Peter Lohmann's Newsletter - Tuesday Edition #24

Author

Peter Lohmann
July 07, 2026

A no-fluff, twice-weekly briefing for the property management industry.

The Finance Dept 10 Commandments

I have made every mistake in the book in the building of a finance department for my property management company. From thirteen years of learning things the hard way, I bring down from the mountain the Finance Department Ten Commandments for property managers:

  1. Thou shalt pay thy bills but once in the week — not more, neither less.

  2. Let nothing enter into the workflow of Accounts Payable, except it be good to go.

  3. Thou shalt disburse unto thine owners but once in the month, and upon the same day, from month to month.

  4. Thou shalt set every vendor upon ACH before he be paid; and thou shalt gather his W-9 and his certificate of insurance, that all things be in order.

  5. Thou shalt be watchful for deposits that have not cleared, and resolve them without delay.

  6. Thou shalt render the disposition of every security deposit within the time appointed by the law of thy state.

  7. Thou shalt not pay any bill that would cast an owner into a negative Available Balance.

  8. Thou shalt not lend thy funds unto an owner; for thou art not a bank.

  9. Whosoever causeth the funds of an owner to be spent, the same shall give account unto that owner for the spending thereof.

  10. Whosoever approveth a bill, the same shall bear every dispute that ariseth with the vendor thereof.

Further reading, specific to trust accounting.

Last chance to register for my live workshop this Thursday - Your Inbox is Not a To-Do List: Email Systems That Scale. Wolfgang Croskey and I will break down the systems that we use to stay sane and keep our inboxes clear. I’m at inbox zero as I write this copy.

All registrants will receive a copy of the recording.

THIS ISSUE PRESENTED BY GUSTO

Run a PM company long enough and you slowly become an accidental HR department (nobody warns you about that part).

For me, the tipping point was realizing how much headspace I was giving to stuff that has nothing to do with property management (state tax filings, benefits enrollment, compliance training, 401k). So I handed all of it to Gusto and stopped thinking about it.

Payroll, PTO tracking, benefits, employee surveys, HR compliance training, all in one place. And if your team is spread across multiple states (or countries, like mine), Gusto handles that too.

Sign up through my link, run your first payroll, and you'll pocket up $100 in Visa gift cards. Free money for doing something you had to do anyway.

PM Company & Vendor Updates

  • RentEngine’s Q2 Leasing Data webinar is in a few weeks. Register here and you’ll get the recording if you miss it live.

  • RentScale is turbocharging their PM Sales Scoreboard, which I’ve long been a fan of. Can’t wait to see what they’re cooking.

  • ONYX (Tony Cline) just opened up the waitlist for a 2027 Grand Canyon rim-to-rim hike for property management entrepreneurs. I’ve done this with him twice before and it’s an outstanding, well-organized, and extremely challenging event. Highly recommended.

  • RentRedi announced a new portfolio performance dashboard. I wish the main-line PM software companies would do similar.

  • PMI Oakridge (Ohio) has acquired Evers Realty & Property Management.

  • Tenant Turner announced an open API for their customer portal.

  • Property Meld is hosting a maintenance billing webinar feat. Brad Johnson and Deb Newell.

Last week, I polled my audience about which email service they use at their PM company:

I use Google Workspace at RL. On a similar note, if you use Google or Microsoft and your email reporting has taken a hit recently, this could be why.

Should Owners Get a Discount Just Because They Have a PM?

A lot of owners assume that hiring a property manager means cheaper maintenance. Mark Brower and I don't agree on how to handle that assumption, so on our recent episode of The Crane Podcast we took opposite sides and debated it out:

We get into whether you should negotiate bulk vendor pricing and pass the savings to owners, the three categories of home service pricing (from PE-backed shops to cost-plus), and why a written owner handbook kills a lot of this friction before it starts. Then we go completely off the rails into smartphone addiction and the tricks we use to cut screen time.

Also available on Apple Podcasts, Amazon, and Spotify.

Meme Tuesday:

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The content of this newsletter is for informational purposes only and does not constitute professional advice. I may have consulting agreements with, or financial interests in, companies mentioned in this newsletter. Additionally, some of the links included in this newsletter are affiliate links, meaning I may earn a commission if you make a purchase through these links. Always perform your own due diligence before making any financial or business decisions.