How do you deal with late rents and do I receive late fees?

As a matter of process, all residents are issued text, email and call reminders to pay until their account is current. Once a resident is late (end of business on the 5th on our standard lease) they are served an official notice (3 day notice to pay rent) which is a statutory requirement to have been posted and expired prior to filing for an eviction if necessary. It sends a clear message that we are not going to play games on rent collection. We post, even if a resident has agreed to pay, just in case they break that promise.

We assess late fees at the start of this process (on the sixth) to both provide economic incentive to pay on time, so that you can be paid on time, and to defray the hard costs we encumber when a resident becomes past due and additional measures must be taken to collect. The standard in the property management industry is that these late fees pass through to the manager in nearly all cases, which is how our management agreements are written as well. We strive to not fill our agreements with junk fees and also not to effect the same on our residents. We seek only to align incentives and recover costs where they escalate.