Late fees: who should get these?

[Andrew West]

Hi friends-

Wanted a little sanity check here. Tenants in a triplex that I own are late on rent and get charged a small ($50) late fee per their lease agreement. 

In your experience, who gets this late fee??

My Property Manager is saying they get it. I feel like I should get it since I'm carrying the financial burden of the property and the delayed rent means lost revenue for me and not my property manager. At the very least, it feels reasonable to split it.

What has you experience been with late fees and/or what's industry-standard?

thanks!