Accepting late payments should be done with care. It’s not as simple as accepting the payment. It needs to be clear what the payment is for (late fees, rent, any other penalties, etc.).
For example, if you accept a late payment, but the amount of the payment is only for the rent that is late and not any other applicable fees stated in the lease, you might actually be accepting a partial payment which is entirely different.
Sometimes people have to make a late payment, it happens. It’s important that we as a property management company have strict policies in place. We adhere to those policies while treating every tenant the same.
In the event you are in the process of doing an eviction in Colorado Springs, there is a risk. Accepting a late payment could put an end to your eviction process and often does. We see it happen to several other landlords and property managers. They accept a late payment to ease some pain, but by doing so they have to allow the tenant an extra month.
Contact us anytime for questions about this, or anything property management related. We are here to help and are looking to grow our company.