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?