Volumize Your Value For example, in most of the states we
manage, the law is $20 or 20 percent, whichever is greater. We charge the first $10 or 10 percent, whichever is greater, on the soonest default date allowed in the state statute (effective at 6 p.m.). We then charge the second $10 or 10 percent, whichever is greater, usually around the 14th of the month (effective at 6 p.m.). In California, for example, the law is a little more specific and must be followed; from our California lease we find, “Therefore, if rent is paid after ten (10) days of due date, late fees shall be charged as follows: Ten dollars ($10.00), if the rental agreement provides for monthly rent of sixty dollars ($60.00) or less; fifteen dollars ($15.00), if the rental agreement provides for monthly rent greater than sixty dollars ($60.00) but less than one hundred dollars ($100.00); twenty dollars ($20.00) or 15 percent of the monthly rental fee, whichever is greater, if the rental agreement provides for monthly rent of one hundred dollars
($100.00) or more.” You must stay up to date on all these fees as mandated by your state, if any; join your state associa- tion to stay current on what is mandated.
Where there is no mandate, we have
successfully used the following schedule: $10 at 6 p.m. on the 6th and an additional $40 at 6 p.m. on the 14th. Make sure to apply the late fee at the earliest possible date to encourage on-time payments. Also define which hour of the day the fee will accrue, typically your business closing time on the day of default to make programming easier for your 24/7 website payments and transactions. Many of us, however, offer a “No Late Fee Guarantee” when they sign up for auto debit payments to their credit card to encourage automatic payments as well as fewer delinquencies and late payments.
Paper Invoicing Fee - This fee covers mailing them an invoice or other docu- ments and is paid monthly; we currently
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charge $3 per month for this service. The emailing of all documents is provided for free. Many state laws also provide for emailing of all notices versus the old USPS processes; check with your state to ensure you are providing the lowest cost of service.
Lock Cut Fee - As many of us know, it takes time and tools to cut off customer locks, especially if they are disc locks. This fee, which covers the cost of time and equipment, is much lower than having the customer call a locksmith for the same service; our average lock cut fees are $25 for a padlock and $45 for a disc lock. All fees must be clearly stated in the rental agreement or lease. Make sure to update your rental agreement and lease often, specifically when your state has an update to your statutes.
Sale Fee or Lien Fee - These fees vary widely within the industry; some operators charge fees at each step of the
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