Property Management
Executive Guide
Your comprehensive training guide for managing assets, protecting cash flow, and delivering exceptional resident experience across the Valiant Group portfolio.
Core Mandate: At Valiant Group, Property Managers operate as Asset Managers. Our objective is not simply to manage units — it is to actively improve asset performance, protect cash flow, and increase long-term value.
Property Manager
Responsible for financial performance, operational stability, tenant experience, owner experience, and oversight of leasing & marketing for their assigned portfolio.
Up to 200 Units
You are accountable for every unit. Operational failure at the unit level is operational failure at the portfolio level.
Director of Property Management / Ownership
All activity documented in AppFolio. Maintenance centralized under Director of Maintenance; you approve scope and expenses for your assets.
Asset Types You'll Manage
Single-Family Homes
High vacancy sensitivity due to single-income reliance. Manage exterior maintenance, individual utilities, and landscaping responsibility carefully.
Duplexes
Shared building components (roof, foundation, exterior). Maintain individual tenant accountability while coordinating shared systems.
Townhomes
May include HOA oversight. Manage shared infrastructure and community compliance enforcement alongside exterior responsibilities.
Small Multi-Family (3–20 Units)
Centralized oversight of shared systems. Coordinate leasing strategies for multiple simultaneous vacancies.
Large Multi-Family (20+ Units)
Shared amenities, structured leasing velocity, turn management, expense optimization, and strategic rent positioning required.
Revenue Optimization
Maximize rental income through strategic pricing, proactive renewals, competitive market positioning, ancillary income, and minimizing vacancy loss.
Expense Control
Review invoices, monitor vendor pricing, reduce unnecessary expenditures. Expense control protects NOI — it is not about cutting corners.
Delinquency Management
Structured follow-up, documented communication, payment plan enforcement, and timely eviction filings when required.
Occupancy Stabilization
Manage leasing velocity, reduce turn time, monitor lease expirations, and prevent avoidable vacancies.
Market Positioning
Monitor comparable properties, understand amenity gaps, identify repositioning opportunities, and recommend improvements that increase asset value.
Risk Mitigation
Ensure lease compliance, documentation accuracy, fair housing adherence, safety awareness, and timely issue resolution.
Owner Advisory
Operate as a strategic advisor. Present data-driven recommendations, identify operational risks, and propose solutions that improve asset performance.
Property Managers are responsible for operational execution and tactical asset improvement. Ownership retains authority over the following strategic decisions.
| Metric | Target | How It's Calculated | Failure Threshold |
|---|---|---|---|
| Occupancy Rate | 95%+ | Occupied units ÷ total units | Below 92% without documented corrective action |
| Economic Occupancy | 94%+ | Collected Rent ÷ Potential Rent | Below 94% requires explanation and recovery plan |
| Delinquency % | < 3% | Delinquent balance ÷ total rent roll | Over 5% without eviction action or payment plan documentation |
| Budget Variance | ± 5% | Actual spend vs. approved budget by category | Repeated overages without documentation |
| Turn Time — Multi-Family | < 14 Days | Move-out date to next lease-start | 30+ days vacant without scope justification |
| Turn Time — Single-Family | < 21 Days | Move-out date to next lease-start | 30+ days vacant without scope justification |
| Renewal Rate | 60–70%+ | Renewals signed ÷ leases expiring in period | Below 55% requires retention strategy and market analysis submission |
| Expense Per Door | vs. Historical | Total maintenance expense ÷ total doors | 20% YoY increase requires explanation and cost-control strategy |
| Strategic Initiative | 1 Per Quarter | Revenue enhancement or cost reduction proposal submitted | Failure to submit is a quarterly evaluation deficiency |
Example: Renegotiating the trash contract to save $12,000 annually, or proposing an interior upgrade package with an 18-month payback period, both qualify as Strategic Initiative submissions.
Each Property Manager must submit a monthly strategic report. The following items must be included in every report. Use the template button below to complete and submit directly.
- Occupancy Summary
- Delinquency Summary
- Budget vs. Actual Overview
- Top Three Operational Risks
- Top Three Opportunities
- Rent Adjustment Recommendations
- Expense Reduction Proposals
- 90-Day Outlook
Step 1 — Rent Roll Confirmation
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1Pull the Rent Roll Report in AppFolio
Begin by pulling your Rent Roll Dashboard — your financial snapshot showing every unit, current balance, and payment status across your portfolio. Flag any unpaid balances or NSF payments immediately and build your delinquency list from flagged items.
How To: Pull Rent Roll Report in AppFolio- Log into AppFolio → go to Reports in the left navigation
- Under Leasing, select Rent Roll
- Set date to current date → choose your portfolio properties → click Generate
- Review unpaid balances column — flag any NSF payments immediately
- Confirm late fee automation: go to Settings → Late Fees → Confirm scheduled rules
- Export report as PDF and save to the property's shared folder
- Prepare your delinquency list from all flagged balances
Step 2 — Move-Out & Turn Coordination
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1Pull the Upcoming Move-Out Report
Run the Upcoming Move-Out Report in AppFolio to see every scheduled move-out in the next 30–60 days. This is your turn pipeline — knowing what's coming before it arrives separates proactive management from reactive scrambling.
How To: Pull Upcoming Move-Out Report in AppFolio- Go to Reports → Leasing → Upcoming Move-Outs
- Set date range to next 30–60 days and generate report
- Export and review — note move-out dates, unit types, and any known unit conditions
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2Schedule Final Walkthrough Within 48 Hours of Move-Out
For each upcoming move-out, schedule a final walkthrough within 48 hours of the tenant's vacate date. Use the Move-Out Inspection Checklist (linked below) to document unit condition systematically — this is your legal evidence baseline for any security deposit deductions.
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3Generate Turn Scope & Send to Maintenance via Property Meld
After the walkthrough, document every repair and replacement item using the Turn Scope Template (linked below). A complete scope upfront prevents cost overruns mid-turn. Submit the turn work order in AppFolio — it automatically syncs into Property Meld for technician assignment and progress tracking.
How To: Submit a Turn Work Order in Property Meld- In AppFolio, navigate to the unit → click Request Maintenance
- This automatically creates a work order in Property Meld via the integration
- In Property Meld, open the new work order → assign to the appropriate technician or vendor
- Set priority to Turn and paste the full scope from your Turn Scope Template
- Monitor progress in Property Meld — all updates sync back to AppFolio automatically
- Approve completed work in AppFolio before invoices are submitted to accounting
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4Confirm Utilities for Vacant Units
Once a unit is vacant, ensure utilities are transferred correctly to avoid unbilled consumption or service interruptions during the turn. All vacant unit utility statuses should be noted in AppFolio. Reference the Utility Transfer SOP linked below for the correct process.
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5Begin Security Deposit Reconciliation
Missouri law requires security deposit disposition within 30 days of move-out. Start reconciliation immediately — don't wait until day 25. Use the Security Deposit Reconciliation Form and reference the Missouri Deposit Timeline (both linked below) to ensure full compliance. Upload all documentation to the tenant's AppFolio record before releasing any funds.
Step 3 — Owner Statement Preparation
Standard: Owner statements must be delivered no later than the 5th business day of each month. Log delivery confirmation in AppFolio notes immediately after sending.
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1Review Income & Expense Accuracy, Then Generate the Statement
Before generating any owner statement, audit all prior-month income and expense line items for accuracy. Expense coding must be reviewed — operating and capital expenses must be separated before finalizing. Use the CapEx Classification Guide (linked below) if unsure how to classify any item. Once clean, generate the statement in AppFolio, send directly to the owner, and log delivery in AppFolio notes immediately.
How To: Generate Owner Statement in AppFolio- Go to Reports → Owner Reports → Owner Statement
- Select the prior month date range and the applicable properties
- Review all income and expense line items for accuracy before generating
- Confirm operating vs. CapEx classification on all expense items
- Click Generate Statement → review the PDF output
- Send directly to the owner via AppFolio owner portal or approved email
- Return to the unit in AppFolio → add a note: "Owner statement delivered [DATE]"
Target: Delinquency must be maintained under 3% of total rent roll. Every dollar of delinquency is a dollar of cash flow at risk. Do not let balances age without documented action.
Step 1 — Late Pay Outreach (Days 6–9)
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1Pull the Delinquency Report in AppFolio
Every delinquency cycle starts here. Pull and export the report, review every open balance, and know the full picture before engaging any tenant. Use the how-to guide linked below to run it correctly.
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2Multi-Channel Outreach — Call, Text, Email
Contact every delinquent tenant via all three channels. Use the approved Late Rent Response Script (linked below) — do not go off-script. Every contact attempt must be logged in AppFolio tenant notes with the date, time, channel, and outcome. This documentation is legally critical if the situation escalates to eviction.
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3Offer a Payment Plan When Appropriate
If a tenant is communicative and has a legitimate, temporary hardship, a structured payment plan may be appropriate. Use the Promissory Note Template (linked below) to formalize any arrangement. The signed copy must be uploaded to the tenant's AppFolio documents immediately — verbal agreements are not binding and are not acceptable.
Step 2 — 5-Day Notice Issuance (Day 10)
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1Generate, Serve & Document the 5-Day Notice
Any tenant who has not paid or entered an approved payment plan by Day 10 receives a 5-Day Notice to Pay or Quit. This is a legal prerequisite to filing eviction under Missouri law — it is not optional. Service method and date must be documented in AppFolio tenant notes with specificity, including a photo of the posted notice and the mailing certificate. If balance remains unresolved after the 5-day window, begin eviction preparation immediately using the Eviction Filing Checklist linked below.
How To: Generate & Serve 5-Day Notice (AppFolio — Missouri)- Go to the tenant's profile in AppFolio → click Send Notice
- Select 5-Day Notice to Pay or Quit from the template library
- Confirm the balance amount and compliance deadline (5 calendar days per Missouri law)
- Print the notice — serve via personal delivery OR posting on unit door + first-class mail
- Document service method and date in AppFolio tenant notes with full specificity
- Upload photo of the posted notice and copy of the mailing certificate to tenant's documents
- If balance is unresolved after 5 days, begin eviction preparation immediately
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1Pull the 90-Day Lease Expiration Report
Run the Lease Expiration Report in AppFolio with a 90-day lookahead. This is your renewal pipeline — you need to know every expiring lease before leasing does. Any lease expiring in the next 90 days should already be in your active strategy.
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2Conduct a Market Comp Review
Before pricing any renewals, know where the market is. Use the Market Comp Analysis Template (linked below) to evaluate competing properties — compare unit size, amenities, location, and current asking rents. You cannot credibly set renewal pricing without this data.
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3Set Renewal Pricing & Log Your Decisions
Based on market data, current occupancy, and asset performance, determine recommended renewal rates for each expiring lease. Every pricing decision must be logged in the Renewal Pricing Decision Log (linked below) — this is your paper trail for leasing strategy meetings.
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4Identify Non-Renewal Candidates
Flag tenants with lease violations, chronic delinquency, or strategic repositioning needs. Non-renewals must be documented and served with proper notice per Missouri law. Use the Non-Renewal Notice Language from the approved messaging library — do not improvise.
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5Leasing Strategy Meeting — Deliver Recommendations
Deliver the renewal list with pricing to the leasing team. Review lease-up pacing together. Discuss concession strategy where applicable — use the approved Promotional Credit Lease Verbiage in all lease documents, and confirm deposit tier approvals before offers go out. Both resources are linked below.
Budget vs. Actual Review
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1Run the Budget vs. Actual Report & Flag Variances
Pull the Budget vs. Actual Report in AppFolio (how-to below). Review maintenance pacing, calculate expense per door using the Expense Per Door Calculation Sheet, and flag any category that has deviated more than 5% from the approved budget. Every flagged variance requires a written explanation in the Budget Variance Explanation Form — both linked below.
How To: Run Budget vs. Actual Report in AppFolio- Reports → Financials → Budget vs. Actual
- Select current month and relevant properties
- Review maintenance pacing — is the portfolio over or under?
- Calculate expense per door (Total Maintenance ÷ Total Doors)
- Flag any category variance exceeding 5% of approved budget
- Complete Budget Variance Explanation Form for each flagged item
Revenue Optimization Review
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1Review Occupancy & Economic Occupancy
Calculate Economic Occupancy: Collected Rent ÷ Potential Rent. Target is 94%+. Identify any concession impact and flag units dragging it down. Reference the Economic Occupancy Calculation Guide (linked below) if needed.
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2Identify Rent Growth Opportunities
Which units are under-market? Which tenants are month-to-month? Build a list of rent growth candidates for the next renewal cycle and bring it to your next leasing strategy meeting.
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3Draft Your Quarterly Strategic Initiative (if due)
One revenue enhancement or cost reduction proposal is required per quarter. If this is your quarter-end month, draft and submit using the Strategic Initiative Form below. The best proposals come from observations tracked all quarter — don't wait until the last minute.
PM Sign-Off Required: You must approve the portfolio for accounting close before distribution. No statement goes out without your review. You are the last line of defense on accuracy.
- 1Confirm 100% of Rent Is Posted in AppFolio
No unposted payments. Confirm all NSFs are recorded and all credits are applied correctly. If a balance looks off, resolve it before signing off.
- 2Finalize the Delinquency Report
This is the official record for accounting. Every open balance needs a status note in AppFolio — eviction filed, payment plan in place, or pending contact. No blank statuses.
- 3Confirm All Invoices Are Entered & Coded Correctly
No orphan invoices. Check with vendors for any outstanding bills not yet in the system. Miscoded invoices distort owner statements and reporting.
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4Separate CapEx from Operating Expenses
Use the CapEx Classification Guide (linked below) before signing off. Misclassified expenses distort owner statements and can have tax implications for ownership. When in doubt, escalate to your Director.
- 5Approve Portfolio for Accounting Close
Sign off in AppFolio and notify the accounting team that your portfolio is cleared for end-of-month distribution. Do not approve until all prior steps are complete.
5th Business Day
Owner statements must be delivered by the 5th business day of each month. Log delivery in AppFolio notes immediately after sending.
Within 5% of Budget
Operating categories must remain within 5% of approved budget unless escalated in writing with a documented explanation.
Every monthly owner report must include:
- Occupancy rate
- Economic occupancy
- Delinquency summary
- Budget vs. Actual overview
- Major repairs summary
- Strategic recommendations
Owner meetings require preparation. Come with data-backed recommendations. Every property must have active budget parameters set in AppFolio before reporting can begin.
All operational procedures are linked below. SOPs marked "In Development" will be published as they are finalized. Contact your Director for interim guidance on those items.
Maintenance Work Order SOP — AppFolio + Property Meld
- Tenant submits maintenance request via AppFolio tenant portal or phone → auto-logged as a work order in AppFolio
- Work order syncs to Property Meld automatically via the integration
- In Property Meld, PM or Maintenance Director reviews the work order → confirms scope, priority, and unit details
- Assign to the appropriate in-house technician or approved vendor in Property Meld
- Technician schedules with tenant directly via Property Meld's communication tools — tenant receives automated scheduling messages
- Work is completed → technician marks complete in Property Meld → photos and notes attached
- PM reviews completion in Property Meld and approves the work before invoice is submitted
- Invoice enters AppFolio for coding → PM approves expense before accounting processes payment
- For expenses above your authorization threshold, escalate to Director before approval
Key Rule: Property Managers approve all operational invoices prior to payment. Never let an invoice reach accounting without your explicit review. You are the last line of defense against unauthorized or miscoded expenses.
60 – 70% Minimum
If renewals drop below 55%, you must present a retention strategy and market analysis to the Director within 30 days. Unmanaged lease expirations are revenue leaks.
1 Proposal Per Quarter
Every quarter, submit at least one revenue enhancement or cost reduction proposal. Identify opportunities proactively — don't wait to be asked.
Prolonged vacancy is operational failure unless strategically justified in writing. A unit sitting empty costs ownership money every single day. Treat every vacant day with urgency.
Under 14 Days
From move-out date to lease-start of the next tenant. Coordinate with maintenance immediately on move-out for the fastest possible turn.
Under 21 Days
SFH turns can be more complex. Scope accurately, execute efficiently, and keep leasing informed so marketing launches while the unit is still in turn.
Target ≈ 2 Days
Per-unit turn time target across all asset classes. Aggressive scheduling and pre-planning make this achievable on standard turns.
Response Time Standards
Same Business Day
All tenant communications received during business hours must receive a response the same day. Do not let messages go unanswered.
Next Business Day
Non-emergency after-hours communications are responded to by the next business day. Emergency lines handle true emergencies only — safety, flooding, no heat.
All templates are legally protective and professionally worded. Do not deviate from approved language without Director approval. Use these as your baseline for every communication scenario.
Standard Situations
Maintenance complaints, rent questions, lease clarifications, standard lease violations, renewal discussions, noise complaints, and general FAQ categories.
Elevated Situations
Repeated policy violations, formal complaints about staff, unusual lease interpretation requests, media inquiries, situations requiring exceptions to policy.
Strategic Situations
Capital decisions, sale inquiries from tenants, major property damage, situations affecting asset value or long-term strategy.
Legal Situations
Fair housing complaints, attorney letters, restraining orders, abandonment situations, contested evictions, or any situation with litigation exposure.
Property-Specific Resources
Forms & Templates Index
External Compliance References
Daily Operations