Late fees can be added on an account level or a property level.
When setting up late fees, there are a number of different options to choose from:
• Fee Type
- From this dropdown, you can set your late fee to charge a percentage of the total rent due, a percentage of the rent still outstanding, or a flat fee.
• Fee Amount
- Based on your Fee Type, this will either be a percentage or a dollar amount.
• Grace Period
- A grace period is an additional amount of time the tenant can pay their rent past it’s due date without penalty. For example, if you set a grace period of 3 days and rent was due on the 1st, that means the tenant can pay on the 2nd, 3rd, and 4th without penalty. Late fees would not kick in until the 5th. (Landlords often get this wrong in their lease – double check yours!)
• Repeat
- You can set your late fee to repeat. Once this option is toggled on, you can set how frequently the fee repeats and when it should stop repeating (if at all).
• Advanced: Charge each unpaid tenant
- If you’d like your late fee to multiply per unpaid tenant, you can check this box to do so. But keep in mind, most leases do not permit this type of behavior. Check your lease before enabling this.
• Advanced: Set as Default
- If this box is selected, this late fee will apply to all your properties by default. Default settings can be overridden on a unit-by-unit basis.
- Multiple late fees can be assigned to a single property or set to default at once. This allows you to flexibly enforce many different late fee structures.
Note: Changes to late fees will only apply to future, unpaid invoices.
