New! Automatic late fees in Cozy

Written on May 24, 2018 by

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.

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5 CommentsLeave a Comment

  • shinn

    Lucas Hall, thanks so much for the post.Really thank you! Keep writing.

  • .....

    I was wondering what if you want to make a recurring late fee charge. For example: “Everyday the tenant is late after the due date the tenant pays ______.”

  • David Miller

    I saw this and was looking forward to trying it out – great feature idea! Unfortunately, we charge a % of outstanding balance as a late fee which is not available (yet?) – looks like landlords can only set up a flat fee late charge. But good idea!

  • ______ I'm with the guy with the unique name (..........(

    What if you want to charge say, $40 if rent is not turned in by the 5that day of each month and then, (X) amount additionally, for each day rent has not been turned in after that? There has to be a quick and easy way to do this and if there’s not, Cozy, please add this feature ASAP. That has to be an incredibly easy thing to add, which is costing you, customers, if you aren’t able to provide this.

    • Cindy Murray

      I set up my lease to charge a daily late fee.. The ability to charge a recurring late fee is crucial. Please look into adding this feature asap!

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