Grace Periods? Rent extensions? What do you do?

[Brandon Turner]

Do you allow grace periods? Like, "rent is due on the first of the month but considered late after the 5th".

We have a 5 day grace period in our lease - but because of it, no one pays till the 5th of the month. Everyone just sees the 5th as the due date. So maybe I should get rid of it.

Also, what do you guys do about when tenants call about extensions? People seem to call every month and ask for 2 or 3 days extra to pay (due to pay days, etc). I'm thinking about allowing it, but telling people there is going to be a $20 charge for it. That way I can make some extra money being flexible.

Thoughts?

[Jennifer Minge]

Rent is due on 1st. Past due on 5th so starting on 6th there is a flat $70 late fee. If not paid by 7th I file eviction.

For exceptions, I still file eviction on the 7th and they can pay me anytime up until day before court day but amount must include rent, plus $70 late fee + $150 for dispo filing.

Let them realize that they can pay on 10th or 15th (common pay dates here) but it will cost them late fee and disp fee on top of rent amount. You will be amazed at how many tenants pay by 7th when they know it will cost them an extra $220 and after telling me they can't pay by 7th.

I just to be lenient but that dog doesn't fly. My lease says rent is due on 1st. They agree to this when they sign the lease. If they want to break their word and pay late, I am definitely going to keep my word and file dispo like my lease states.