull. While you get the satisfaction of providing people with a place to call home, the job also comes with its fair share of challenges. One of the biggest hurdles property managers face? Dealing with difficult tenants. These tenants can cause a lot of stress, from late…

Experience exceptional management and elevate your property with us

NARPMGreater Boston Real Estate BoardCommunty Association InstitteEqual HousingBest Property Managers Boston

Stay updated with market trends and changes

Expert knowledge and advice to help make your life as a property owner easier.