Overview
Late fees for leases are charges that are applied when a tenant fails to pay their rent by the agreed-upon date. These fees are meant to incentivize timely payment of rent and to compensate the landlord for any lost revenue or inconvenience caused by the late payment. Late fees can vary in amount and may be a fixed fee or a percentage of the monthly rent.
DoorLoop makes it simple for you to configure late fee schedules and will handle the late fee charges and notifications for you. You need to turn this feature on to use it. Late fees can now be turned on by selecting multiple leases at once instead of one by one if you need a way to bulk processing this action.
The Steps
To create bulk late fees, click Reports on the main menu and under the Leasing section, click Lease Late Fees Report.
From the Lease Late Fees Report, you’ll now see a list of all your active and inactive leases. You can also see from this screen whether or not Lease Late Fees are active or not.
Select the leases you want to add or remove a late fees policy for by checking the boxes next to each name. If you want to select them all, click the top most box in the column.
You’ll now see a new button above the table that reads “Edit Late Fees”. Click that.
You’ll be presented now with an Edit Late Fees popup. Toggle this off if you want to turn off Late Fees. Toggle this on if you want to enable Late Fees.
Click use the property default late fee structure, if you want to use your default late fee policy for those properties. Remember, this option will default to whatever the late fees are for those properties when you created them.
Click select a late fee structure for this lease, if you want to make a custom late fee structure for these leases. Refer to the Automate Late Fees article for a refresher on setting up Late Fees.
Click Save to complete the process.
This will change the late fee policy for all the leases that you selected in Step 3 and each of those leases will have the same late fee settings. This makes the Late Fees Report extremely useful if you want to set a bunch of leases to have the same Late Fee POlicy or if you want to turn off or turn on the feature on multiple leases without having to go through each lease one by one.