Property Manager "gotcha"

[Phil Mays]

So I signed up with a property manager on my NC property. I'm paying 10% for their services. Last month my tenant was late 13 days on his payment. I just assumed that the late fee collected was going to be paid to me less their 10%. Nope! Apparently, the property mgr. pockets 100% of this late pay fee. So now I get it. The property Manager stands to make more money by NOT collecting rent on the due date. Has this happened to anyone else?

[Dawn Anastasi]

I think it makes sense to give the owners 100% of the late fee. After all, they have their money invested in the property.  It's the PM's job to pick tenants that are going to pay on time and in full each month.  If they have a turnover within the first year then there should be no tenant placement fee until at least after a year.  There has to be accountability with this.