Do you prefer to collect late fees or not have them at all?

[Jeremiah H.]

I got into a discussion today with a local property owner that manages most of his properties in house. He loves the fact that his tenants typically pay late and he collects late fees. It got me thinking about the variable cost of collecting that money and if it's worth it. I realize there are many factors to this, but in general, would you rather your tenants pay on time or pay late and you collect the late rent fee?