Late fees on a house

I’m a landlord in Texas and I’m currently going to renew a contract with a tenant. I charge 1475 for rent month and a $25 late fee of rent isn’t paid by the 3rd day of the month, after that it’s $5 each day.

Well I’ve been having trouble for the past 5 months getting rent on time, it’s weeks late. Mind you I do get all the late fees but I’m starting to thinking rent isn’t being prioritized. The tenant is awesome he keeps the house clean ect. I have waived an eviction before because he maintains the house well. But I also have bills to pay.

I want to up my late fees to $50 on the 3rd day and $10 a day after wards.

I’m just worried I’m not charging enough or if I’m over charging.

Any advice?

For those saying to up the late fees is the $50 initial fee than $10 a day too low or too high?