When an out-of-state investor hired a St. Louis property management company to handle her “passive income” portfolio, she pictured auto-deposits and serenity.
Instead, she got unpaid utilities, tenants who’d gone AWOL, deferred maintenance, and an electrical shut-off on inspection day.
(There’s nothing like meeting your buyer by flashlight to remind you how active “passive income” can get.)
Sound familiar? You’re not alone. Roughly one in five St. Louis rental properties is owned by someone who lives outside Missouri — and too many assume “property management” means “set it and forget it.”
Spoiler: it doesn’t.
When Property Managers Drop the Ball
There’s a fine line between hands-off and completely in the dark. If your manager’s updates sound more like excuses than reports, it might be time to grab a flashlight.
Common red flags I see across St. Louis rentals:
- Communication slower than dial-up. If every question takes three business days and two follow-ups, you’re not managing property — you’re managing patience.
- Financial statements that read like ransom notes. A two-line ledger showing “tenant balance” is not transparency; it’s a mystery novel with missing pages.
- Tenants who don’t match leases. “Oh, that’s her cousin watching the place” has never ended well.
- Repairs done with duct tape and denial. “Maintenance completed” shouldn’t mean “we painted over the leak.”
- Utilities ignored and leases unenforced. When tenants are supposed to pay utilities but owner doesn’t forward the bill and management does not request it, you can bet your bottom dollar that the tenant is not saying a word.
- Hidden fees everywhere. If you need a calculator and a therapist to understand your management fee, move on.
How to Vet a Property Management Company (Before It Costs You)
Before handing someone the keys to your investment and your sanity, ask the tough questions — and expect real answers:
- How many doors do you manage locally, and who’s actually handling them?
- What’s your average vacancy time and rent-collection rate? Numbers tell stories — especially the ugly ones.
- Can I see a sample owner report? If they need to “make one up,” that’s your cue to run.
- How do you approve maintenance and emergency repairs? “We’ll just take care of it” should make you nervous.
- What’s your plan if a tenant ghosts mid-lease?
- What’s the termination clause? No one plans to break up, but you’ll want an exit strategy that doesn’t involve lawyers.
If the company starts every answer with “It depends,” what it really means is “We don’t have a process.”
Already Stuck With a Bad Manager?
You can course-correct — it just takes persistence and caffeine.
- Request a full 12-month ledger showing rent, deposits, and repairs per unit.
- Cross-check leases with actual tenants. Yes, that means verify who’s really living there.
- Confirm utilities and insurance coverage. Don’t assume “someone took care of it.”
- Audit maintenance invoices for duplicates or unapproved charges.
- Set firm deadlines for deliverables — then hold them to it.
If your PM still can’t tell you who’s paying rent and who’s gone fishing, it’s time to find a new manager (and maybe a stress-relief hobby).
The St. Louis Reality Check
Our region’s rental stock is older, quirkier, and full of surprises behind the drywall. Many local management companies are small, family-run operations balancing dozens of properties with minimal systems. Some do it brilliantly. Others… still rely on spiral notebooks and good intentions.
The takeaway: treat your property manager like a partner, not an afterthought.
Interview them the way you’d vet a contractor, a CPA, or your teenager’s new driving instructor — then verify everything in writing.
Bottom Line
A good property manager should make your life easier, not give you plot twists.
The St. Louis market rewards investors who stay engaged, ask for receipts, and follow up — politely, but relentlessly.
Because in real estate, “trust but verify” isn’t cynicism. It’s strategy.
Thinking about Building, or adding to, a real estate portfolio?
I’m here to help guide you whether you are a newbie investor or seasoned pro.
Karen Moeller, REALTOR®
MORE, REALTORS®
📞 314-960-1951 c 314-678-7866 o
📧 Karen.Moeller@STLRE.com
🌐 STLKaren.com
About the Author:
Karen Moeller is a St. Louis–based REALTOR® with MORE, REALTORS®, known for her blend of insight, humor, and heart.
A Kirkwood local, data nerd and design enthusiast, she helps buyers and sellers make smart, confident moves across the metro area—always with a touch of humor and humanity.
