[Been There Done That] Waiving late fees when tenants don’t pay on time
Waiving a late fee is tempting to do, especially when:
- Tenants tell you a “sob story”
- Tenants have consistently paid on time previously
- Rent wasn’t paid very long after the due date
- You aren’t inconvenienced by the late payment
As professional property managers we have dealt with a lot of these situations. In this video we explain why it’s important to never waive a late fee, and what to do instead.