What are turns in real estate?
Turns in real estate refer to the process of preparing a rental property for a new tenant after the previous tenant moves out. It involves cleaning, repairing, and updating the property so it is ready for the next renter. Quick and efficient turns are important for landlords, tenants, and property managers.
Why Turns Matter
Turning over a rental property quickly is beneficial for several reasons. Let’s take a look at some of the most prominent reasons out of them.
- Landlords want to minimize vacancy time between tenants. The faster a unit can be turned, the sooner it can be re-rented and generating income again.
- Incoming tenants want to be able to move into a clean, updated, and fully functional unit as soon as possible. Slow turns mean delayed move-in dates.
- Property managers want to complete turns efficiently to keep clients happy. Fast turnarounds reflect well on their service.
The Turnover Process
Turning over a rental unit involves several standard steps:
- The previous tenants move out fully and return keys. The property manager inspects for any damages.
- Cleaning crews come in to clean thoroughly, including carpets, appliances, windows, and more. All surfaces are sanitized.
- Any repairs or replacements are identified and scheduled. This may include painting, drywall patching, flooring repairs, appliance repairs, etc.
- Updates and improvements may be done, such as new paint colors, fixtures, countertops, or flooring. This refreshes the look.
- A final detailed cleaning is performed. The property manager does a final walk-through to ensure it is ready for the new tenant.
How to Optimize the Process
There are several best practices to follow for efficient, high-quality turns:
- Use detailed pre-move out inspection reports to identify needed repairs early.
- Have a qualified vendor network lined up to call for prompt repairs.
- Establish a turnover checklist and timeline to keep the process on track.
- Stock up on standard turn supplies – new locks, light bulbs, paint, cleaning products.
- Take thorough move-in and move-out photos to document condition.
- Have incoming tenant sign a pre-move in inspection to note existing defects.
- Schedule overlapping vendor appointments to avoid delays.
- Use lockbox access to allow vendors entry while you are not on site.
Why Turns Matter for Owners
For rental property owners, efficient turns equal more income. The faster the unit can be re-rented, the less vacancy time in between. Good turns also lead to longer tenant tenure and fewer headaches. Tenants are happier moving into a thoroughly cleaned, updated, functional unit. Professionally managed turns represent good service to tenants, enhancing the property’s reputation and brand.
Why Turns Matter for Tenants
Tenants benefit greatly from quick, quality turns. Their move-in dates are not delayed by unfinished work or repairs. They can settle in sooner to a clean unit ready for living. Well-done turns also make for happier tenant experiences and longer leases. Tenants appreciate attentive service and care shown in preparing the property for them.
Why Turns Matter for Property Managers
For property managers, fast and well-executed turns equal satisfied clients and tenants. Owners are pleased with the minimal vacancy intervals and efficient oversight. Tenants praise the attention to detail and service. Fewer maintenance emergencies also ensue when turns are thorough. Establishing a smooth turnover process is a mark of a proficient property management company.
Efficient turnover of rental units benefits landlords, tenants, and property managers. Organized processes, proactive maintenance, and technology improvements help optimize turns. Controlling costs also ensures turns are cost-effective. With some planning and effort, the turnover process can become a point of efficiency rather than a hassle. Proficient turns represent quality service and help build positive reputations.