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  1. #1
    storage-gal is offline Member
    Join Date
    Aug 2012
    Location
    Western Canada
    Posts
    92

    Default Late Fees Survey

    I'm in Canada, but very curious of how you all charge late fees.

    When I was in property management we charged $25.00 after 3 days being late and an additional $3.50/ day.
    It works!

    We're in process of implementing late fees, and I just thought it might be interesting to see how we all charge.

    I've got our contract set up right now for 15 days late = $25.00 in late fees.
    But, what bugs me is that all of a sudden everyone will start paying 15 days late.

  2. #2
    Bill&Diane's Avatar
    Bill&Diane is offline Senior Member
    Join Date
    Nov 2011
    Location
    Pasco County, Florida
    Posts
    198

    Default Re: Late Fees Survey

    We do 6th day $10.00 13th day another $15.00. I know some get annoyed seeing the same people over & over on the collections list. I just sit back and look at the whole new revenue we are generating for the company now since no waiving is going on.

    My stock answer when they gripe or say "I thought my due date was..." "We give you 5 days grace period, which most places do not" " I explained to you when you leased that using the 5th day after your actual due date as your due date in your mind can become dangerous as it will lead to you thinking you are 2 days late when you are in reality now 7 days late" It works.
    Bill & Diane
    Self Storage IS WHAT WE LOVE

  3. #3
    MZC&D is offline Senior Member
    Join Date
    Feb 2012
    Posts
    346

    Default Re: Late Fees Survey

    Here in ohio the laws set a max how much we can charge for late fee's. Everybody gets locked out on the 5th day and a late fee on the 10th day. Our late fee's are $10 on sizes up to 5x15 and the $20 on everything else. We give people a better chance to pay befor a late fee than most of our competitors do and they seam to like it. I agree with bill&diane, if they are going to be 5 days late I hope they are 10 days late so we can collect our late fee, its not too much, but all the little things add up.

  4. #4
    SSandecki's Avatar
    SSandecki is offline Senior Member
    Join Date
    Feb 2012
    Location
    Chicago, IL
    Posts
    160

    Default Re: Late Fees Survey

    Illinois allows self storage operators to charge $20 or 20% of the rental rate (whichever is greater) after a tenant is more than 5 days late according to (770 ILCS 95/) Self-Service Storage Facility Act.

    Full Statute: http://www.ilga.gov/legislation/ilcs...2&ChapterID=63

    See: (770 ILCS 95/7.10) / Sec. 7.10. Late fees.
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  5. #5
    astro is offline Moderator
    Join Date
    Feb 2008
    Location
    Cashiers, NC
    Posts
    1,905

    Default Re: Late Fees Survey

    You might consider taking the phrase "grace period" out of what you say. Tenants then move their due date out that period of time, and get upset when you charge them a late fee, when they thing they are only one day late. But, of course, they aren't. We just tell customers that they are do on ____, and late the next day.

    The late fees in North Carolina are 15%, by statute.
    Bob Taylor (Astro)
    Blue Ridge Self Storage
    Cashiers, NC

    Disclaimer: What Gina said....'cause the the cheese fell of my cracker.

  6. #6
    tomokc is offline Senior Member
    Join Date
    Jul 2011
    Posts
    273

    Default Re: Late Fees Survey

    Days 1-5: Locked out at gate. Grace period - no late fee.
    Day 6: Locked out at gate plus overlocked at unit, $20.00 late fee imposed.

  7. #7
    Billings Storage's Avatar
    Billings Storage is offline Senior Member
    Join Date
    May 2010
    Location
    Billings, MT
    Posts
    351

    Default Re: Late Fees Survey

    Locked out on the 2nd of the month. Late fee on the 6th for $15, with the ability to waive if no a persistent offender and a late fee on the 16th for another $15 and red locked on that day.

  8. #8
    Kenzie is offline Junior Member
    Join Date
    Jul 2012
    Location
    Colorado
    Posts
    15

    Default Re: Late Fees Survey

    I wish we didn't have a way to waive late fees some days. I get sick of people saying well so'and'so never charged me late fees. Just because I haven't been here very long I know I am to charge late fees when the computer generates it. We tell our customers rent is due on the first, as of the tenth if it is not paid you will receive a ten dollar late fee. They have TEN days to pay. I thought that was enough.

 

 
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