Property Manager · Milwaukee, WI · Member since 2016 · 17 posts · 5 votes
We manage a lot of properties for owners who don't live here and I'm curious what others are dealing with. Is it finding good tenants, contractors, city notices, or just knowing what's actually going on at the property? What made you happy or unhappy with your PM?
On the lender side of this, the one I see hurt out of state owners most is not knowing what's actually going on at the property. It usually surfaces when they refinance or buy the next one. Lenders commonly ask for current leases and proof the rent is actually being collected, and the appraiser walks every room, so deferred maintenance the owner never heard about turns into a lower value or a repair condition. City notices bite the same way, since an open violation or unpaid municipal charge can show up in the title work and hold up a closing. Asking owners this directly is the right instinct. A PM who sends photos and a clean rent ledger every month is quietly making the owner's next loan easier, and most owners don't realize that until they need it.
On the lender side of this, the one I see hurt out of state owners most is not knowing what's actually going on at the property. It usually surfaces when they refinance or buy the next one. Lenders commonly ask for current leases and proof the rent is actually being collected, and the appraiser walks every room, so deferred maintenance the owner never heard about turns into a lower value or a repair condition. City notices bite the same way, since an open violation or unpaid municipal charge can show up in the title work and hold up a closing. Asking owners this directly is the right instinct. A PM who sends photos and a clean rent ledger every month is quietly making the owner's next loan easier, and most owners don't realize that until they need it.
@Noah Wright great point, I never thought about it from the lender side. Going into an occupied house every month is too much for the tenant, but a property condition check once or twice a year with photos makes sense. Section 8 units already get inspected once a year, so for those the owner gets that anyway.
That's a great question to put straight to owners. I'm not an owner myself, but I asked something similar here this week about what owners actually read in their property manager's monthly report, and the answers pointed to your last option.
The owners who replied weren't worried about a clean statement. They looked for what changed and what was still open: a fee that moved, a repair that came up twice, or rent that arrived late with no note. That's where their questions started.
I like your idea of a condition check with photos once or twice a year. Between those visits, I'd add a short note at the top of each monthly report: what happened at the property, what's still open from last month, and any decision you need from the owner. It's a small habit, but it answers "what's actually going on?" before the owner has to ask.
@Lee Futcher thanks Lee, that's a simple and practical idea. A short "what changed and what's still open" note at the top probably saves more owner questions than the full report.
Exactly, and I think owners read that note more closely than anything else in the report, because it answers the two things they're really wondering about: what changed, and what still needs their attention.
Once it becomes a habit, the full report turns into something they open when they want the detail, rather than something they have to dig through to feel at ease about their property.