Systems and Routines - How to save time and money on turnover
Updated: Dec 11, 2019
Inefficiency and lack of a clear plan for readying an apartment for rent will cause costs to compound quickly for an apartment owner. This is a costly process, but having a plan will save you more money than you expect.
I check in to the various questions people ask at biggerpockets.com often and saw a posting where someone was very happy about the property manager that they had. The property manager went to the paint store for the out-of-town investor and was using Facetime to look at paint samples together. This was paint samples for a vacant apartment.
The phrase "Time is money" is something everyone hears and knows. This is literally what is happening when your apartment is empty.
Lets say you have an apartment that rents for $800 / month. Every day that apartment is empty, you lose $26.67 ($800 / 30 days) Spend 3 days picking out color for a place, that review cost you $80.00.
Do you need multiple estimates on the project?
That will often take a week: $186.67
This does not mean you have to give up being picky about the quality of what is done in your place. I have worked with clients that have specific drawer pulls, specific appliances, and fixtures for the apartment. All of that information is recorded and ready to go as soon as an apartment is empty.
Provide clear direction for your property manager or vendors doing the work for you and watch magic happen. Give the paint brand and sheen and everything they need to work without asking questions. Make a time investment now to standardize your apartments and expectation for work in them. Those savings will compound over the course of your ownership.
Tci Building Services can help you put that plan in place in a clear way for your manager and vendors to work with. This is also part of what is provided in the Apartment Owner's Manual.