How do you deal with late rents?

We follow a multi-channel approach to reaching Residents who are late on their rent.

If your resident is under a Great Jones lease, their rent will be due on the 1st of each month. While we do offer a short grace period, our goal is to encourage your Residents to pay on time every month. We follow a multi-channel approach to reminding Residents about their rent payments and following up with them when they are late, including the following communications:

  1. Proactive auto-pay encouragement -- we encourage your Residents to sign up for automatic payments to help build their credit scores, avoid accidental late fees, and save time in their day-to-day.
  2. Proactive balance reminders -- your Residents receive a reminder of the balance on their accounts (including rent, any relevant fees or utility usage, etc.) on the 28th of each month.
  3. Notice of outstanding balances -- your Residents receive a notice of their unpaid balance if not paid in full by the 1st, reminding them of the potential late fees that could be applied if they fail to pay by the end of the grace period
  4. Follow-up calls, emails, and notices until we receive payment -- we reach out to your delinquent Residents with follow-up calls, emails, and, if necessary, rent demand notices every 4-7 days until we've received payment from your Resident or entered into a payment plan agreement.

If your resident is under a lease from a prior property manager, their rent payment schedule will be subject to whatever due date and late fees are listed in their existing lease. Similar to our collections efforts for Residents placed by Great Jones, we are reaching out 1-2x weekly to recoup payment and ensure Residents get back on track to timely rent payments.

 

Great Jones collects 100% of the late fee - click here to learn why.