Minimizing Turnover

The article provides backup for the high cost of unit turnover at apartment properties and cites three primary factors contributing to the cost: increased utility expense (owner paying for utilities in vacant units), lost rent (an obvious factor) and increased marketing costs (as vacant units typically require a more concerted, and costly, marketing effort). To minimize the expenses the author suggests that proactive planning and scheduling are the best means to manage the issue. Promoting and enforcing early notice to vacate rules and inspecting units well before the move out date are two ways to understand what needs to be done once the unit is vacated.
Svikhart & Associates, a Salt Lake City-based real estate services company, focuses on asset management, brokerage listings and sales, and all aspects of a multifamily investment. Specific diligence regards property operations and strategies to maximize asset performance and value. Additionally, the firm assists owners regarding economic, financial and market factors that impact returns on investment. The firm targets ‘Mid-Tier’ assets which it defines generally as 10-to-60-unit properties.
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