Investor · Middletown, NJ · Member since 2008 · 2k+ posts · 1k+ votes
13y
I think the only time we've waived the late fee is when there's been a bank issue or what seems a legitimate reason for being only a day or two late. We go over the lease with our tenants before they move in and tell them we enforce late fees. They are never surprised or say they won't pay them if/when they're late. We charge every time, otherwise. Tenants have let us know if they'll be late, and they acknowledge the late fees will be paid with the rent.
If you give leniency more than once, you're basically training them that the rent can be late, while they pay other bills first. And they'll let it go later and later.
Real Estate Lender · Miami, FL · Member since 2013 · 243 posts · 24 votes
13y
we give them a 5 day grace period- on 5th day we give them a Fla Statutory 3 day notice- during that 3 days notice period they have to pay a 5% late fee- if they do not pay on the 3rd day we file the eviction- ergo- on 8th day eviction is filed. Courts are very fast on evictions in Fla- takes about 15 day and you get a writ of possession and can have them out in 30 days- which is the deposit so you do not lose money unless they trash the place.
Rental Property Investor · Oklahoma City, OK · Member since 2013 · 1k+ posts · 412 votes
13y
We have a late fee(5%) and we're pretty strict about that. Occasionally allow a late payment with late fee if notified in advance. If you're late and you haven't communicated or responded to my phone call, the pay or quit goes by certified mail. Our state doesn't allow just posting on the door unless you're the sheriff or a process server. I have no interest in confrontation anyway so certified it is. Five days later I'm at the courthouse.
That said, we have a fair amount of trouble with the mail so I go by postmark. If the post office took a week and it should have been a day - more lenient.
As with others, we have been more lenient than intended at times... was looking at my rents just today and realize we have allowed a problem to become a habit with a few long term tenants. They pay the late fee but I don't even expect their rents on time.