Warmer weather is here, which means it’s the start of a busy turn season for multifamily property owners and managers. We’re here to help you get through your hot and busy turn season without breaking a sweat.
Chart the Course
Turns are one of the most expensive operational costs, and turn rates average around 50% nationwide.1 Planning and preparation help streamline your turn process, shortening vacancy times and allowing you to update or upgrade units without inconveniencing residents.
Establish your standard turn procedures, timelines, and budget so that everyone understands their responsibilities. Standards help you know which units will become vacant and prepare for unit repairs by scheduling unit move-out inspections in advance. You can also plan material orders so that they’re ready prior to the move-out date. Once the unit is vacated, you can get to work on any planned upgrades.
Standards also ensure that you’re prepared for the increasing demand for vendors during the busy turn season. If you don’t have the right materials ordered and/or work scheduled, your turn time will suffer. For most properties, the standard turn time is five days.2 Turns can cost up to $3,000 per unit depending on the extent of the updates.3 Don’t let a lack of preparedness lead to longer vacancy periods and lost revenue!
Go with the Current (Technology)
Technology is the biggest factor changing the turn season process because it streamlines administrative tasks, reduces errors, and shortens the turn time.4 Facilities management software improves property management, from inspections to material inventories and resident communication.
Save time and reduce errors during inspections by using a tablet to automatically enter inspection results into the system. Tablets can also be used by the maintenance team to accurately manage material orders and schedule maintenance. Establish an online portal to make it easy for residents to record unresolved property damage, make a payment, and file maintenance requests.
Renovations Under Way
Perfecting the basics during turn season will not only help to drive business, it will allow you the time to take inventory of additional improvements that could increase resident interest. Use this opportunity to upgrade your property’s homes with advanced technology, repair old systems, and/or add desired features.
Whether you choose standard improvements like new carpet, painting, cleaning, and lock changes or upgrades that produce a high return on investment (ROI) of 10% to 30% like wood floors, kitchen upgrades, and improved lighting, you and your residents will reap the benefits.5
Want to entice residents, reduce your operational costs, and increase your rent? Consider desirable upgrades like LED lighting, energy-efficient appliances, and low-flow faucets and toilets. 6
Establishing and following guidelines for new and renewing leases is vital to a stress-free turn season. Want to make that process even more pleasant to your residents? Friendly customer service and quality resident relations can go a long way to reducing unit turnover. PRO TIP: a customer service-trained staff is better prepared to handle resident requests and resolve challenges.7
- Real Page, 2017
- Multifamily Insiders, 2011
- Property Management Insider, 2017
- NAAHQ, 2016
- All Property Management, 2015
- Construction Dive, 2016
- National Real Estate Investor, 2017