RentRedi

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) when rent is late.

Take the tour, and we'll walk you through it 😄

Or, follow the instructions below👇

From your RentRedi dashboard, click Rent

Got to the upper right corner and click Add Rule

In the top left, you can apply the rule to All Properties and All Units, or select a specific property or unit

Set the grace period and indicate whether it is by 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 of the charge amount %. (This is the first late fee that will be charged to the tenant after the grace period ends.)

Set recurring late fee. Each day or week after the due date that payment is late, 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 to align with your lease.

Set Max Late 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 the 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 tenants to pay late fees and rent together).

Under Summary, you can review a chart of the rule(s) 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.

1. From your RentRedi dashboard, click Rent
2. Click Late Fee Rules
3. Got to the upper right corner and click Add Rule
4. In the top left, you can apply the rule to All Properties and All Units, or select a specific property or unit
5. Set the grace period and indicate whether it is by 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.) ​
 
 
6. Set the first fee and indicate whether it is a dollar amount $ or a percentage of the charge amount %. (This is the first late fee that will be charged to the tenant after the grace period ends.)
7. Set recurring late fee. Each day or week after the due date that payment is late, the recurring late fee will be added. If you do not have a recurring late fee, you can leave this blank.
8. Set recurring late fee frequency. Typically recurring fees are for each day, but you can set it to Week to align with your lease.
9. Set Max Late 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 (%).
10. Select the 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.
11. 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 tenants to pay late fees and rent together).
12. Under Summary, you can review a chart of the rule(s) you created. It will show how fees add up over the days or weeks.
13. 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.
14. Click Save. Done!🎉

Set up the late fees, automatically add late fees when rent is unpaid, late rules