Under our lease agreement, the rent due date is clearly outlined and we will always hold a tenant to the terms that he/she agreed to. If a full rental payment is not received by the due date, then we charge your tenant a late fee. Unfortunately, for discriminatory reasons, we cannot waive a late fee for any reason. If rent has still not been paid by the 6th day of the month, we will post a "3-day notice to pay or quit". This notice “starts the eviction process” while still allowing the tenant to bring his or her obligations current without further penalty or cost to you. If the tenant has still not paid after the "3-day notice to pay or quit" has expired, we discuss a strategy moving forward and decide whether it makes sense to turn the file over to our attorney to proceed with an eviction and initiate collection proceedings.
As a result of this tried and tested process, tenants usually pay on time (less than 3% of our tenants actually pay late) and understand that there is no valid excuse for late payments.