Peter Lohmann's Newsletter - Tuesday Edition #9

Scoop: These 13 PM Software Companies got an FTC Warning Letter

Author

Peter Lohmann
March 24, 2026

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

Welcome to Issue #9 of the Tuesday Edition! Not interested? Click here to opt out (you’ll still receive the Friday editions).

~ ~ ~

The FTC Puts PM Software Providers on Notice.
Now They're Going After All of Us.

You may remember that back in December, the FTC sent warning letters to 13 property management software providers.

They never disclosed who got those letters, and it was never reported—until now. Last week I was able to uncover the specific recipients of those warning letters:

  1. RealPage (owns Propertyware and Buildium)

  2. Yardi

  3. Entrata

  4. AppFolio

  5. DoorLoop

  6. Inhabit

  7. TenantCloud

  8. MRI Software

  9. London Computer Systems (Rent Manager)

  10. TurboTenant

  11. Innago

  12. Market Apartments

  13. Jonah Systems

Of the 13 companies, only MRI Software responded to a request for comment. “We are pleased to see the government's proactive approach to ensuring fair and transparent practices in the rental housing market,” said a spokesperson for MRI Software in a statement. “MRI Software has always followed, and remains committed to following, federal and state regulations in all matters related to fair housing.”

The FTC’s message was basically: if your software makes it hard for property managers and owners to advertise the total monthly rental price (including all mandatory fees), you might be breaking the law. This came one week after the FTC hit Greystar with a $24 million settlement for advertising base rents that excluded mandatory monthly fees. And a few months before that, Invitation Homes settled for $48 million over similar practices.

The FTC urged all 13 companies to review their platforms (including the code and data feeds that control how pricing flows to listing sites) and make sure they're not preventing property managers from showing accurate, all-in pricing to renters.

But here's the bigger story: 

It turns out warning letters were just the opening act. On March 12, the FTC announced it's seeking public comment on an entirely new rulemaking (an ANPRM - not to be confused with NARPM) to address unfair or deceptive fee practices across the rental housing industry from application to move-out. Comments are due by April 13, 2026.

This isn't just about software companies anymore. The proposed rule would impose new requirements on landlords, property management companies, and other rental housing providers regarding the disclosure and assessment of fees charged to prospective and current tenants.

In other words, they're moving from case-by-case enforcement toward a comprehensive federal framework. If you're charging mandatory fees that aren't clearly baked into your advertised rent, this is your heads-up.

What should you do right now?

Review how your listings display pricing across every platform: your website, Zillow, Apartments.com, wherever you syndicate. Make sure mandatory monthly fees are included in the total advertised price, not buried somewhere in the lease. And talk to your software provider about whether their system actually allows you to do this cleanly. If it doesn't, that's a problem (for them and for you).

I'd also seriously encourage you to submit comments on the ANPRM before the April 13 deadline. The FTC is asking over 70 specific questions about how our industry operates, what fees we charge, and how they're disclosed. This is our moment to shape the rules rather than just react to them.

THIS ISSUE IS PRESENTED BY SHOWMOJO + TENANT TURNER

If you read what I shared above, you already know the direction this is heading. Fee transparency isn't a future problem - it's a current one, and the federal rulemaking now in motion suggests the bar is only going to move higher.

Most property managers want to get this right. The challenge is operational. Fee structures vary across a portfolio, rules differ by market, and manually updating fees on every listing becomes unmanageable at scale. Good intentions don't mean much if your software makes compliance harder than it needs to be.

This is exactly what ShowMojo and Tenant Turner have built for. Both platforms let you disclose fees consistently across your listings, syndicate them automatically to Zillow and Apartments.com, among others, and manage defaults across your portfolio without going listing by listing, so compliance doesn't become a manual burden.

And if you're using one of the platforms named in the FTC letters, both ShowMojo and Tenant Turner integrate directly with them, so you can layer compliant fee disclosure on top of whatever PMS you're already running.

The takeaway: whether your market requires fee disclosure today or not, the direction is clear. Get your systems aligned now, before a rule takes effect in your market.

PM Company & Vendor Updates

  • No news this week…. submit yours below!

Podcast Archives:

Last summer, Binsi Das joined me for one of the most eye-opening conversations I've had about global talent, and what it actually looks like to grow from virtual assistant to Managing Director of a 100-person remote company.

We get into how U.S. employers unknowingly set their remote team members up to fail, why trust and context matter more than experience when building overseas teams, and what great global employers do differently from everyone else. Binsi also shares how Sagan Passport (more from them below) uses content to recruit “SMART” and why cross-cultural communication gaps are more fixable than most people think.

(Also available on Apple Podcasts and Spotify.)

What's your AI Daily Driver?

Which AI tool you lean on the MOST for personal & professional use?

Login or Subscribe to participate in polls.

What I’m Reading Right Now

  • Learning about how to maximize the use of Claude Projects (now in Cowork too).

  • Been really into the Evolving AI Insights newsletter as a sane way to keep up with AI news. There’s a billion AI newsletters but this one is actually good.

  • An Ode to Speed new book by Justin Roff-Marsh (Theory of Constraints application). Don’t miss his great interview with Jordan Muela back in 2018, which is how I first learned of him.

Access Granted Live

Wolfgang Croskey and I are going BIG in 2 weeks. We're previewing the PM Trends 2026 report with Jordan Muela, bringing ProfitCoach CEO Brad Johnson on stage for a special announcement, revealing the Crane Horizons 2027 location, giving away a 1-year Crane membership live, and announcing brand new member benefits.

Oh, and Crane applications re-open as we go live (we only open up twice a year). If you've been curious about Crane, this is your only chance for the next 6 months. All current and prospective members should attend.

Global Talent Spotlight: Macarena C.
Executive Assistant • $1,700/mo.

Macarena brings a sharp mix of administrative precision and client-facing polish, with direct experience in U.S. real estate operations. She's managed everything from call center coordination and prospect registration to sensitive financial tasks — all with the kind of discretion and accuracy you want in someone supporting leadership. She's versatile, operationally minded, and knows how to keep things running smoothly across complex workflows. Watch Macarena's introductory video, view her resume, or book an interview below.

Note: Crane members click here to access your private talent pool of candidates (10+ property managers and 10+ administrative assistants available to interview & hire at your convenience), refilled weekly, included with your membership.

Meme Tuesday:

sorry openclaw

Did someone send you this newsletter? Subscribe here.

Not interested in the Tuesday Edition? Click here to opt out. 

Crane Applications reopen shortly. Attend the Access Granted live launch for a chance to win a 1-year membership.

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.