Insight #20: Prepare for Longer Unit Turns

By Jay Parsons, Tracy Saffos and Jonathan Breakstone Tried shopping for appliances lately? If so, you probably saw most vendors have very limited stock on hand due to supply chain issues linked to the pandemic. And if you haven’t experienced it firsthand, you’ve probably also heard about skyrocketing costs for construction materials, limited inventory levels for many replacement supplies, and labor shortages. Manufacturing facilities in Asia haven’t fully caught up after COVID shutdowns. Once they get production back online, they’re likely to experience shipping delays going into coastal ports. At the same time, there’s a lot of demand for a limited supply of materials, supplies and labor coming from single-family and multifamily builders, as well as remodelers.   These factors can wreak havoc on apartment property managers trying to turn units in the standard 3- to 5-day window. The turn process will likely take more time – and cost more money – throughout 2021. How can you work around those challenges? Here are 5 tips to drive success in your unit turns post-pandemic: 1. Push (Gently) to Get as Much Move-Out Notice as Possible The earlier you know about a move-out, the faster you can plan the turn. Consider sending out renewal letters earlier than usual. Specific time windows vary by property manager and location, but an extra couple of weeks may help minimize turn time. 2. Schedule Pre-Move-Out Inspections ASAP Work with your residents to schedule a pre-move-out inspection as soon as reasonably possible. This will help you prepare and also help the resident fix what they can on their own – saving them some money, as well. 3. Stock Up on Inventory Evaluate the maximum and minimum load limits set for standard turn supplies like flappers, faceplates, and blinds, and consider increasing both those minimums and maximums. This might be hard to do in a year when you are most likely under expense pressure. B...