Late rent - what process do you use to collect?

[Andy Kaplan]

My MTM lease has a date due for rent of the first of the month. There is a grace period til the 5th of the month at 5pm. If not received, they owe an additional 5%.

I have a tenant that is occasionally late on rent - ranging by several hours to several days. My question is: How do you assess the late fees?

- Do you send a letter with the additional charge for next month?

- Do you send a letter requesting the late fee immediately?

How do you handle this?

Thanks in advance... AK