With RentRedi, you can automatically set up late fees for rent.
Late fees are applied each morning (not the moment a return happens or when you set up the auto-late fee rules) that the tenant is late.
Take the tour, and we'll walk you through it. 😄
Or, follow the instructions below. 👇
From your RentRedi menu, click Rent
Click Add Late Fee Rules
From your RentRedi dashboard, click the gear icon
Click Settings
Toggle to the Feature Settings tab
Under the Automatic Late Fee Rules section, click Add Rule
Choose a property and unit to apply an auto-late fee rule to, or leave as all. (Note: you can apply auto-late fee rules to: all properties and units; one property (all units); or one property (one unit).
Set the grace period and indicate whether it is Day or Week. (The grace period is the number of days or weeks to wait before the first late fee is applied. Typically the grace period is Day, but we allow you to set it to Week if your grace period is longer.)
Set the first fee and indicate whether it is a dollar amount $ or a percentage %. (This is the first late fee that will be charged to the tenant after the grace period ends.)
Set recurring late fee. Every day or week that it is late after the first day, the recurring late fee will be added. If you do not have a recurring late fee, you can leave this blank.
Set recurring late fee frequency. Typically recurring fees are for each day, but you can set it to Week if that is how your lease reads.
Set max fee. Some leases, states, or municipalities have a maximum late fee that is allowed. Use this box to set a maximum, if applicable. It can be in dollars ($) or by percentage (%).
Select types of charges you want to create auto-late fees for. Typically, this is set to Rental Income. But, you can elect to charge the late fee to HOA Fee Income or Parking Income, if applicable.
Set how you want the charge to be displayed. Create a Separate Charge: Show Rent and Late Fee as separate charges (works well for keeping income types separate in accounting). Add to Existing: Show Rent and Late Fee as one charge (encourages tenant to pay late fee and rent together).
Under Summary you can see you a summary chart of the rule you created. It will show how fees add up over the days or weeks.
Under Example Charge Amount, you can use this to see what the fees will look like for tenants if your auto-late fee rules are based on percentage.
Click Save.