Average Late Fee Rates

[Mike Bonadies]

Hi Bigger Pocket Community,

I am a new rehab-to-rent investor jumping into my first rental with a property located in South Jersey and I'm in the process defining our lease agreement before we tackle finding a resident. I wanted to know what experienced property managers charge as a late fee? Do you base it off as a % of the rent or do you base it off what the regional norm? If its the norm, any South Jersey PMs out there that can lend a hand?

Best,
Mike

[Mark Sokolowski]

i charge a late fee of $50-$100 if they dont pay the rent by the 10th of the month. ive heard from a friend who is in management that his company charges a % of the rent (i forgot how much) if they dont pay by the 5th of the month. sorry but i dont know the norms in south jersey