Property Management, Tenant Selection, Real Estate News & Tips

Improved Late Fees

By on April 17, 2012 in Product Updates with 2 Comments

Just the other day we released bi-weekly rental support.  Now since all popular frequency options (daily, weekly, bi-weekly, and monthly) are supported, it is time for an update to the late fees code.  Beginning today you’ll notice the late fees function much better for the following scenarios:

  • Monthly Recurring Rent + Daily Late Fee:  Previously the daily late charges would not continue past the 31st of the month and into the next month if rent was charged on a day other than the first.  This has been corrected and daily late fees will now continue until the next term as originally intended.
  • Weekly late fee improvements:  We’ve changed the “monthly fee” to “frequency fee”.  This is more flexible for landlords doing rent in frequencies other than monthly.  Monthly fees will work the same as always; however, if you rent weekly or bi-weekly the frequency based late fee will now charge based on the rental frequency.  For instance, if a late fee was imposed on a weekly renter, the late fee would charge each week if the tenant was overdue past their grace period.
  • Bi-Weekly Support:  Bi-weekly late fees will function just as the weekly late fees do now, except be checked every other week following the grace period.
  • Multiple Recurring Rent Charges:  We’ve enhanced the late fees code to support a scenario where a landlord sets two or more recurring rent charges for a tenant.  For instance, if the tenant is charged rent on the 1st and the 15th of each month with a 5 day grace period, late fees will occur on the 6th and 21st of each month if the tenant is overdue.

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There Are 2 Brilliant Comments

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  1. C. Roberts says:

    Appreciate that we have the options now. However we have one small complaint. If you enter the rent on the date received and there are late fees posted after that date, the system requires that you delete each late fee that falls after the date paid individually.

    Example: Tenant’s rent is received 5 days after grace period. Our office personnel do data entry twice a week. The rent is entered 2 days after it is received. We have to go in and manually delete those additional one to three days (sometimes the system adds an additional day before the actual date).

    Is it possible to tweek the software so that the system updates itself as entries are made?


  2. rentec says:

    @C. Roberts
    That sounds like a great idea and we’ll make sure it gets on our feature request list as it sounds like it would save some time.

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