Late Fee policies

[Brandon Ja]

Good morning everyone.  New to rentals and it’s been 20 years since I have rented a place myself.  Looking for ideas on how to structure my late fees and what you charge.  Do most people charge a set amount or is it better to go with a percentage of the rent?  Do the fees add up daily or do you use a different rate?  Any adivice would be appreciated.  Thanks in advance.