We rented my single girl townhouse after we were married and until we were getting ready to buy our current home. Because we were close by, we just managed it ourselves, but REQUIRED Electronic Funds Transfer (EFT) for rent--so there was no "I'll pay you in a couple of days," excuses! The rent was automatically deducted from their bank account by the 6th of the month (usually the first business day). We also required first and last month's rent as a deposit.
Now on the homes in Boston that I own (inheritance), we use a property management company--since we cannot get up there to check on the properties ourselves. We have a great relationship with them, and trust them to communicate any issues with us. The property managers are also well respected realtors, so they also secure us our tenants and take care of the background and credit checks. :o)
at 3:13 PM on Apr. 10, 2011