Course Content
Excel Property Management
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Rent & Late Fees

Late Fees

Rent is due on the 1st of each month;

Residents have until the 3rd to pay without a late fee.
As soon as the 4th hits the tenant is charged a $30 late fee plus $10 every day until the balance has been paid in FULL.

On the 15th, make sure you go through every unit and check to see when they paid.
(Those who paid online after the 3rd make sure you add late fees)
Those who still have a balance on the 15th add the $140 late fee to their transaction history.
$140 is the maximum amount we can charge for late fees. 


Note

Never Delete a late fee! Add a concession to cancel it and in the “comments” section, document why you are waiving the late fee.

Late fees are not calculated automatically, so you must learn how to calculate them.

Accepted Forms of Payment and Fees that were Associated.

Store Payments

We provide every resident with an account number, with this number they can then pay at the store. ($4-$5 Fee)

Online Payments

At the office or through the tenant’s online portal.

  • Credit Cards (3% Fee)
  • Debit Cards (3% Fee)
  • Checking Account ($2 Fee)
  • Savings Account ($2 Fee)

Excel Property Management does not accept CASH, CHECKS, OR MONEY ORDERS under any circumstances.

This is because in the case of any business, handling money specifically cash, checks, and money orders, implies a risk.
The risk that it can be lost, or misplaced.
By taking these forms of payments out of the way we reduce this risk.* 

*If a lease contract has not been signed then no form of money can be accepted* 

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