Landlords can automate the collection of late fees when setting up a rental payment schedule. This feature is available to all users. Agents or landlords can include a late fee when creating new rental payment requests.
Please note that this feature only applies to new payment requests. If a tenant already has a payment set up, you'll need to end the current request and create a new one using the steps below.
Steps to Set Up a New Payment Request with a Late Fee:
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Log into the RentSpree Dashboard.
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On the left-hand side, click Payments & select Collect Payments
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You will be prompted to select who is receiving the payment - Me or My Client.
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Next, choose the appropriate property and tenant.
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On the following page, enter the payment details, including:
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Payment frequency
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Amount
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Duration
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Any notes you'd like to include
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After, you’ll see the Late Fee feature. This is a toggle switch that must be turned on to activate the feature.
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Once enabled, you'll need to:
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Enter a grace period (number of days before the late fee is applied)
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Choose a fee type: either a flat amount or a percentage of the rent
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Enter the late fee Amount - this cannot exceed 10% of the original payment
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After all required information is entered, proceed to the next page to review the payment overview before sending the request to the tenant.
What Happens If a Tenant Pays Late?
If a tenant misses the grace period and makes a payment after the due date, the late fee will automatically be added to the total amount due at checkout. The fee will appear as a separate line item titled Late Fee.