Built for Rental Ownerswho own between 3 and 150 propertiesand get too many emails to keep up with.
Case Study

What 14 Months of Property Management Emails Actually Contained

A real portfolio audit. 12 properties, 125 cases, $99,728 in costs, organized from the emails I was already getting.

case-studyportfolio-managementproperty-managementemail-organizationrental-portfolio

Emails Scanned

1,196

14 months

Cases Organized

125

Distinct issues or projects

Total Costs

$99,728

Across 12 properties

Vendors

20+

Plumbers, roofers, etc.

I own 12 single-family rentals in the Dallas-Fort Worth metro. We use a property management company so we can be hands-off. But somewhere around property six or seven, the emails started blending together. A sewer line breaks at one property. A few weeks later, a similar plumbing issue shows up at another. "Sewer line," "tree root," "camera inspection," "leak." The same keywords showing up from two different addresses. Did I already approve that quote? Was that this property or the other one? Is this the same plumber we used last time?

We have been investing together with a group of co-investing friends since 2010. We all have day jobs; managing the properties was never supposed to be a big part of our work week. Passive income is the goal, but we still want to be informed, so our property manager sends us email and approval updates.

It would all be easy if each property was one email thread so I could scroll down to see the history about why I am getting this invoice. Our property manager starts a discussion, but when they get a vendor quote two weeks later, they forward it as a new thread. The context from our earlier discussion is not in the thread any more. Now either I am trying to remember, or searching Gmail, and once this happened frequently enough, the hassle-factor caught my attention.

I decided to organize every property management email I had received from the last 14 months (and counting) automatically. Here is what they contained.


What 1,196 Emails Looked Like When Organized Into Cases

When I say "125 cases," I mean 125 distinct issues that impacted one of my properties, each one a group of related emails organized into a timeline. A slab leak that generated 57 emails over six months, encompassing camera inspections, plumbers, drywall and painting, and landscapers becomes one case instead of a dozen separate threads. Here is a comparison between an inbox of emails and what it looks like organized as a case:

What is a case?

A case is a group of related emails about one issue at one property, organized into a single timeline with vendors, costs, and decisions connected together. Instead of a dozen separate threads, I get one story.

In my inbox

Water issue reported at property

Property Manager · Jul 22

Re: Estimate for main line replacement

Plumbing Co. · Aug 14

Two quotes for flooring replacement

Flooring Vendor · Aug 14

Fwd: Sheetrock repair estimate - 13 holes

Property Manager · Aug 14

Claim #4821 - Water damage inspection

Insurance Adjuster · Aug 28

Fwd: Sewer line camera test results

Property Manager · Sep 4

Schedule for mold remediation work

Drywall Contractor · Oct 3

In The Control Surface

Slab Leak, Plumbing Repairs, and Interior Restoration
Resolved

Cost

$40,063

Emails

57

Vendors

5

Issue

A major slab/plumbing leak was reported, causing mold and damage. A non-functional garbage disposal and leaking exterior faucet were also reported.

Diagnostic

Slab leak requiring main water line and interior water line replacement. Camera test detected root intrusion and backfall on sewer lines.

Resolution

Water lines replaced. Sewer line repaired and approved by the City. LVP flooring and tile installed. Sheetrock repairs completed. Insurance claim initiated.

The volume was not evenly distributed across properties. Some properties were quiet, while others generated over 200 emails in 14 months.


The Cost Picture

The total documented costs across all 12 properties over 14 months came to $99,728. Seeing it all added up was useful, but what was more interesting was how unevenly distributed the spending was. Two properties consumed 62% of all costs:

Property A: $40,063. A slab leak that became a full restoration project. Over six months, the scope expanded to include main water line replacement, all interior water lines, sewer line replacement, mold remediation, drywall, flooring, yard leveling and sod, and a garbage disposal electrical issue. Two separate insurance claims were filed. Fifty-seven emails from five different vendors.

Property B: $21,569. A plumbing and HVAC cascade that started with a routine kitchen leak. It turned out to be a rotted copper drain line. Over seven and a half months, 4 different vendors came through for sheetrock repair, pipe reinstallation, cabinet board replacement and resealing. While they were fixing the plumbing, the HVAC system failed too. Eighteen emails across four vendors.

The other 10 properties combined: $37,959. This large variation in annual repairs is not unusual. It is actually a feature of real estate investing and why having a portfolio of properties is better than having just 1 or 2. When a big system needs replacing, it costs what it costs, and having 8 cash flowing properties to fund the repairs for the one that needs a big repair this year allows us to continue to invest over time. This year's expensive home will be next year's cash flow to fund whatever may happen in the future.

This is why trailing 12-month views matter more than monthly snapshots. And it is why the quarterly portfolio review uses rolling numbers rather than month-over-month comparisons.


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