I really don't believe in late fees. People have issues sometimes and can't pay on the date its due. If they can pay two days later whats the difference. Usually people who has late fees are money hungry. Only way I can its ok if somebody waiting 2+ plus days every month.
That's actually the alibi of some tenants - they are going hungry if they pay the rent on time, the same reason they give when the landlord would impose a rent increase. We had been a tenant for a total of 7 years, i.e. 2 years in an apartment and 5 years in a rented house. I understand the plight of the landlord because I know of some tenants who deliberately do not pay the rent just to sustain their vices. Maybe it's human nature to fool people when there is an opportunity.
Yes, I would, but I wouldn't be anal retentive about it. For example, if an otherwise good tenant was late a time or two over the years, I'd just let it be. There are situations in which that could happen. If, however, someone was a chronically late knothead, I would levy the fee each time. Time is money and someone playing games like that would need to make up for the activity.
As far as I know charging a late fee is pretty much standard practice these days for a lot of places, and its something that landlords have done for quite a while also. I don't think there anything wrong with that as it acts as a deterrent to people who think they can pay late all the time. On the other hand though, I also think it should be at the landlords discretion, as I'm sure we have all had a cash flow problem at some point, and so if a tenant is usually a good player, I would be inclined to waive the late fee on the odd occasions.
The late rent fee is automatic with us. I'm sorry that some people have it tough but this is just the way of it. If I don't pay the mortgage on time the interests keep piling on, if I am late with any of my utility bills I get fee tacked on. Rent vs. Cell Phone? Beer vs. Rent? Rent vs. Cable Television? Unfortunately, I have a tenet who is perpetually late on her rent. I do not know what her deal is but the fact that she is perpetually late tells me that she is valuing something else over paying her rent. It is usually pet bills, lifestyle choices such as alcohol & smokes, cable television, cell phone, too much car payments, etc. I'm sorry the hardships of life that people have but we all have them. It may be that the tenet just needs to find more affordable housing.
Late fees are one of those things that are best used as a deterrent. Make it a policy that you charge late fees. Put it in the rental agreement that you charge late fees. Tennant has issues paying on time? Tennant is a pain to deal with? Charge the late fees. But if they are a good tenant, or they give you advance notice and it's a one time thing, you always have the power to waive the fee "this one time as a courtesy". Make it a policy to charge late fees so that you CAN charge them if you NEED to, and as a deterrent to encourage tenants to pay on time. But waive it when you see fit.
Late fees are fair and standard in most places. If the fees don't exceed legal limits and the tenant agreed to them in the rental contract/lease I have no sympathy to be honest. A one time or rare instance is one thing, but consistently late rent is another.
It really doesn't discourage that much from paying late. A lot of people really DO just struggle! They work their behinds off yet still just scrape by because rent is so high and people are greedy. So even if they don't make it on time, it's really stupid to add late fees. They're obviously late for a reason because they can't afford it all, so why tack on more money? The system is just so messed up and greedy. I hate it.
