 Late fee 4 short pays (by S i d [MO]) Aug 17, 2018 7:48 AM
 Late fee 4 short pays (by AllyM [NJ]) Aug 17, 2018 7:57 AM
Late fee 4 short pays (by razorback_tim [AR]) Aug 17, 2018 8:17 AM
Late fee 4 short pays (by Dave [MO]) Aug 17, 2018 8:27 AM
Late fee 4 short pays (by Jeff [CO]) Aug 17, 2018 8:30 AM
Late fee 4 short pays (by NE [PA]) Aug 17, 2018 8:32 AM
Late fee 4 short pays (by moby [IN]) Aug 17, 2018 8:51 AM
Late fee 4 short pays (by BRAD 20,000 [IN]) Aug 17, 2018 12:20 PM
Late fee 4 short pays (by BRAD 20,000 [IN]) Aug 17, 2018 12:22 PM
Late fee 4 short pays (by BRAD 20,000 [IN]) Aug 17, 2018 12:22 PM
Late fee 4 short pays (by BRAD 20,000 [IN]) Aug 17, 2018 12:22 PM
Late fee 4 short pays (by S i d [MO]) Aug 17, 2018 2:07 PM
Late fee 4 short pays (by DJ [VA]) Aug 17, 2018 7:41 PM
Late fee 4 short pays (by Jeff [CO]) Aug 18, 2018 9:39 AM
Late fee 4 short pays (by Small potatoes [NY]) Aug 18, 2018 11:50 AM
Late fee 4 short pays (by John2 [MI]) Aug 18, 2018 12:25 PM
Late fee 4 short pays (by rentON [PA]) Aug 18, 2018 3:31 PM
Late fee 4 short pays (by S i d [MO]) Posted on: Aug 17, 2018 7:48 AM
Message:
Do you charge a late fee when a resident pays short of the full amount due? Is there a "cut off" at which you don't charge if they're short a small amount?
Yes, I know ACH/"taking rent vs. waiting" would solve this (maybe)....or maybe it would just bounce if they truly were slightly short of the full rent. I'm working to eliminate this loose end, but it only happens occasionally and I'm not quite sure what the best strategy is. Your thoughts/experiences are appreciated. --173.19.x.xxx |
Late fee 4 short pays (by AllyM [NJ]) Posted on: Aug 17, 2018 7:57 AM
Message:
I would not but banks do. I have payments on my latest Subaru and wrote the check for thirty dollars less by accident. I received a late notice and a dollar fifty late charge. I don't mind the dollar fifty but its going to make a late payment on my credit report and I pay the first of the month when I don't have to pay until the 23th. Grr. So if you want your tenant pissed off like I am, go ahead and give them a late charge. --73.178.xxx.xx |
Late fee 4 short pays (by razorback_tim [AR]) Posted on: Aug 17, 2018 8:17 AM
Message:
10% of the unpaid balance.
So if rent is $700 and they pay $500 late fee is $20. --166.137.xxx.xxx |
Late fee 4 short pays (by Dave [MO]) Posted on: Aug 17, 2018 8:27 AM
Message:
I charge the full late fee. --108.243.xxx.xx |
Late fee 4 short pays (by Jeff [CO]) Posted on: Aug 17, 2018 8:30 AM
Message:
If I receive short rent before 5:00 PM on the first I just e-mail the tenant and give them a chance to pay the full amount. If they dodn't I would just return the whole amount via Chase QuickPay or PayPal and give them a chance to fix it. If they don't handle it, it is handled as non-payment of rent.
I haven't had the later handled in many years.
--98.245.xx.xx |
Late fee 4 short pays (by NE [PA]) Posted on: Aug 17, 2018 8:32 AM
Message:
Yes I do. --174.201.xx.xx |
Late fee 4 short pays (by moby [IN]) Posted on: Aug 17, 2018 8:51 AM
Message:
Yes, 10% of rent no grace period. --68.60.xxx.xx |
Late fee 4 short pays (by BRAD 20,000 [IN]) Posted on: Aug 17, 2018 12:20 PM
Message:
Sid,
$5 per day on the unpaid balance- for the VERY FEW who pay by MO or Walk In Bank.
The INCENTIVE is to be caught up.
Could be cheaper for them to shift to PayDayPlanRent because that’s what they are already doing.
I changed my thinking from RENT or MONTH to ACCOUNT BALANCE.
We collect very few late fees now because...we HAVE the rent...”because autodraft”. (You know I had to say it!)
BRAD
--50.90.xxx.xxx |
Late fee 4 short pays (by BRAD 20,000 [IN]) Posted on: Aug 17, 2018 12:22 PM
Message:
At our weekly meeting we had ONE resident who was late. One. $135 weekly.
BRAD --50.90.xxx.xxx |
Late fee 4 short pays (by BRAD 20,000 [IN]) Posted on: Aug 17, 2018 12:22 PM
Message:
At our weekly meeting we had ONE resident who was late. One. $135 weekly.
BRAD --50.90.xxx.xxx |
Late fee 4 short pays (by BRAD 20,000 [IN]) Posted on: Aug 17, 2018 12:22 PM
Message:
At our weekly meeting we had ONE resident who was late. One. $135 weekly.
BRAD --50.90.xxx.xxx |
Late fee 4 short pays (by S i d [MO]) Posted on: Aug 17, 2018 2:07 PM
Message:
Thanks, All, for the responses.
As you may have guessed, this is for a tenant who is currently late. We had a rent increase of $25, and she "forgot" that part on her most recent payment. So on Saturday I texted: "Oops, rent went up $25 and was due on Friday. Pay by close of business on Monday and no late fee." She said, "Ok, I will."
Didn't pay. So now I'm short $25.
My late fee on this lease is $5 per day. She is a walk-in pay customer....already on the PayDay plan (bi-weekly).
Her late fee is now more than what she owed originally....*sigh. --173.19.x.xxx |
Late fee 4 short pays (by DJ [VA]) Posted on: Aug 17, 2018 7:41 PM
Message:
It soundalike you were already quite generous to give her the chance to pay without penalty if it was truly a mistake. But now, she needs to pay it all. --68.10.xxx.x |
Late fee 4 short pays (by Jeff [CO]) Posted on: Aug 18, 2018 9:39 AM
Message:
Sid sounds like a very nice landlord. Only $5 per day late fee - which he is willing to waive. --98.245.xx.xx |
Late fee 4 short pays (by Small potatoes [NY]) Posted on: Aug 18, 2018 11:50 AM
Message:
I provide a 5 day grace period on my older leases. Anything after that is late $25. New lease has 3 day /$50 fee. --66.87.xxx.xxx |
Late fee 4 short pays (by John2 [MI]) Posted on: Aug 18, 2018 12:25 PM
Message:
We charge $45 late fee... example: $800 rent due on 1st, tenant pays $800.00 on 2nd. They get 7day notice to evict. Also, you need to know how your judges rule in these matters.... our judges support this process in court. --24.247.xxx.xxx |
Late fee 4 short pays (by rentON [PA]) Posted on: Aug 18, 2018 3:31 PM
Message:
If rent is not paid in full the Tenant is not entitled to the $50 on time discount. --67.165.xx.xx |
Reply:
|
|