Landlord Tips: Collecting Late Fees
Collecting Late Fees
In the past I found it difficult to charge a late fee. The first time I tried to collect one, the tenant refused to pay it. Sometimes tenants will not respect what is in the lease unless you show them that you will stand firm on the agreement. Confrontations as a landlord are inevitable, but make it easier on yourself. Tell the tenants at the lease signing that it imperative that rent be paid on time, and there will be NO exceptions concerning late fees. You will have a lot less trouble enforcing your late charge clause after the tenant has agreed not only in writing at the time of the lease signing, but has also given his word.
Another neat tool to help rents come in on schedule that I've been using successfully for years is the Credit Reporting Disclosure Notice to Tenant.
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