Comments on: New Late Fee Strategy http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy How to be a successful landlord Fri, 16 Dec 2011 08:32:15 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: TheLandlord http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41709 TheLandlord Tue, 28 Sep 2010 21:45:24 +0000 http://www.landlord-success.com/?p=809#comment-41709 Jeff, Your suggestion about using to email the tenants when they're late would work well if these people even HAD email. Most of mine do not. The Landlord Jeff,
Your suggestion about using to email the tenants when they’re late would work well if these people even HAD email. Most of mine do not.

The Landlord

]]> By: Jeff http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41706 Jeff Tue, 28 Sep 2010 19:54:58 +0000 http://www.landlord-success.com/?p=809#comment-41706 Florida law doesn't go into any more detail than "unconscionable"? I thought most laws had a restriction as a total percent of the rent. In any case, I wouldn't mind late payments if it meant an extra 5-10% in my pocket. It certainly beats the rate I'll get having that money in the bank for a week. Some of the landlord software out there will automatically email your tenant to let them know they're late on their payment. That takes care of your work and let's you keep earning extra from late fees. Sounds like a win-win to me. Florida law doesn’t go into any more detail than “unconscionable”? I thought most laws had a restriction as a total percent of the rent. In any case, I wouldn’t mind late payments if it meant an extra 5-10% in my pocket. It certainly beats the rate I’ll get having that money in the bank for a week.

Some of the landlord software out there will automatically email your tenant to let them know they’re late on their payment. That takes care of your work and let’s you keep earning extra from late fees. Sounds like a win-win to me.

]]> By: The Importance Of Record Keeping » The Successful Landlord Blog http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41393 The Importance Of Record Keeping » The Successful Landlord Blog Tue, 26 Jan 2010 11:33:16 +0000 http://www.landlord-success.com/?p=809#comment-41393 [...] let’s see what happens when, upon lease renewal, I raise the late fees. I’ve always thought, more so recently, that the tenants have rationalized (and budgeted for) [...] [...] let’s see what happens when, upon lease renewal, I raise the late fees. I’ve always thought, more so recently, that the tenants have rationalized (and budgeted for) [...]

]]> By: TheLandlord http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41364 TheLandlord Sun, 17 Jan 2010 23:43:56 +0000 http://www.landlord-success.com/?p=809#comment-41364 George, Wow! I wholeheartedly agree with raising the late fees but I tend to think that until the "procesing fees" part holds up in court, it might be too much overkill. In my experience, tenants don't read (far less follow) all the fine print. But, good luck anyway. Please let us know how it's working out. George,
Wow! I wholeheartedly agree with raising the late fees but I tend to think that until the “procesing fees” part holds up in court, it might be too much overkill. In my experience, tenants don’t read (far less follow) all the fine print. But, good luck anyway. Please let us know how it’s working out.

]]> By: George C. Torres http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41361 George C. Torres Sun, 17 Jan 2010 01:36:20 +0000 http://www.landlord-success.com/?p=809#comment-41361 All, Here's what I've put in my leases in Texas. I hope it's useful. "Tenant agrees to pay a late charge of $50.00 to Landlord if the rent is not RECEIVED by Landlord the fifth day of the month, plus $10.00 every day after the fifth of the month until the rent is current. It is understood by all parties to this lease that monies paid to Landlord will first be applied to late charges, then outstanding balances, before being applied to newest to oldest rent charges. Cash payments will incur a $10.00 processing fee. Furthermore, an additional $10.00 convenience fee, plus 55 cents per mile round trip from office address to the Tenant’s location, will be charged if the Landlord must undertake a special trip to the Tenant for the sole purpose of collecting rent or partial rent monies, and/or late charge(s) in person." v/r George All,
Here’s what I’ve put in my leases in Texas. I hope it’s useful.
“Tenant agrees to pay a late charge of $50.00 to Landlord if the rent is not RECEIVED by Landlord the fifth day of the month, plus $10.00 every day after the fifth of the month until the rent is current. It is understood by all parties to this lease that monies paid to Landlord will first be applied to late charges, then outstanding balances, before being applied to newest to oldest rent charges. Cash payments will incur a $10.00 processing fee. Furthermore, an additional $10.00 convenience fee, plus 55 cents per mile round trip from office address to the Tenant’s location, will be charged if the Landlord must undertake a special trip to the Tenant for the sole purpose of collecting rent or partial rent monies, and/or late charge(s) in person.”
v/r
George

]]> By: ZenDarb http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41329 ZenDarb Fri, 01 Jan 2010 02:52:46 +0000 http://www.landlord-success.com/?p=809#comment-41329 Hmmm... My leases state that the rent is due on the 1st and is late on the 2nd. There is NO 'grace period.' They have 30 days each month - how much more of a grace period does a tenant need? Hmmm… My leases state that the rent is due on the 1st and is late on the 2nd. There is NO ‘grace period.’

They have 30 days each month – how much more of a grace period does a tenant need?

]]> By: Chris Compton http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41313 Chris Compton Fri, 27 Nov 2009 07:00:14 +0000 http://www.landlord-success.com/?p=809#comment-41313 I manage a number of properties in Georgia. All of my leases require a 10% late fee after the 5th. I have one tenant who consistently pays on the 15th. I think it;s a fair trade off. She's happy, I'm happy and since she is basically paying the entire management fee, the owner is happy. I manage a number of properties in Georgia. All of my leases require a 10% late fee after the 5th. I have one tenant who consistently pays on the 15th. I think it;s a fair trade off. She’s happy, I’m happy and since she is basically paying the entire management fee, the owner is happy.

]]> By: TheLandlord http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41294 TheLandlord Fri, 06 Nov 2009 00:08:30 +0000 http://www.landlord-success.com/?p=809#comment-41294 Hi Justin, To answer your question, in Florida the statute says the following: "If the court as a matter of law finds a rental agreement or any provision of a rental agreement to have been unconscionable at the time it was made, the court may refuse to enforce the rental agreement, enforce the remainder of the rental agreement without the unconscionable provision, or so limit the application of any unconscionable provision as to avoid any unconscionable result." Nice how the term "unconscionable" is not defined in the statute AND notice how the statute gives the court completely unrestrained latitude as to remedy. In effect, you could eliminate most of the landlord/tenant statute and replace it with "...and the court shall deal with it." Hi Justin,
To answer your question, in Florida the statute says the following:

“If the court as a matter of law finds a rental agreement or any provision of a rental agreement to have been unconscionable at the time it was made, the court may refuse to enforce the rental agreement, enforce the remainder of the rental agreement without the unconscionable provision, or so limit the application of any unconscionable provision as to avoid any unconscionable result.”

Nice how the term “unconscionable” is not defined in the statute AND notice how the statute gives the court completely unrestrained latitude as to remedy.

In effect, you could eliminate most of the landlord/tenant statute and replace it with “…and the court shall deal with it.”

]]> By: Sydney http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41293 Sydney Thu, 05 Nov 2009 17:10:33 +0000 http://www.landlord-success.com/?p=809#comment-41293 I had one tenant that for over a year would pay the late fee of $50 almost all the time. I started getting used to the extra money, so during the few rare months when he was on time I was a little disappointed (but not that much). I had other reasons for evicting him, which I eventually did, then had all the extra late fees went into fixing up the mess he left behind. I had one tenant that for over a year would pay the late fee of $50 almost all the time. I started getting used to the extra money, so during the few rare months when he was on time I was a little disappointed (but not that much). I had other reasons for evicting him, which I eventually did, then had all the extra late fees went into fixing up the mess he left behind.

]]> By: Chris Wark http://www.landlord-success.com/care-and-feeding-of-tenants/new-late-fee-strategy/comment-page-1#comment-41292 Chris Wark Wed, 04 Nov 2009 23:11:40 +0000 http://www.landlord-success.com/?p=809#comment-41292 Sneaky indeed. I like it! Sneaky indeed. I like it!

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