Attention: All Leasing Office Associates

From the 12/6 E-Hour: In order to eliminate late fees being assessed for small balances, late fees will now be assessed on balances of $500 or greater. 

What is the change?
For residents, late fees are now assessed on outstanding balances of $500.

When does this change go into effect?
Today, Wednesday, December 6.

What problem does this change solve?
Previously, late fees were assessed for small balances owed by residents. As late fees increased, the minimum balance that they were assessed against never changed. This adjustment makes the late fees reasonable compared to the past due balance.

Are there any action items?
The global setting has been updated in Yardi, so leasing office associates should continue to assess late fees as usual.

Questions?
Please direct any questions to AST@essex.com.