Explain Advantage Of Paying Late Fees
Many Subscribers are asking – How can we collect late rent fees? Here is the letter or memo I use – the only part that matters to most “late payers”” is paragraph 4, Late fee collection letters must have teeth to be effective.
SUBJECT: LATE RENT FEES
We need your help with timely rent payments! As you may know already, we are required by the owners to collect late fees for all rent payments received later than five (5) days past the rent due date. Rent due dates are shown on the rental contract you signed when you moved in.
In the case of HUD contracts, rents are normally due and payable on the first day of each month. The only way you can change or modify your HUD lease (voucher) is to contact your housing representative and request a modification. They will require some valid reason.
For those who mail rent payments, the postmark date shown on the envelope will be used to determine if rent was paid within the time limits. All rent payments received later than five (5) days past the rent due date must include a $35 late fee. Late fees are specified in your rental agreement with JMK Traders/One Stop Home Rental Company.
Most residents feel that a “one time” late fee is much more acceptable than a rent increase. Owners will often require us to increase rents when the late fees are not collected.
We appreciate anything you can do to help us with this problem, and obviously, you’ll be helping yourself at the same time.
Sincerely,
Love Bob, aka , Fixer Jay
