Do you always charge late fees ?

[Melissa J.]

 How many of you have actively charged a late fee when rent was not due on time, say a week late?  Even if stated in lease agreement that a fee will be charged if not paid by a certain date. Keep in mind most of our renters have been long term. Would like your input. 

[John Teachout]

If it's in the contract and you don't enforce it, it sort of takes the teeth out of the contract. We will sometimes waive a late fee (rarely) and only once. We charge a late fee plus a daily fee. You need to have a big hammer to encourage tenants to pay rent, otherwise you'll find out that it will get later and later and more frequent late payments. Our late payment is $75 plus an additional $10 every day it's late.