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I hired a property manager to manage my property.?

Lets start here: (1) A lease is between the management company and the tenant. (2) A management agreement is between the owner of the property and the landlord. The $100 charge is written into the lease, so the management company keeps any fees collected from the tenant in regards to the violation of the lease that are non-property damage related (aka, paying rent.) There should be a clause in your management agreement in regards to this, as the management company keeping all late fees is a standard practice in the property management field. The property management company is in charge of collecting rents on your behalf and taking care of the expenses associated with your property that we hold in trust (in an account). If any bills are associate with your property (repairs, etc.), mortgage payments and HOA payments (if you want them too.) You receive their proceeds at the end of the month. Late fees are an administrative cost to the management company. When we have to post notices, pay employees and other things. If thats something that bothers you enough, then see if you can find a property management company who doesnt keep late fees, read your own management agreement to see what it says first.