A great article from Multi-Housing News who reports that resident turnover is costly ranging from $1,500 to $3,500, or more, per turn. Nearly 20% report that turnover costs typically exceed $3,500. So, how to reduce turnover expenses and the time needed to prepare a unit for its next resident? The article suggests numerous ways to reduce owner expenses when residents are  exiting your property. They include: be proactive with your residents to understand well in advance of their intention in leaving; have necessary materials readily available to turn the unit quickly; maintain excellent vendor relationships; and, manage repairs/improvements in-house. While not everyone can maintain a staff to do turns in-house (e.g. smaller properties), other measures can be taken to facilitate a speedy unit turn once it becomes vacant.    

 

 

Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.

 

Please find us at svikhart.com or contact us at 801-550-5684 to learn about the real estate services the firm provides. To subscribe to the firm’s newsletter addressing events of the day please follow this link Newsletters.