What does everyone charge for late fees?

[Luke Jackson]

Hey guys,

I'm curious to learn about what other landlords and property managers charge for late fees?  After how many days do you charge the first fee, and how much?  Do you charge a daily fee after that, and if so, how much? 

Thanks,

Luke Jackson

[Kristina Heimstaedt]

First and foremost, check with your state laws as to what is in your power. We use a 3 day grace period with a 6% late fee charge. However, because of the way state of California is, I don't think we can actually collect until the 5th. I believe they consider the second to be day one of the late period and day 5 as the first collectible day. Definitely take a peak at your state laws to be sure you're in compliance.