https://www.peterlohmann.com/blog daily 0.75 2026-03-31 https://www.peterlohmann.com/blog/revenue-per-unit-property-management monthly 0.5 2026-03-31 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/38cb8aa8-1009-4adf-8955-82ce041e0b21/Screenshot+2026-03-31+at+12.55.49%E2%80%AFPM.png Blog - RPU: The Do-Or-Die Metric Every Property Manager Should Know - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/ftc-warning-letter-13-pm-software-companies monthly 0.5 2026-03-23 https://www.peterlohmann.com/blog/property-management-company-structure monthly 0.5 2026-03-05 https://www.peterlohmann.com/blog/openclaw-ai-agent-property-management monthly 0.5 2026-03-05 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/5bebdcc5-ee61-4304-9441-86d588eae6f8/AI+overview+definitions.jpeg Blog - OpenClaw is Going to Change Property Management - Make it stand out Image from Tyler McGregory on LinkedIn https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/fce5be34-bbc0-4da7-9f55-b2533245627e/Screenshot+2026-03-05+at+10.39.36%E2%80%AFAM.png Blog - OpenClaw is Going to Change Property Management - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/tapeworm-vendors-property-management monthly 0.5 2026-03-05 https://www.peterlohmann.com/blog/ziutc1bb2ccl3716vwhs2dyc8joqar monthly 0.5 2026-02-06 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/42149725-9cde-4022-96ad-b10be9d125d6/WhatsApp+Image+2026-01-22+at+12.36.21+PM.jpeg Blog - The Hidden Story Behind the PURE + HomeRiver Merger - Make it stand out Dashed lines speculative. We don’t know the mix of HRG & Pure doors at merger, only the total. https://www.peterlohmann.com/blog/revenue-ceiling-calculation monthly 0.5 2026-01-12 https://www.peterlohmann.com/blog/role-design-property-management monthly 0.5 2025-12-16 https://www.peterlohmann.com/blog/owner-leads-property-management-sales-data monthly 0.5 2025-12-05 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/cceb6c4c-83b4-4420-98d6-2d1538598997/Screenshot+2025-12-05+at+2.18.19%E2%80%AFPM.png Blog - A Shocking Discovery About Owner Leads. - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/d8361a77-ea5d-4eb9-978e-48cdc827c79f/Screenshot+2025-12-05+at+2.20.46%E2%80%AFPM.png Blog - A Shocking Discovery About Owner Leads. - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/d26cb647-efe9-4997-9698-4f4a3dfa6d72/Screenshot+2025-12-05+at+2.21.52%E2%80%AFPM.png Blog - A Shocking Discovery About Owner Leads. - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/why-i-started-my-property-management-newsletter monthly 0.5 2025-11-17 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/55792b20-8676-4d6e-97f5-410c091cd8ef/Screenshot+2025-11-12+at+9.48.06%E2%80%AFAM.png Blog - Why I Started My Property Management Newsletter - ( one of my old Tweets) At the time, I was sharing a lot on Twitter about what I was learning as a property management operator. That was working… but I knew it wasn’t enough. If I wanted to reach real estate operators consistently (and have a place to go deeper than 280 characters), I needed a direct line to their inbox. So I opened up Twitter’s built-in newsletter tool, hit “Publish,” and added a link to my bio. That was it. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/4298b28c-aa96-4983-8d4c-23b50581ccf5/Screenshot+2025-11-12+at+9.56.54%E2%80%AFAM.png Blog - Why I Started My Property Management Newsletter - (screenshot of an early Beehiiv Newsletter) Eventually, I migrated to Beehiiv, which gave me better analytics and a smoother writing experience. That’s when things really started to click (literally). I could finally see what people were engaging with, and started writing with more purpose. Funny enough, I kept the default subject line from day one: “Peter Lohmann’s Newsletter Issue #X.” Not because it’s clever (it’s objectively boring) but because it kept me out of the perfectionism trap. https://www.peterlohmann.com/blog/rental-registries-property-rights-threat monthly 0.5 2026-01-30 https://www.peterlohmann.com/blog/the-easiest-customer-property-management-upsells monthly 0.5 2025-10-20 https://www.peterlohmann.com/blog/the-zillow-problem-property-managers-should-worry monthly 0.5 2025-11-14 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/7d8317af-5e6c-4b76-8bb7-1b690e1c0c98/Screenshot+2025-10-14+at+3.11.16%E2%80%AFPM.png Blog - The Zillow Problem: Why Property Managers Should Worry The numbers tell the story: according to RentEngine’s Q1 leasing report, 60% of new leases now originate from a Zillow Network lead. And that number keeps climbing every month. Ten years ago, leads came from everywhere: Craigslist, Facebook Marketplace, your own website, even a few niche listing sites. Today, those channels are ghosts. Zillow dominates rental listings visibility and tenant search traffic. When renters start looking, they don’t say “let’s check Craigslist.” They say, “Let’s check Zillow.” https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/4f963a6b-36a3-4f0f-a262-20114e00b4c6/Screenshot+2025-10-14+at+3.13.57%E2%80%AFPM.png Blog - The Zillow Problem: Why Property Managers Should Worry - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/peterbot-ai-for-property-managers monthly 0.5 2025-10-14 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/a2e33e8d-497a-4eb2-b864-ef8e3ea239e5/Screenshot+2025-10-14+at+9.23.47%E2%80%AFAM.png Blog - Ask Me Anything (Literally): My AI Clone Helps Property Managers Get Answers Fast You can even throw curveballs at it: “What’s Peter’s take on remote team management?” or “How should I structure bonus pay?” Someone even asked, “What’s the best football team in the NFL?” (If you know me, you know I'm not a sports guy. But PeterBot did his best and gave a pretty well-rounded answer.) https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1760457922074-QZGULF8FXM29FGZLUTX9/Screenshot+2025-10-14+at+9.58.34%E2%80%AFAM.png Blog - Ask Me Anything (Literally): My AI Clone Helps Property Managers Get Answers Fast https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1760457922255-LYL1L3N741T5IGWXSRFE/Screenshot+2025-10-14+at+9.59.36%E2%80%AFAM.png Blog - Ask Me Anything (Literally): My AI Clone Helps Property Managers Get Answers Fast https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1760457923564-Y3DT6C3DFZJUYG7YLO6W/Screenshot+2025-10-14+at+10.03.49%E2%80%AFAM.png Blog - Ask Me Anything (Literally): My AI Clone Helps Property Managers Get Answers Fast https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1760457924773-W1MCCHRE9QKMK5FJZ0P9/Screenshot+2025-10-14+at+10.04.26%E2%80%AFAM.png Blog - Ask Me Anything (Literally): My AI Clone Helps Property Managers Get Answers Fast https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1760457925229-3LY2DXXE9B22QCCIU1BF/Screenshot+2025-10-14+at+10.04.46%E2%80%AFAM.png Blog - Ask Me Anything (Literally): My AI Clone Helps Property Managers Get Answers Fast https://www.peterlohmann.com/blog/inside-crane-property-management-community monthly 0.5 2026-03-13 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/8c03b13e-9b23-488b-ba13-5c5b5eddfc98/Crane+retreat+group.webp Blog - Inside Crane: A Better Way for Property Managers to Learn, Connect, and Grow Inside Crane, members share real data, proven systems, and honest stories (the kind that don’t make it to social media). You’ll find monthly mastermind calls, private discussions, expert-led sessions, and access to resources that help you run a tighter, smarter business. But the real value isn’t just the tools… it’s the people. Crane members are some of the sharpest, most generous operators in the industry. They’re building scalable businesses, testing new ideas, and helping each other get better along the way. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/57d67161-3014-42bb-a3c7-9d738302d773/Crane+Unplugged.jpeg Blog - Inside Crane: A Better Way for Property Managers to Learn, Connect, and Grow Events & Connection Some of the best learning happens face to face — and some of the best memories, too. Crane designs experiences people genuinely don't want to miss: events that build character, forge real relationships, and are honestly just a lot of fun to be a part of. VIP Events: Private, invite-only gatherings at top industry conferences. Expect intimate, high-value conversations, NOT another crowded cocktail hour. Crane Unplugged Dinners: Regional meetups where members connect over dinner in a relaxed, agenda-free setting. Think less “networking event,” more “real talk with people who understand your world.” Crane Horizons Retreat: Our members-only retreat built around adventure, growth, and reflection. It’s part professional reset, part personal recharge, and one of the highlights of the Crane experience. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/11ff3e88-217a-42c0-838f-33926e73ff09/Peter+Grand+Canyon+crane.JPG Blog - Inside Crane: A Better Way for Property Managers to Learn, Connect, and Grow - Me on my 2025 Crane Break in the Grand Canyon > I’ve experienced the same transformation myself. Every June, I take the entire month off. No meetings, no email, no Slack. My team keeps RL Property Management running smoothly, and I come back recharged with new perspective and energy. That time away isn’t a luxury - it’s the byproduct of good systems, clear accountability, and a team that’s empowered to make decisions without me. And that’s what Crane is really about. https://www.peterlohmann.com/blog/in-house-maintenance-property-management-formula monthly 0.5 2025-09-08 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1757357460895-5F305CM0XQW4NADHBTNB/Maintenance+Truck+Money.png Blog - Running In-House Maintenance? You Need This Formula. If you’re running in-house maintenance and can’t tell me your target monthly revenue per tech… we’ve got a problem. A few years ago, my business partner Adam and I were scaling up our in-house maintenance team at RL Property Management. The demand was there, the trucks were on the road, and the invoices were going out. But we still didn’t know (really know) whether the whole thing was profitable. Turns out, we were flying blind. https://www.peterlohmann.com/blog/how-much-is-a-property-management-company-worth monthly 0.5 2025-09-02 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/fa15adeb-d139-4bf4-9601-74282dfb5231/NEW+COVER+SPONSOR+FINAL2+SMALL.png Blog - How Much is a Property Management Company Worth? Introducing: The M&A Report I personally reviewed each submission for accuracy and consistency. If something looked off, I went back to the source until it made sense. I wanted the data to be trustworthy, not just another spreadsheet of half-baked estimates. The bottom line is this: the M&A Report is a real-world benchmark for anyone thinking about buying or selling a property management company. It’s comprehensive, it’s data-driven, and it’s written by someone who’s been in the trenches (me). If you’ve ever wondered “What is my PM company worth?” or “How much should I expect to pay for one?” - this report gives you the clearest answer you’ll find anywhere. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/e7024c84-c6d9-4511-b89e-d7a16aee40df/Profit+Multiple+BLURRED.png Blog - How Much is a Property Management Company Worth? Introducing: The M&A Report Third, you’ll get insights you won’t hear from a broker’s sales pitch. Brokers are incentivized to paint the rosiest picture possible. This report has no agenda. It’s not trying to convince you to sell, buy, or merge - it’s simply showing the data, plain and simple. To give you a sense of the depth, here’s a sneak peek (blurred for confidentiality): detailed charts, tables, and analysis that make the data easy to digest, even if you’re not an M&A nerd. The bottom line: this isn’t a blog post or a podcast episode. It’s the most complete, data-backed look at property management M&A that’s ever been published. https://www.peterlohmann.com/blog/largest-property-management-companies-2025 monthly 0.5 2025-10-23 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/bf16dff5-d81f-49a1-b4e7-61298b5fc2e6/Software+Used+For+Property+Accounting+%281%29.png Blog - The Top 20 Largest Property Management Companies 2025 - Make it stand out Pie chart showing software used by the top 20 largest property management companies https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/c66463fd-f1bb-4f41-8e88-bfcd75488729/PM+Company+Organization.png Blog - The Top 20 Largest Property Management Companies 2025 - Make it stand out Pie chart showing organizational style used by the top 20 largest property management companies https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/b620d768-47d3-4678-a999-ff297cf8a47c/Badge+%282%29.png Blog - The Top 20 Largest Property Management Companies 2025 - Make it stand out Congratulations to all! Each company has earned the right to display this badge on their website. https://www.peterlohmann.com/blog/the-property-management-trends-report monthly 0.5 2025-01-14 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/8363f250-6e9c-4514-a2d0-e5f0fa292546/Screenshot+2025-01-10+at+10.24.52%E2%80%AFAM.png Blog - The Property Management Trends Report - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/pm-company-purchase-data monthly 0.5 2025-05-29 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/060d6b91-4ffb-4ed5-ad2c-2541ceae6b11/Screenshot+2025-01-01+110647.png Blog - PM Company Transaction Data - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/exclusive-reseed-update-interview-with-brandon-laughridge monthly 0.5 2024-08-07 https://www.peterlohmann.com/blog/using-notion-ai-for-instant-answers monthly 0.5 2024-05-21 https://www.peterlohmann.com/blog/the-1-most-valuable-notion-page monthly 0.5 2024-05-21 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/a76b2ee3-e0d5-4329-8570-3a0e7af2f203/image+%282%29.png Blog - Notion Part 2: Your Most Valuable Notion Page - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/42d7fd34-f2aa-4416-99ac-daf2de0dfcec/image+%281%29+%281%29.png Blog - Notion Part 2: Your Most Valuable Notion Page - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/how-we-use-notion-10-tips monthly 0.5 2024-05-21 https://www.peterlohmann.com/blog/four-seasons monthly 0.5 2024-05-10 https://www.peterlohmann.com/blog/your-property-management-market-penetration monthly 0.5 2024-05-10 https://www.peterlohmann.com/blog/top-20-largest-property-management-companies monthly 0.5 2025-05-28 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/db94955d-6443-4a04-baef-a8346eea9ff2/B1.png Blog - The Top 20 Largest Property Management Companies 2024 - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/using-chatgpt-for-sales-insights monthly 0.5 2023-11-13 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/31ceb0dc-c867-4373-9428-7b0e830b2851/image+%283%29+%281%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/d4aa7288-971d-4977-8141-7798ec1bed89/image+%283%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/af20ec7a-16a2-42b9-b9f9-1511a0208c04/image+%281%29+%281%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/f535fc6c-6b70-4cda-86a1-e6d83c92029e/image+%282%29+%282%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/ead0cd8a-175d-4717-88d0-f6def266bf07/image+%287%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/f2847883-992d-451f-a36b-1ee8f1b352b0/image+%285%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/e80e2809-c2b6-409b-8234-1778b1d4bcd6/image+%286%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/9a36f023-f958-4b5a-8a75-6986b2237972/image+%284%29.png Blog - Using ChatGPT for Sales Insights - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/the-easy-way-to-start-using-leadsimple-process monthly 0.5 2023-11-01 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/3c48e925-090a-4a2f-be57-7253832ff735/1_ch1N83LNtgAsMWumj5g6Uw.png Blog - The Easy Way to Start Using LeadSimple Process https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/b47174ae-90dd-4131-b7a3-83f5bcdf2c2d/add+process.jpg Blog - The Easy Way to Start Using LeadSimple Process https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/0d1461c0-0919-488b-b697-d40179205bcc/Screenshot+2023-10-27+133631.jpg Blog - The Easy Way to Start Using LeadSimple Process https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/38da51d1-ebe3-4e41-89be-1b9404f5bcec/add+process.jpg Blog - The Easy Way to Start Using LeadSimple Process https://www.peterlohmann.com/blog/property-management-business-brokers monthly 0.5 2024-01-05 https://www.peterlohmann.com/blog/list-of-leadsimple-consultants monthly 0.5 2025-09-03 https://www.peterlohmann.com/blog/running-buildium-rental-applications-in-leadsimple monthly 0.5 2024-05-10 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/655a8a32-c85b-4f7c-be8f-58fd28e84604/Screenshot+2023-04-09+153755.jpg Blog - Running Buildium Rental Applications in LeadSimple - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/b04a1e52-2525-44bd-bbf8-b70642aaa2ac/Screenshot+2023-04-09+154351.jpg Blog - Running Buildium Rental Applications in LeadSimple - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/disentangling-operations-from-customer-service monthly 0.5 2023-01-19 https://www.peterlohmann.com/blog/how-to-design-processes-people-actually-use monthly 0.5 2022-11-25 https://www.peterlohmann.com/blog/property-management-communities monthly 0.5 2026-02-16 https://www.peterlohmann.com/blog/comparison-of-property-management-franchises monthly 0.5 2023-05-16 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/36e55ee5-1fa6-4a0d-be65-94a4c2772e2f/Screenshot+2022-10-21+111803.jpg Blog - Comparison of Property Management Franchises - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/building-a-new-property-process-in-real-time monthly 0.5 2022-11-23 https://www.peterlohmann.com/blog/getting-added-as-additional-insured monthly 0.5 2022-09-30 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/512295ec-bbb3-4a9f-9954-cf86b809e99b/Screenshot+2022-09-29+152549.jpg Blog - Getting Added as Additionally Insured - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.peterlohmann.com/blog/directory-of-long-form-smbre-writers monthly 0.5 2022-06-05 https://www.peterlohmann.com/blog/the-mini-berkshires-micro-pe monthly 0.5 2023-07-28 https://www.peterlohmann.com/blog/can-i-hire-a-property-manager-for-my-own-house monthly 0.5 2023-07-24 https://www.peterlohmann.com/blog/how-to-market-your-property-management-business monthly 0.5 2023-05-16 https://www.peterlohmann.com/blog/three-ways-to-organize-a-property-management-company monthly 0.5 2022-05-22 https://www.peterlohmann.com/blog/property-management-software-that-works-with-zapier monthly 0.5 2026-01-27 https://www.peterlohmann.com/blog/book-recommendations-for-property-management-business-owners monthly 0.5 2024-03-06 https://www.peterlohmann.com/blog/valuing-a-property-management-company monthly 0.5 2025-06-20 https://www.peterlohmann.com/blog/property-management-fees monthly 0.5 2021-08-27 https://www.peterlohmann.com/blog/revenue-opportunities-for-residential-property-managers-and-owners monthly 0.5 2023-05-16 https://www.peterlohmann.com/blog/vc-backed-property-management-companies monthly 0.5 2025-10-08 https://www.peterlohmann.com/blog/how-to-work-on-your-business monthly 0.5 2024-02-21 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620831771759-YBBS1H5U9O6P3RE6W5HK/environment.jpeg Blog - How To Work On Your Business - Make it stand out Your environment has an enormous effect on your brain. The neighborhood, streets, parking lots, lighting, sounds, smells, air quality, temperature, office design/age, your coworkers, literally everything around you, is causing you to think and behave in certain ways. I’ve noticed that if I drive through a bad neighborhood on the way to work in the morning, it affects my whole mindset around what’s possible to accomplish that day. Take time to design your environment (take drastic measures) to align with your goals. If you are surrounded by environmental cues telling you that you are a small-business owner with no more than 4 employees, guess where you’re likely to remain? It can be hard to completely uproot your business or your home, so start small. During the work week, I prefer the nicest locations possible for meetings or meals, rather than something quick and cheap. A small thing like that can really alter your thinking for hours or days. In Closing — Brief Thoughts about Email & Communication Email is not “work”, in fact, it’s usually happening at the expense of real work. Take time to reduce and streamline the amount of time you spend emailing. Business still got done when we all communicated using memos and letters. In fact, I would argue it was completed more efficiently. Control the channels through which people are permitted to contact you. (Phone/voicemail/email/social/text message, etc). Don’t provide a large surface area for people to contact you. That’s just more places to check and keep up with, and more dopamine hits to distract you. Set reasonable boundaries on the time of day and the day of the week that you check & reply to emails (people will respect you for it). There is absolutely no reason, and I mean NO reason, you need to be checking email more than 3 to 4 times a day. People will call or text if it is urgent (and really, none of us are ER doctors. Come on, people. It’s not urgent.) I’m Peter Lohmann, CEO and founder of RL Property Management, a residential property management company located in Columbus Ohio. If you enjoyed this article, you can connect with me on Twitter, subscribe to my podcast Owner Occupied, or sign up for my mailing list. https://www.peterlohmann.com/blog/security-deposit-alternatives-tenant-screening-innovation monthly 0.5 2023-05-16 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620832229650-PBN246KBVZOLS2LKXW88/sd-chart.png Blog - Security Deposit Alternatives & Tenant Screening Innovation - Make it stand out Overview of security deposit alternatives as compared to a traditional deposit https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620832535607-AKMEQTRLB1NTS20Q7W9L/Obligo.png Blog - Security Deposit Alternatives & Tenant Screening Innovation - Make it stand out Obligo’s signup workflow for the tenant https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620832747681-5VYUXB3Y6CLG8D6WBQFS/llv-report.png Blog - Security Deposit Alternatives & Tenant Screening Innovation - Make it stand out Sample LandLord Verification report https://www.peterlohmann.com/blog/my-top-5-property-management-podcasts monthly 0.5 2024-11-06 https://www.peterlohmann.com/blog/important-new-laws-affecting-central-ohio-landlords monthly 0.5 2023-05-16 https://www.peterlohmann.com/blog/introduction-to-residential-property-management-for-buyers-amp-founders monthly 0.5 2023-05-16 https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620830312360-6VACH0RNXDEIET03Y98V/narpm.png Blog - Introduction to Residential Property Management (For Buyers & Founders) - The National Association of Residential Property Managers (NARPM). Mostly focused around the single-family rentals, primarily fee managers. Est. 1988, approx. 6,000 members Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620830368129-21BQDGC257D5LRD45PLB/irem.png Blog - Introduction to Residential Property Management (For Buyers & Founders) - The Institute of Real Estate Management (IREM). General property management trade group. They issue the CPM (certified property manager) designation, the best-known industry designation. Est. 1934, approximately 20,000 members Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620830414750-KSV2RPT0OOCQK3OGA26H/naa.png Blog - Introduction to Residential Property Management (For Buyers & Founders) - The National Apartment Association (NAA) — made up of owners, operators and managers of mostly 100+ unit apartment buildings. Est. 1939, approximately 82,000 members Whatever it is, the way you tell your story online can make all the difference. https://images.squarespace-cdn.com/content/v1/6033f6096bc53d7b1c99b5bb/1620830578944-TSHPR4HBYEVMYFR23S9F/pl-banner.jpeg Blog - Introduction to Residential Property Management (For Buyers & Founders) - Make it stand out Thought Leaders & Podcasts Jordan Muela — founder of PMProfit Coach (Growth/Profit Consulting), LeadSimple (Sales CRM + Process Automation + Shared Inbox) and RentScale (Sales Consulting). Jordan is a leader and deep thinker. He also helped develop the Property Management Financial Benchmarking Study. He has a few podcasts: The Profitable Property Management Podcast and Tribe Mastermind. Matthew Whitaker is the founder of Evernest (prev. GK Houses). He is sharing the details of his journey from 300 to 3000 units under management on his podcast “300 to 3000”, along with co-host Spencer Sutton. Brad Larsen hosts a podcast called “The Property Management Mastermind Show”, which is well worth checking out. Marc Cunningham has a great Youtube channel where he discusses best practices and systems. His website PMBuild is an amazing resource. Jason Hull is the founder of DoorGrow (Growth Consulting), and also runs the “#DoorGrowShow” podcast, another good one. Jeremy Pound co-founded Rentscale with Jordan, and is a dynamic sales leader and thinker. He has an excellent (defunct?) podcast associated with his previous venture, Juicy Results. Most of these organizations have Facebook groups associated with them, several of which are quite lively. Find a directory of these groups here. Property Management Software PM software can be divided into two areas. First and most important is the “core” property management software which handles the major accounting functions (charges and payments) and typically provides the following other features as well: Tracking leases & lease renewals Rental listing syndication to major listing websites such as Zillow Tenant portals, where they can pay rent & submit maintenance requests Owner portals, where they can view accounting information & statements Rental applications & tenant screening Ability to run rent rolls and other important reports Enter and pay bills Bank reconciliation Maintenance requests & work orders Tenant & owner communication Buildium (bought by RealPage in 2019), Appfolio (publicly traded), Propertyware (owned by Realpage), and Yardi are the large players in the space of “core” property management software. Note that Propertyware was taken private in 2020. Other core software products & companies include Rent Manager, Rentec Direct, and Entrata. Core PM software is all “accounting-centric” by design, for historical reasons. Process & workflow considerations are mostly an afterthought. In my opinion, this represents an opportunity for a next-generation core software to emerge with standardized workflows at the core of its offering. I wrote a post about how we use no-code tools such as Process Street and Airtable to automate certain parts of our own property management company while awaiting a better solution. One company working to help property management companies solve this problem deserves special mention: LeadSimple. The second category of software is a large array of “supporting” or ancillary products that help fill in the gaps where the core PM software is weak or missing functionality. Some of them have integrations with the core software and some do not. The space is too broad to provide an overview here, but most PM companies end up using several of these as a part of their property management processes. Asset Management vs Property Management (Scope of Services) In large multifamily (100+ unit properties), there is a clear distinction between the functions of asset management and property management. The asset manager is responsible for setting the overall strategy & goals for the property (market positioning, capex planning, budgeting, setting rent & occupancy targets, branding, financial decisions such as refinance or sale, etc). The property manager or property management team is tasked with executing on the vision provided by the asset manager. It is more of a tactical role, with a focus on leasing, rent collection, and basic maintenance. This division of roles works well and allows a skilled asset management team to oversee many large properties and guide the performance as a whole, while the property managers have a limited scope and can become intimately familiar with their property and how to wring every last drop of performance out of it. However, in the world of single family (SF) and small multifamily (MF), the roles of the asset manager and property manager are combined. Clients (property owners) expect the property manager to take on all the responsibilities typically handled by an asset manager. Unless this is well-understood and acknowledged by both parties (and clarified both in the contract and during the onboarding process), this can be a source of confusion and frustration due to unmet expectations. Compounding this issue is the fact that most SF and small MF owners are not sophisticated investors, and may not have a full understanding themselves of what reasonable property performance looks like. Until the industry develops a standardized scope of service, this will remain an area of friction between rental property owners & their managers. Each client will need to be educated on exactly what they can and should expect from their property management company, and what activities and responsibilities remain theirs as the owner. I believe we should look to the insurance industry as an example of how this could be improved — insurance is tightly regulated, and all underwriters use the same standard “forms” that define coverage details. This allows consumers to easily shop between companies and feel confident they are getting a similar level of coverage (of course, some coverage details can still be customized). Licensing and Regulation Property management is often regulated at the state level. The purpose of state licensing is to protect the public (not to assist the industry, or protect it from competition). Most but not all states require property managers to have some type of license, usually involving both an education component and a test, which can be revoked for bad behavior or other problems. Many states combine this with real estate salesperson (realtor) licensing. Before starting or buying a property management company in any given state, you should become very familiar with that specific state’s laws & regulations. Some require active oversight of a real state broker, for example. Hot Topics (Self-Showing, Assistance Animals & Tenant Screening) Self-showing: There are several companies that offer the ability for property management companies to offer self-showing and online scheduling for prospective tenants interested in rental listings. They work using electronic lockboxes, where after a pre-screening and identity check, the prospects are given a temporary code that allows them to unlock the lockbox and get into the property to tour it. Three competing vendors offer this: Showmojo, Tenant Turner, and Rently. Some of these have integrations with core PM software. The proliferation of self-showing accelerated rapidly during the COVID-19 pandemic in 2020. Many prospects, especially urban and younger residents, are coming to expect this functionality. It can be combined with electronic lease signing and other functions to provide a completely touchless leasing experience. Assistance Animals: Tenants with disabilities may legally keep an assistance animal (such as a dog, cat, or other animal) inside their rental home or apartment. They are not considered pets and the property owner/manager may not charge pet rent, an extra security deposit, or any other fees. The property manager may request documentation from a medical professional demonstrating the animal is required. Naturally some tenants abuse this (websites sell fake forms for a fee), and fraudulent activity is rampant. Reform is needed; in the mean time property managers are subject to quite a bit of liability if this is not handled properly. Tenant Screening: This area of real estate is rife with liabilities and legislative activity. Denying tenants for criminal history, too many occupants, having a section-8 voucher, or other seemingly benign reasons opens up property management companies to discrimination & fair housing legal action. Disparate impact doctrine means using criminal history inappropriately as a reason for denial is illegal. Source-of-income discrimination protection (found in some states and cities) means all forms of income must be allowed, even if subsidized by the government. And so-called “Renter’s Choice” legislation (already passed in several cities) requires landlords to allow certain security deposit alternatives. A single wrong decision when screening tenants can result in extended vacancy, or expensive evictions & other costs. Tenant screening itself is stuck in the dark ages, with most approval decisions made using arbitrary industry standards (or worse), instead of statistical, outcome-based methodologies. Tenants are unfairly penalized for prior missteps that may have no bearing on their ability to pay rent and be a good tenant. Others are approved despite problematic histories that are statistically correlated with evictions and unpaid rent, leaving an Outstanding Balance at Moveout (OBAM) due to the property owner. Further, despite differing risk levels between tenants, they all pay the same rent and are almost never held accountable for bad behavior. We look again to the insurance industry with their risk-based pricing as an example here, where risky driving habits and other factors lead to increased premiums. Incentives are aligned, to guide behavior in a way that benefits everyone. Short, Medium, and Long-Term Rentals Short-term rentals (STR) such as those listed for rent on Airbnb are not typically managed by traditional property management companies, who focus on normal long-term rentals (LTR). The operations are completely different; STR is extremely management-intensive, with turnovers happening every few days instead of every few years, cleaning, furnishing, etc. There are STR-specific management companies in most cities now, who sprung up to handle the demand induced by Airbnb & Homeaway. Often they handle vacation rentals as well (very similar model). Their fees are much higher — 30 to 50% of gross revenue is not uncommon. Another area of growth is medium-term rentals (MTR) — these would be properties that cater to stays ranging from several weeks up to a year. The units are furnished similar to an extended-stay hotel and target traveling businesspeople, nurses, etc. Zillow & Airbnb as Threats Zillow and Airbnb have both come to dominate the consumer mindshare for long-term and short-term rental listings respectively. I believe they are both well-positioned to insert themselves into the property management space and extract most of the value therein. In fact, Zillow has already started — they now require property management companies and larger landlords to pay for rental listings. They could easily begin to require a standard rental application, and work their way down the value chain / leasing lifecycle from there. Property owners and management companies who do not like this have little choice — if they remove their listings, they are cutting off the vast majority of traffic from prospective renters. Zillow has the power. Airbnb could similarly enter the LTR market, and enforce standard lease terms & security deposits in the same way they currently do for STR. Landlords who don’t play ball would be cutting off the best and most well-qualified tenants from applying to their properties. I don’t expect either company to actually enter the property management space directly or own real property — they will still rely on 3rd party operators to actually handle maintenance, turnover between tenants, etc. But high-value activities such as rent collection, leasing, and tenant screening could all be sucked into their domains, leaving property managers with the lowest-value scraps. Valuation Property management companies are typically valued in one of three ways: Per-unit. The buyer pays the seller a flat rate per unit under management (eg, $1,200 per unit). So a company with 250 units under management might sell for $300,000 in this example. Multiple of gross revenue. The buyer pays the seller a multiple on gross revenue from management (maintenance, brokerage & other revenue is typically excluded). So if the company generates $600,000 a year from management fees, the buyer may agree to pay 0.8x gross revenue, or $480,000. A larger company (over 500 units) may be valued using more traditional SMB methods such as a multiple on earnings. This is especially true if the seller is not involved in day-to-day management activity. Other considerations that often factor into the value include the type of purchase (asset vs entity), non-compete clauses, owner financing, and claw-backs for customers who leave within a certain period of time. I wrote a full blog post about this topic. You can read it here. Other Common Income Streams (Maintenance, Tenant Fees, & Brokerage) Increasingly, property management companies are diversifying their income stream beyond the monthly management fee. Many property management companies operate an internal maintenance division, whereby they directly employ (W-2) handymen and other trade professionals to service the properties managed by the company, and in turn bill out their time at a profit. Also common is a variety of tenant fees, which cumulatively can add quite a significant amount to revenue. Some examples include a lease-signing administrative fee, lease renewal fee, late fees, tenant benefit package, pet fees, lease-break fees, and more. These fees may be shared with the property owners, or kept entirely by the PM firm. And finally, the vast majority of PM companies operate a real estate brokerage. It is a natural fit since state licensing typically overlaps, and clients often need to buy or sell properties. However, it can subsume or subsidize property management profits and resources. Real estate salespeople (realtors) generally don’t make good property managers and vice versa (completely different skills sets). Franchise Companies There are five major franchisors in the residential property management space: PMI (Property Management, Inc) Keyrenter Real Property Management All County Property Management Renter’s Warehouse (no longer selling franchises) I put together a detailed overview of the 4 active franchises - you can read that here. Twitter Community There is a small but growing community of property management company owners and operators who talk shop on Twitter. I curated a list of them, which you can find and follow here. 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