Tenant turnover is a year-round problem for property managers and landlords. But with the warmer weather on the horizon, turnover rates will be on the rise. According to the National Apartment Association, turnover expenses have the potential to reach up to $162,000 or more annually, depending on the property’s location and turnover rate.
With that being said, here are 3 of the top turnover maintenance tips to help you manage this busy season more effectively and save money in the process.
Begin the process before your current tenant moves out
As long as your resident has given you written notice of their intent to vacate, you can start the turnover process by scheduling a pre-inspection at any time before the current tenant moves out. During this time, you’ll be able to assess the condition of the flooring, the blinds, the appliances and any other big-ticket items that you might need to order in advance.
Speak with your vendors about availability of materials
Because you were smart and started the turnover process early, you now have the opportunity to make sure that your vendors have what you need in stock, or place your order for the materials so that you receive them in a timely manner.
Additionally, your maintenance team will be able to prepare for whatever make-ready responsibilities they will be handling after the tenant is gone. These can include, but are not limited to, replacing window screens, air vents, appliance upkeep and cleaning.
Prepare for both major and minor renovations, if necessary
If during your pre-inspection you realize the unit is overdue for a light remodel, you will be able to assess what items need replacing. Simple renovations such as new light fixtures, additional electrical outlets, or new paint can potentially generate a higher rent and depending on the skills your maintenance team possesses, can be done by them for a relatively low cost.
However, if you or the property owner have been going through the process of completely updating units and this one needs a major remodel, this is the time to request contractor bids and estimate the costs. Doing this before the current resident is gone will help you when looking at your turnover budget and you will be able to then determine an accurate timeline for when the unit can be rent-ready.
Fortunately for you, Classic Construction handles everything from general maintenance to full remodels to large insurance claims. If you find your maintenance staff overwhelmed with their turnover responsibilities, give us a call or contact us today for a free estimate!
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