Local rent collection and owner accounts service

Local landlords who want to stop doing paperwork but don't need or can't afford a full property management company, plus owners of small apartment buildings and out-of-town owners.

Usually a percentage of collected rent or a flat fee per unit per month, with extra fees for lease renewals, notices and move-in paperwork. Income grows as you add units.

• Bookkeeping and organized record keeping
• Firm but polite communication with tenants
• Knowledge of local landlord-tenant basics
• Using property management software

• Many states treat collecting rent for others as a licensed activity, so confirm requirements before taking money from tenants
• Trust or escrow account rules and security deposit handling vary by state, so check before holding any funds
• Landlord-tenant law and late fee or notice rules differ by state and city; get advice from a local attorney for your templates
• General liability, professional liability and possibly fidelity bond coverage are worth checking
• Check for a local business license, and home occupation rules if you work from home
• Written agreements with owners should state what you do and do not handle, such as repairs and evictions

Startup costs are typically around $1,000 to $6,000, depending on your software, insurance and any office setup. Monthly revenue is estimated at about $800 to $4,000, depending on how many owners and units you handle.

Many states treat collecting rent for others as a licensed activity, so confirm requirements first. Also check trust or escrow account and security deposit rules, landlord-tenant law on late fees and notices (ask a local attorney), insurance, and local business license rules.

Useful skills include bookkeeping and organized records, firm but polite communication with tenants, local landlord-tenant basics, and property management software. Estimates suggest at least about 12 hours a week, depending on how many units you manage.