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?