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I used to give a discount if they paid their rent a week before the due date. I no longer do that though as I have newer tenets.
My rents are due on a set day (last day of month) and is considered late as of the first day of the month. Late fee does kick in as of the first. I keep the late fee at 1.5% of the rent, not going any higher as that would already be running a fine line with California usury laws. They do not say exactly what the maximum can be (10% on most loans) for fines/service charges but have routinely upheld 18% per year in many cases.
Eviction paperwork also starts if rent has not been paid by the 2nd. They will get a 3 day or quit delivered that day with more paperwork started to speed along the legal process.
I do not give out free months and so forth in order to get a tenet. Have not had the need yet. Would only consider doing it if the unit was showing difficulty in getting rented out.
Them signing a lease actually protects them more than it does me anyways. The rules remain the same, minus the month to month part. A lease however does protect them from me raising my rents during the lease period, which I do raise my rents on the units yearly (unless a lease prevents me). I typically raise it by 5% per year as a minimum.
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