With Cozy, the company behind Landlordology, you can easily collect rent from your tenants for free, and now you can add automatic late fees. Landlords have been requesting this feature, and we’re happy to give them another tool to help them simplify their rental businesses.
Landlords who don’t enforce late fees can end up chasing down rent and feeling the stress of unpredictable cash flows. Adding automatic late fees not only gives you peace of mind, but helps you enforce the terms of your lease.
Automatic late fees will help encourage your tenants to pay their rent on time, which means you can focus on more important things, like family, friends, and growing your business.
To turn on automatic late fees, sign in to Cozy and visit the “Rental Details” section of any unit where you’re collecting rent. You can add a fixed late fee amount for whenever your tenants fail to make a payment on time, in full, by the due date.
If you have a grace period for paying rent, or your state requires one by law, you can include that in your late fee set up. Some states, like Massachusetts, require a 30 day grace period, while Virginia doesn’t require a grace period at all. Either way, we’ve got you covered.
If you’re not already using Cozy, give it a try. Our core features are free for landlords, including collecting applications, screening tenants, and collecting rent online.