Increasing the late fee


#1

Does anyone have any thoughts on if it’s better to increase the late fee while increasing the rent, or if it’s better to do the two separately?

I have a park with only a $25 late fee that I want to double to $50. I’m debating doing it now, or when rents get bumped up in February.


#2

I guess you can go both ways, but I would prefer increasing the late fee now. If you feel that your late fee is too low, then correct it now.


#3

I think it’s best to update all at once. Rules, fees, etc. It seems to be easier to digest for residents.

You can explain that late payments cost the community and consequently the residents so you want adequate compensation. 10% of lot rent is totally fine (according to PA attorney).