Azibo property owners can enable automatic late fees for their renters when setting up payment terms. As a property owner, you can choose the amount (a specific dollar amount or a percentage of rent), grace period, and how often this charge should be applied. The late fee(s) will be included in the rent invoice and can be waived manually at any time. You can adjust your late fee settings whenever needed.
Setting Up Late Fees:
- Choose Fee Type: Select between a flat dollar amount or a percentage of rent for your late fee.
- Set Recurrence: Decide if the late fee should apply once, daily, weekly, or monthly.
- Define Grace Period: Specify the number of full days after the due date before the late fee is applied.
- Add Additional Fees: If desired, add more late fees that can stack on top of the initial fee.
- Set Maximum Fees: Implement a cap to ensure late fees do not exceed a reasonable limit.
There are two configurations for the late fee grace period:
| Late Fee Configurations | |
| Sent by | Apply a late fee to this invoice if the renter has not submitted a payment before the end of the grace period. If the renter sends the scheduled payment before the end of the grace period, no late fee will be applied. Renters can “send” payment on any calendar day. |
| Received by | Apply a late fee to this invoice if the renter's payment is received by your bank account after the end of the grace period. To avoid a late fee, the renter must schedule their payment so that it is received by your bank account before the end of the grace period. Money can only be received by your bank account on business days. |
Bulk Update of Late Fee Settings:
To update late fee settings for multiple units or properties at once, follow these steps:
- Navigate to Properties
- Select Manage Properties button
- Choose the specific units or properties you want to apply the changes to
- Adjust your settings according to your preferences
Important Note:
Any modifications made to the renters' payment terms and settings will disable autopay for their protection. Renters will receive email notifications to keep them informed of these changes.