late rent payment fee collected by PM

[Sam Shah]

Hi Everyone,

I'm a new landlord who just bought few multi-family properties. One of them is in Hartford, CT. My PM is telling me that he just collected few late payments and charged $50/tenant for being late. Now, he's saying that he gets to keep the whole $50. Is this standard practice? 

I wasn't aware that PM company gets to keep the whole amount. But I could be wrong. Please let me know.

Thanks

[Caleb Heimsoth]

It should be in your property management agreement. This is sometimes standard.