[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.