The average rental turnover costs for an apartment range from $1,000 to $5,000, according to the folks at Apartments.com. For rental homes, the costs typically go up from there. The longer it takes to get your property ready to market and get new tenants in, the more expensive it gets. Vacant properties can degrade quickly, and you will still be paying monthly expenses and loan service without incoming revenue to offset payouts.
Keeping Your Turn Key Rentals Clean and Occupied
Nobody wants to rent a property in poor condition. When tenants move out, you need to quickly return the property to market-ready condition. There are ways to minimize turnover time while renters are still in the property and by working quickly when they do move out.
Conduct Regular Inspections
Periodic inspections can help you uncover potential problems. Addressing them while tenants are still there can reduce turn time later. When properties are in good shape, and tenants know there will be regular inspections, they are more likely to do a good job of upkeep. This reduces the amount of work that has to be done after move-out.
Of course, a well-maintained property can also encourage your current tenants to stay longer, eliminating rental turnover costs altogether.
Build Relationships Ahead of Time
Having a team you can rely on to handle your rental turn is crucial. Contracting with a rental turnover service now allows you to be prepared when you need them.
Charter Construction Group has vetted and available professionals, in nearly every market nationwide, that can spring into action when needed. With one call, you can get everything you need to get your property market-ready.
Staying on top of maintenance saves time when you are between tenants. When tenants leave, you need to use a checklist of items to ensure general maintenance is completed for the property to be move-in ready. General maintenance includes replacing air filters and burned-out lightbulbs, making sure appliances and fixtures work, changing batteries in smoke detectors, tightening up or replacing loose hardware, and handling any landscaping that is needed.
Repairs and Renovations
You will want to do a thorough inspection of the property to note any repair work that needs to be done, including patching, and painting walls, replacing carpets and fixtures, and other repairs.
You will also want to consider whether there are upgrades that you need to do to get your property rented or increase property values. Replacing appliances or remodeling kitchens and bathrooms can make a big impression on potential tenants and lead to higher rents and faster rentals.
While you do not want to spend money on upgrades that will not generate additional income, you may need to renovate to stay current with local standards or gain a competitive advantage.
Even simple things such as landscaping or replacing, or painting the front door can generate a significant ROI. A revamped front door can generate an ROI of nearly 500%.
Rental turnover cleaning costs are relatively low, but it’s important to keep your property in show-ready condition. Kitchens, bathrooms, cabinets, countertops, appliances, and floors must be clean. Depending on how long the property sits vacant, you may need regular touchups.
The Benefits of Working with Charter Construction Group
When you work with Charter Construction Group as your rental turnover service, you can save time and money.
Rather than having to worry about finding and coordinating work for multiple different vendors, Charter Construction Group handles it for you. You get one quote for the entire job. Charter Construction Group coordinates scheduling, makes sure crews show up and get the job done right, and keeps you posted on the progress with a real-time dashboard that is constantly updated.
With dedicated teams, you get rental turns done quickly to enable new tenants to move in quickly.
Charter Construction Group has a network of skilled labor and diverse suppliers. While other contractors may have challenges at times getting the necessary materials, Charter Construction Group can often move supplies from a different job to avoid any delays in getting your property market-ready.
Charter Construction Group has completed more than 40,000 residential renovations and rental turns, so we know what it takes to do the job efficiently to keep your rentals cleaned and occupied.
Want to make sure your rental properties are market-ready fast? Call Charter Construction Group today at 866-268-1632 or request a consultation online.