[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
  • Etc.

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.

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