Landlord Software - Daily Late Fees for Rentals
Posted on Sunday March 11, 2018 at 08:47AM in Software Updates
Daily Late Fees for Rentals - Collect Rent Online
Save time and increase revenue by automatically adding tenant late fees with Schedule My Rent. Simply enter how you want fees to work when you setup each lease and we automatically add late fees and daily late fees.
- Rent due date: Enter the date that rent is due, which can be any day of the month. Most landlords pick between the 1st and 5th of the month, but any day can be selected.
- Grace period: Enter the number of extra days that tenants have to pay rent before it is considered late. For example, if the rent due date is the 2nd of the month and the grace period is 3 additional days, then tenants have until the 5th of the month to authorize a rent payment before it is late.
- Late fee: Enter the late fee as either a percentage of the rent amount or a fixed amount. In this example, a late fee will automatically be added on the 6th of the month if the rent has not been fully paid. All tenants on the lease are automatically notified that a late fee has been added.
- Daily late fee: Enter the daily late fee as either a percentage of the rent amount or a fixed amount. The daily late fee starts the day after the late fee. In this example, a daily late fee will automatically be added on the 7th of the month if the rent has not been fully paid. All tenants on the lease are automatically notified that a late fee has been added. A daily late fee will continue to be added every day until rent has been fully paid. If the option "If not paid, stop at the end of the month" is selected, daily late fees automatically stop at the end of the month. If the option "If not paid, continue adding" is selected, daily late fees continue to be added every day while the rent is not fully paid and will continue into the following month.
- Stop daily late fees manually: Daily late fees can manually be stopped at any time when you collect rent online. Simply click on the amount in the due column and a detailed pop-up screen will appear. Then click the "Stop Daily Late Fee" button which is next to the initial rent.
- Waive late fees: Late fees that have already been added can easily be waved. Simply click on the amount in the due column and a detailed pop-up screen will appear. Then click the "trashcan" icon next to the fee that you want to waive. A notification is automatically sent to all tenants on the lease indicating that the fee has been waived.
Adding late fees automatically saves time since you don't have to track and add fees manually. Automatically adding late fees also increases revenue since fees are added as soon as rent is late and tenants are automatically notified.
Having Schedule My Rent automatically add a late fee also helps to improve the relationship you have with your tenants. Tenants know that Schedule My Rent will automatically add fees. There is an opportunity to hurt the tenant relationship when the landlord calls or emails the tenant directly regarding late fees.
Save time and increase revenue by having Schedule My Rent automatically collect rent online.