Turnovers are, by their very nature, expensive. You’re taking care of all those minor wear and tear items that occur during a tenancy, but you’re also looking at larger main attendance needs and even the potential to make cost-effective improvements before marketing the home to new tenants.
How can you save money during a turnover when you’re already dealing with a vacancy and a pause in your rent collections?
It doesn’t have to be stressful, and you don’t have to go completely over budget. As experienced property managers, we’ve put some processes into place that keep turnover costs lower for our owners and investors. Here are some of the things you can do to achieve similar results without sacrificing all the work that needs to be done during the turnover process.
Partner With Preferred Vendors
We have a preferred network of vendors and contractors who appreciate the large volume of work we provide them and give us their best rates and discounts. They’re also willing to prioritize our projects, getting into our rental homes quickly.
Don’t start looking for your vendors when you’re ready to begin a rental property turnover. You’ll need to have relationships in place already. Look for reputable workers who are licensed, insured, and capable of providing high quality work. Your turnover process will be less expensive, faster, and more reliable.
Schedule Immediate Move-Out Inspections
Don’t wait too long to get inside your rental property once a tenant moves out. The sooner you can get inside, the sooner you’ll know what kind of work needs to be done. The purpose of your move-out inspection is to examine the condition of the property and compare it to the condition of your property before the tenant moved in. You’ll make some decisions about the security deposit.
The secondary purpose, however, is to get an understanding of what you’ll need to do during the turnover process. You might need painters, carpet cleaners, landscapers, or someone to look at the roof. A plumber may be necessary if a sink is dripping. Check the appliances and decide if any of them need to be replaced.
Try to inspect the property within 24 or 48 hours of a tenant moving out. This will give you a jump start on the turnover process and help you move through it faster, which saves you money on vacancy. Make sure you’re holding your departing tenant accountable for any damage that they should pay to repair.
Be Consistent With Paint, Lighting, and Supplies
Most turnovers include a fresh coat of paint. As you probably know, paint is expensive. Use the same color of paint for every rental property you own. This will eliminate the need to buy different types and shades.
The light bulbs you’re using can also be uniform across all rooms and properties. Invest in the LED lights so they don’t have to be replaced as frequently.
If you hate replacing or cleaning the carpet during every turnover, consider transitioning to hard surface flooring the next time you’re preparing the home for a new tenant. There is far less maintenance, you’ll get more life out of the laminate you use, and tenants will appreciate those floors when they’re looking at your rental home.
These are a few tips that can help you keep turnover costs down. If you have any questions about turnovers or leasing, please contact us at Real Estate Gladiators. We serve Monroe, Issaquah, Bellevue, Everett, Lake Stevens, Kirkland, and other cities in and around King and Snohomish counties in Washington State.
