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Re: Use of Grace period (NJ)
by VinFL
on July 2, 2015 @11:47
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It sounds like you are looking for ammunition against the tenant. Unless they have already done something that may violate the lease, that's a rather poor perspective to take. Tenants are not your enemy, they help put food on your table.
This is how we did it when I lived in Wisconsin: The tenant's rent is due on the first, but they have a 5 day grace period. If they pay by the 5th, no late fee is applied and it is considered on time (this is the company's policy). If rent is paid on the 6th or later, a late fee is applied and a pay or quit notice to pay or quit is sent that denotes the total amounts due. That is it.
Here is another way to think about it: When they pay late, they have to pay a late fee. That is more income for you. If paying late is not a big deal for your tenants, then you might consider raising your late fee if you can.
If a tenant were to tell me that they could never pay on time (and they had already moved in), I would take the time then and there to explain the process, the costs involved, and the impact it would have on their rental reference after they have moved. I would nicely, but strongly suggest they make an effort to pay on time.
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