Cathy,
It's great that you can be flexible with tenants. I suppose that's great as long as they don't abuse it.
Those that choose to work with rentals need to follow your advice on appropriate late fees. Housing obligations should be at the top of the list for prompt or early payments.
Hi Wayne and Jean Marie, yes as long as they don't abuse it.
Hi Roy, I agree it should be a top priority.
Good question, Cathy. I have never had anyone pay late yet so have not thought about waiving the fee. It makes sense for a good tenant who has encountered a one-time hardship.
Cathy, Renting is not necessarily a one-type-fits-all situation as you have experienced and I am glad your grace period works for most people. Being flexible does help to create a good relationship as long as it does not become a fixed habit with tenants.
Cathy, I was having this discussion with my husband. We allow 5 days and that means to some the rent isn't due until the fifth day and then they need a grace period after that to allow for weekends, mail delivery, sickness, working late, etc. I suggested making it due on the first and tell them all to have it in before the end of the month. This is the result of 30 years of hearing every excuse under the sun. Of course I am venting and we will keep things as they are.
Cathy, I think a late fee should definitely be in the lease agreement and enforced if the tenants are habitually late. On the other hand, if there are special circumstances, perhaps something that prevents them to pay at the beginning of the month, this should be discussed at time of lease preparation and maybe some adjustments can be made then to avoid lateness in the first place.
Debbie, yeah mine are late on the 5th also and if that is a weekend or holiday it does stretch that out. It does cut things close atbtimes in getting the owners money out on time.
Silvia, yeah I have a current tenant on disability and his due date is the 15th, since his check comes in around the 10th. The owner had no problem with this, so the flexibility works in this case.
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