Each night, Lokwyn checks every rental. When a tenant falls behind, it adds your late fees and creates a task for each step on the day the tenant reaches it.
Late fees
- Go to Settings, Billing and late fees.
- Under Late fees, choose the type: a fixed amount, a percent of rent, or the greater of a dollar amount or a percent.
- Enter the amount and how many days after the due date it's added. Use Add late fee rule for a second fee, for example one at 5 days and another at 30.
- Choose Save billing settings.
Important:Many states cap self-storage late fees and require them to be stated in the rental agreement. Check your state's law and your agreement before you set them.
Late-payment steps
Each step has a number of days late and an action: contact the tenant, lock gate access, overlock the unit, send the pre-lien notice, send the lien notice, or review for lien sale. You can change the days, rename steps, add steps and remove them.
| Days late | Starting example |
|---|---|
| 10 | Lock gate access |
| 15 | Overlock the unit |
| 30 | Send pre-lien notice |
| 45 | Send lien notice |
| 60 | Review for lien sale |
Important:These starting days are only an example, not any state's law. Notice timelines, how notices must be sent and sale rules differ by state. Set the steps to match your state's self-storage lien law before your first late tenant.
When the tenant pays
Once the balance is paid in full, the tenant's open steps close by themselves. If you had locked their gate access or overlocked the unit, Lokwyn adds a task to restore gate access or remove the overlock, so you don't forget.
Changes take effect from the next nightly run. Late fees already added stay as they are.