Turnovers: How Much Do They Really Cost? (Propertyware)

By jsims Posted July 19, 2017

Turnovers: How Much Do They Really Cost? (Propertyware)

Industry experts sat down to discuss the cost of turnovers and how they can affect your property management business.

Today, industry experts from Real-Time Leasing, LLC, Crestcore Realty, LLC, PMI Birdy Properties and Blue Crown Properties sat down to talk about turnovers, sharing ideas about how to improve your processes and maximize profit for your business.

Here were some of their key takeaways:

Set expectations from the beginning

“You have to have standardized pricing and negotiate with your vendors,” Deb Newell said.

Set expectations on the front end and be transparent,” Blais Case said.

Consistently communicate with tenants, owners and staff

“We have onboarding sessions scheduled throughout the day. Our tenants come in and learn what they need to know,” Ben Trombly said.

“Make sure you’re documenting, emailing and picking up the phone. Almost every time we’ve had a mistake, it traces back to a lack of communication,” Case said.

“If you have a breakdown in communication, you have a bigger problem than anything else,” Newell said.

The panelists also emphasized the importance of being specific about your maintenance terms, adding that vendor agreements are essential.

Don’t be all things to all people

“Go after your niche. It’s the ones who are true investors that you want to focus on.” Trombly said, “You have to standardize your processes. If every owner wants you to be something different, it can be chaotic. Don’t be all things to all people.”

Thanks to Deb Newell from Real-Time Leasing, LLC, Ben Trombly from Crestcore Realty, LLC, Blais Case from PMI Birdy Properties and Danny Hardeman from Blue Crown Properties for sharing their insights with the RealWorld audience!

For more information on rental property management, visit Propertyware.