Thread: 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.

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.

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.

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.

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.

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.

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.

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.

Originally Posted by Kenzie

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.

We got around this by telling them" The comp program has been changed. I no longer have the ability to waive." It really does work. They don't know what you can truly do and can't unless you tell them

We have generated literally a whole new income here on late fees alone.

due on/before the 1st
$10 fee on the 6th
$20 fee on the 16th
$50 pre-lien fee on 34 days late