Rental management app that has a daily late fee charge option?

Question

Hi all,

Do you know any free or low cost app for property management that has a daily late fee charge options?

Thank you

Spencer Abeyta · Answer

Appfolio has an option for the daily late fee charge, but they do require a minimum of 50 units to use the software.

I would check to see if Buildium offers this option.

Taylor Shapiro · Answer

I always recommend RentRedi to those with "smaller" portfolios. Inexpensive, intuitive, and has a lot of good features, including the late fee penalty. It has an option to charge a 1x fee after a specific date or a daily fee that accumulates.

Michael Smythe · Answer

@Wahid A. why do you need an app to do it?

The only time you need it is if a tenant is seriously late.

Then you can either use a calculator or set up an excel spreadsheet.

Nathan Gesner · Answer

Try Apartments.com, RentRedi, TenantCloud, Innago, RentManager, Avail, Rentec Direct, Doorloop, etc.

Daily late fees are a bad idea, for several reasons.

First, you and the tenant are likely to disagree one how much is accumulated. If you charge $10 daily fee starting on the 5th and the tenant pays on the 11th, is that $60 or $70?

Second, tenants don't care about small amounts and they'll let it grow. Soon it becomes unbearable and they can't afford to pay it, but you keep adding it up and it becomes even more unbearable.

Third, courts will only allow "reasonable" late fees. If you charge $10 a day and the tenant is 30 days late on a $800 rental, the court won't consider that reasonable.

I charge a one-time fee of $50 or 5% of the monthly rent, whichever is greater. It's charged on the first day the law allows (in my state we can't charge late fees until the 5th day). I give them five days to pay everything they owe, including the late fee. If still not paid in full by the 10th, then I start the eviction on the 11th.

It is foolish to continue adding late fees thinking you will make more money. Use the fee as a tool to keep tenants on track. Set solid policies and apply them every time, without fail, and your life will be much better for it.

Taylor Shapiro · Answer

@Wahid A. It's RentRedi.com

Wahid A. · Answer

Thank you @Spencer

Wahid A. · Answer

Thank you @Taylor

Do you have the website for Inexpensive and Intuitive.

Rental management app that has a daily late fee charge option?

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