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?    …

Is-Rent-Collection-Possible-When-Tenants-Dont-Have-a-Bank-Account

 

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?

 

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.

 

is-emergency-light-testing-required

Is Emergency Light Testing Required?

Posted in , , ,

    With every single commercial building, whether it’s in a condo association, bigger commercial buildings, or even on multi-family homes, there is emergency lighting.   Did you know that emergency lighting has batteries? Sometimes, they are also hardwired but there are batteries within the lights and they have to be tested all the time. When…

How to Open a Laundry Coin Box With Lost Key

How to Open a Laundry Coin Box With Lost Key

Posted in ,

One of the most common issues with coin-operated laundry is opening a laundry coin box with a lost key. A laundromat’s coin box is thick enough to withstand amateur attempts to unlock it. But here is our solution to ensure you collect your coins and your tenants can use your laundromat even when you lose…

Our BIG Program, Explained

Posted in ,

  Here at Green Ocean Property Management, we specialize in helping and building up our landlords. But we take property management to the next level as we introduce the Boston Investor Group, also known as our B.I.G. program.   What is B.I.G.? BIG stands for Boston Investor Group. It is a special recognition given to…

Eliminate bad tenants, late rents and headaches today

Find out how we help improve the lives and properties of hundreds of landlords.

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.

  • This field is for validation purposes and should be left unchanged.