Multifamily operators face persistent challenges in finding reliable vendors to complete turns and renovations after residents move out. The shortage of dependable service providers can lead to delays, increased costs, and potential compromises in the quality of the work. Furthermore, the inherent uncertainty in managing these projects exacerbates the challenge, making it an obstacle for operators seeking to streamline their operations.
But it is not just about finding vendors. It's about ensuring that the work is done efficiently, with uncompromised quality, and in a manner that expedites the occupancy of units. Here are three benefits of a transparent turns program:
Faster turnaround times, cost predictability, and enhanced quality collectively contribute to improved occupancy rates. The ability to prepare units swiftly for new residents positively impacts the bottom line, making the portfolio more resilient and profitable.
By addressing the vendor scarcity and project management uncertainties, embracing transparency meets the immediate needs of operators but also lays the groundwork for long-term success and satisfaction of both operators and residents alike.