Late fees - REO Property Preservation Forum
 
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post #1 of 5 (permalink) Old 08-27-2015, 09:30 AM Thread Starter
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Late fees

When you have customers not paying you do you charge a late fee ever? if so do you use a flat fee?

I have a broker that has been screwing around and i have invoices from may not paid.. So i tackled on 35.00 late fee on 18 orders he has 1 week and another 7 will have them.

I think this broker is trying a fast one and hoping ill forget about the invoices.. but i only require online payments or check..
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post #2 of 5 (permalink) Old 08-27-2015, 09:36 AM
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Monthly statements emailed directly to them and sometimes a paper copy in the mail can help with absent mindedness. We have brokers that solicit the work but the check comes direct from the lender, and without a statement they may have no idea if you were paid or not.
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post #3 of 5 (permalink) Old 08-27-2015, 09:43 AM Thread Starter
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Nope

The system i use send a reminder every month so i can see they have looked at it. This broker pays me no middle man.. This broker has been shady he has been asking me to change my name to include xxxx & locksmith or xxxx & plumbing repairs. I think im done working with him since he owes me from may.

Also when he sends me a check lets say my invoice has 3-4-5 lines he will pay line 1 and 3 and then say he will pay next round.. Why cause he is hoping i will forget the unpaid part, Which i have done in the pass cause i marked it paid and then it was to late to figure out what was what.

IDK.. theres shady vendors but there is also shady brokers out there.

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post #4 of 5 (permalink) Old 08-27-2015, 12:17 PM
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The minute they asked me to change my name I would've dropped them.

When it comes to late invoices, you have to check your state regulations regarding the amount you can legally add to them.
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post #5 of 5 (permalink) Old 08-27-2015, 03:06 PM
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There probably should be some type of notice up front of the late payment fee as well. I think we offer 5% discount for paying early and charge 10% for late payment, it automatically populates on my invoices when I send them out. One realtor jumps all over the discount and has my check in the mail the next day.
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