There will likely be local regulations that will dictate the maximum late fee that can be charged. Even if I have late fees in my leases, I rarely apply them. All of my properties are A/B locations with responsible tenants who make their payments through an online payment system. Never have to chase tenants for rent. Never have rent collections that drag more than a few weeks. In fact it’s not even necessary to send reminders. Rent collection is an auto pilot part of my business.
