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A 3 day late fee got my $4,700 check in 2 days after 4 months of waiting
So I had a commercial tenant in Fairview who owed me $4,700 for February rent and just kept giving me the runaround. Every time I called it was some new excuse, the bookkeeper was out, the owner was traveling, the check was "in the mail" for like 6 weeks straight. Tbh I tried the nice route first, soft emails, a friendly call every Monday, nothing. Then a buddy who runs a few strip malls told me to stop asking for the rent and start asking for a payment plan with a late fee attached in writing. I sent one short letter that said the balance was $4,700 plus a $25 a day late fee starting back on the original due date, and I gave them until Friday to pay in full or the fee would stand. Ngl I felt a little pushy doing it but the check hit my mailbox in 2 days and they paid the fee too. The trick was making the cost of waiting bigger than the cost of paying, and putting a hard date on it instead of just "let me know." Has anyone else had luck with a daily late fee instead of a flat one, or does it backfire on you?
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morganh4414d ago
How long did you let the fee run before they actually cut the check, like did it end up being way more than the $25 you started with? And did you ever worry they'd just walk and leave you stuck with an empty unit? Curious if the daily number was small enough that they figured paying beat fighting it.
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