What do you wish a property manager told you upfront?

Question

This is a follow-up to my last two posts about payout timelines and setting expectations with new owners. I’m curious from both sides:

What do you wish a property manager explained clearly during onboarding?

For landlords who have used PMs before:

Was there anything you didn’t find out until after you signed? What would’ve saved you frustration? Were payout timelines clear? Maintenance process? Communication expectations?

For the property managers here:

• What do YOU make sure to explain upfront to avoid issues later?
• Are there things you’ve learned to clarify early because new owners often misunderstand them?

What do YOU make sure to explain upfront to avoid issues later?

Are there things you’ve learned to clarify early because new owners often misunderstand them?

I’m trying to better understand what expectations matter most to people before they sign on, especially first-time or out-of-state landlords.

Adam Bartomeo · Answer

We have taken over many, many properties from other property management companies and the biggest complaint that we here is communication. This is nothing new. It is documented as the number one complaint from sellers and landlords.

As for onboarding, (the is a process/systems question) before any owner comes on board, they have at least one conversation with me - normally two or three - where we cover the PMA in detail (it is not structured, more of a Q and A). We then send them a sample PMA for them to read over and ask questions. We then send them their own PMA to read over. We then schedule a call with the operations manager to review the PMA and answer questions. By the end of this we have thoroughly covered any/all questions they may have about the PMA AND almost any hypothetical question they may have. The owners are now well versed and educated on our PMA, systems, and processes.

Lydia Winn · Answer

@Adam Bartomeo great reply. I'll add: some property managers don't send their clients 1099-MISC forms at the end of the year with their rental income for tax purposes. It's always worth discussing tax implications with clients so the idea of reporting the income to the IRS doesn't come as a surprise.

Adam Tafel · Answer

Average/Median turnover costs need to be talked about more

Jon Westrom · Answer

Great question... after 30 years, the thing owners thank me most for is being told the truth before they sign, not after. The big ones I always cover upfront: exactly how and when you get paid, how maintenance gets approved, and whether we mark up repairs (we don't... that one surprises people). I also tell owners the rent number they want isn't always the rent number the market will give them, because setting that early saves a lot of friction later. The stuff that burns people is almost never in the contract... it's the junk fees and the markups nobody mentioned. If a PM won't walk you through every line before you sign, that tells you everything you need to know.

Drew Sygit · Answer

Understanding owner expectations is critical!

You can NOT be all things to all people all the time.

It's better to walk away from a bad match them trying extra hard to make it work - and it still blows up in your face.

Document EVERYTHING!Can't tell you how many times an email history and/or recorded call supported our position. - NOTE: even with proof, some owners won't accept responsibility for their choices:(

What do you wish a property manager told you upfront?

What do you wish a property manager told you upfront?

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