Late payments can cause headaches for property owners and managers

Late payments can cause headaches for property owners and managers, but having a clear and fair late payment policy can help minimize these issues.

📝 A well-documented late payment policy should outline payment due dates, late fees, and consequences for repeated late payments.

💸 Late fees can serve as a deterrent for tenants who may be tempted to pay rent late, while also providing a source of income for the property owner or manager.

👥 To the benefit of property owners, a clear and fair late payment policy can also help tenants understand their responsibilities and prevent misunderstandings.

📌 Make sure to clearly communicate your late payment policy to tenants and include it in lease agreements and other relevant documents.

💪 If your properties are in Chicago or anywhere in Cook County, IL, keep in mind that the amount of the late fees you can charge is limited by the Landlord-Tenant Ordinances.

By having a clear late payment policy and communicating your expectations clearly to tenants will help you manage your properties easier. Leave a comment below or shoot me a message! 💬