Join the forum, it's quick and easy

Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» RX20 for sale
by ACE Services Mon Jun 10, 2019 12:25 pm

» So has this forum too, went the way of extinction too?
by Mo Wed May 01, 2019 9:13 pm

» Roll call....
by ACE Services Sat Apr 06, 2019 4:59 am

» New moves for business 2019
by ACpower1 Tue Feb 19, 2019 12:48 am

» Government shutdown
by ACE Services Tue Jan 22, 2019 5:35 am

» Stepped back in time
by Mo Mon Jan 21, 2019 11:47 am

» .....Christmas ever
by Mo Mon Jan 21, 2019 11:46 am

» have you ever use dyson for cleaning ?
by milspec6 Mon Dec 17, 2018 10:22 pm

» Water Heater
by Mo Mon Dec 17, 2018 8:31 pm

» anyone have an idea of why...?
by milspec6 Fri Dec 07, 2018 11:03 pm

» I don't know squat
by Matt; My carpet cleaner Wed Dec 05, 2018 11:14 pm

» what would you charge
by Mo Sun Dec 02, 2018 8:01 am

» Frozen cleaning for practice
by milspec6 Wed Nov 21, 2018 9:33 pm

» for the Holidays........
by Matt; My carpet cleaner Tue Nov 20, 2018 9:20 pm

» Pricing....ouch
by milspec6 Sat Nov 17, 2018 8:37 pm


Payment terms for property managers

+7
dp1
Davey Cracker
TimM
ODIN
milspec6
Ryan S
cush83669
11 posters

Go down

Payment terms for property managers Empty Payment terms for property managers

Post by cush83669 Tue Jul 08, 2014 5:35 pm

What are your payment terms for property managers and commercial properties? Do you require a signed contract and personal guarantee?
cush83669
cush83669
Member
Member

Posts : 29
Join date : 2014-01-31
Age : 46
Location : Star, Idaho

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Ryan S Tue Jul 08, 2014 6:06 pm

No contract for us. Payment on commercial is net 30. Restaurants payment upon completion unless they have multiple locations then it's net 30. Property mgmt make their own rules. Good ones pay upon receipt or net 30. The others you have to pester them for payment after 30. Then you will be told the house hasn't rented or waiting for first rent or the security deposit hasn't cleared yet or the owner didn't have enough funds. Pick one reason to believe, they are just way to buy the PM group three more weeks. Lol
Ryan S
Ryan S
Expert & Trusted Member
Expert & Trusted Member

Posts : 1956
Join date : 2013-09-20
Age : 44
Location : NC

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by milspec6 Tue Jul 08, 2014 6:16 pm

Depends upon the person you are dealing with in my experience.

If you are working for the man who writes the check...no contract needed and payment term is 7 days. Also, insist on a master key so you can get in there on your schedule and not theirs. If they don't trust you with keys...it will be a bad experience chasing your money as well.

If you are working for a middle-manager who submits the bill to some other entity, get a contract and set a very strict 30 day term with stiff penalties for every day that it is late. You are a cleaner, not a bank so let them fund their own business.

I get paid by my real estate contracts on the site and my apartment complexes in 7 days and 30 days for the "out of town" business owners. I don't have any restaurants, so I can't offer any advice on that.

Just set your tone and terms according to how they view you. IF they don't respect you as a business, they WILL try and push you around when it comes to money.
milspec6
milspec6
Moderator
Moderator

Posts : 10088
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

The author of this message was banned from the forum - See the message

Payment terms for property managers Empty Re: Payment terms for property managers

Post by TimM Tue Jul 08, 2014 7:20 pm

All of my property managers pay within 30 days. I have fired all the others that I have had to fight to get my payment. Most of them pay the same time every month so I know when checks are coming in.
TimM
TimM
Active Poster
Active Poster

Posts : 227
Join date : 2013-09-21
Location : Ogden Utah

http://magaw.org/PriceIsRightCarpetCleaning/

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by milspec6 Tue Jul 08, 2014 7:27 pm

That is really the key...keep the good and fire the bad.
milspec6
milspec6
Moderator
Moderator

Posts : 10088
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Davey Cracker Tue Jul 08, 2014 7:32 pm

At one time about 90% of my income/jobs were billings for PM co. But I eventually got tired of fighting for my well earned money and fired them. I still have a couple I do work for because they pay well and quick. But I do mostly residential now, where the money's at and I get paid that day upon job completion.

Like it's already been said they play by their own rules, and you either decide to put up with it or bail.

Good Luck!!  wink 
Davey Cracker
Davey Cracker
Expert & Trusted Member
Expert & Trusted Member

Posts : 4796
Join date : 2013-09-20
Age : 57
Location : Long Beach CA

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by dp1 Tue Jul 08, 2014 10:21 pm

Absolutely no payment terms for me, all payments are due after the job is completed, the only one I made exception was the $ 3500 job that I did a few weeks ago, only because it was going to take a couple of nights to finish the work and they weren't going to be there when I'm done at 3 or 4 am, I made a simple but strict contract that required them to pay promptly after the work is completed and they did in 3 days with no hassle.
A couple PM has asked but I always declined, too much of hassles to bill, I'm too busy to chase people around.
dp1
dp1
Moderator
Moderator

Posts : 3966
Join date : 2013-09-19
Location : california

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by ACpower1 Tue Jul 08, 2014 10:36 pm

never had a problem with the 3 pm companies I did work for.

Had a huge problem with a realtor who owns the John L. Scott realty in Snohomish, WA

dude is notorious for writing bad checks, painters, carpet cleaners, you name it hes ripped them off.

Many of the signs that show his face you will find people have taken markers and drawn horns, mustache, body parts going into his mouth LOL

He actually keeps checks on hand that are from closed accounts, like still has Washington Mutual checks even though they were chase... just waiting for a cheap service provider to rip off.

One thing to note, he only calls the bottom of the barrel price guys... I was in my first year of business when I ran into him. I guess he figures if they are willing to do a job for cheap then they wont bother or be organized enough to actually come after him.
ACpower1
ACpower1
Expert & Trusted Member
Expert & Trusted Member

Posts : 2495
Join date : 2013-11-01
Age : 40
Location : Seattle, WA

http://www.hydracleanNW.com

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by milspec6 Tue Jul 08, 2014 11:31 pm

Wow, guys around here get found in a ditch for stunts like that! Surprised an agent like that isn't behind bars by now.
milspec6
milspec6
Moderator
Moderator

Posts : 10088
Join date : 2013-09-21
Location : Nebraska

http://castledefendersllc.com

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Davey Cracker Tue Jul 08, 2014 11:55 pm

[quote="ACpower1"

...............   like still has Washington Mutual checks even though they were chase...  
 [/quote]

So Do I!!.......but every chk I write is good. Suspect 

Be glad they're not from Great Western Bank still!!  laughing
Davey Cracker
Davey Cracker
Expert & Trusted Member
Expert & Trusted Member

Posts : 4796
Join date : 2013-09-20
Age : 57
Location : Long Beach CA

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Freemind1 Wed Jul 09, 2014 8:46 am

Net 30.

And yes, there is some form of contract. But really it is just more of an agreement to price and work scope. I never lock them in for a period of time.

Freemind1
Senior Member
Senior Member

Posts : 1282
Join date : 2013-09-20

Back to top Go down

The author of this message was banned from the forum - See the message

Payment terms for property managers Empty Re: Payment terms for property managers

Post by cush83669 Wed Jul 09, 2014 7:00 pm

I'm thinking of requiring a CC on file to bill property managers and for commercial work. All others pay upon completion of service. I just don't feel comfortable extending credit to companies without having a contract and pulling credit.
cush83669
cush83669
Member
Member

Posts : 29
Join date : 2014-01-31
Age : 46
Location : Star, Idaho

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Davey Cracker Wed Jul 09, 2014 7:12 pm

I wish you luck with that, and would be surprised if asking them for a CC works.

I think just like someone has already said, they know you can easily be replaced, and when you ask these flaky slow paying sucka's for a CC they will move on to the next guy, they can take advantage of.
Which honestly, would probably be doing you a favor.  wink 
Davey Cracker
Davey Cracker
Expert & Trusted Member
Expert & Trusted Member

Posts : 4796
Join date : 2013-09-20
Age : 57
Location : Long Beach CA

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by cush83669 Wed Jul 09, 2014 7:21 pm

I'm sure many won't go for it. I think if you have a system in place and stick to it you come across as more professional. Just ask the property managers why they don't let their tenants pay their security deposit and rent at the end of their first month.
cush83669
cush83669
Member
Member

Posts : 29
Join date : 2014-01-31
Age : 46
Location : Star, Idaho

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Jan Sullins Sat Jul 12, 2014 5:59 pm

All I can say is be careful with property management companies. I have been burned bad by a couple several years ago. I have also seen companies keep on working carpet cleaners into 60 days past due. As far as I am concerned I will have very limited property management jobs. They are demanding slow paying and sometimes they go bankrupt leaving you holding a huge unpaid invoice with no recourse. I would recommend building a carpet cleaning business that has more small commercial and residential than some big corporations who may leave you hanging. We simply can not finance our high quality work. Apartments want their rent on the 1st but want us to wait on the pm company. There is just not much to like about a relationship like that!

Jan Sullins
Member
Member

Posts : 40
Join date : 2014-04-15
Age : 72
Location : Oklahoma City

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Ryan S Sun Jul 13, 2014 3:03 pm

That's some good advice Jan.
Ryan S
Ryan S
Expert & Trusted Member
Expert & Trusted Member

Posts : 1956
Join date : 2013-09-20
Age : 44
Location : NC

Back to top Go down

Payment terms for property managers Empty Re: Payment terms for property managers

Post by Sponsored content


Sponsored content


Back to top Go down

Back to top

- Similar topics

 
Permissions in this forum:
You cannot reply to topics in this forum