Average unit turnaround time for a property manager?

Question

What is the average time it takes for your property manager to get a unit fixed up and rented out? I know there will be a little variation based on size and condition, but I wanted to see if there was some expected industry standard. Thank you!

Nathan Gesner · Answer

There is no standard. Some managers will advertise a unit during the last 30 days of a lease, often securing a new tenant before the old tenant leaves, which reduces vacancy time. Availability of cleaners and technicians plays a big factor. Time of year. Quality of the rental. General market conditions. And 17 other factors.

I'm in a small town and manage 400 rentals. My average vacancy is less than 10 days.

Melanie Thomas · Answer

Hello! As a property management firm overseeing 1,100+ single-family homes, we have an average turnaround time of 14 days. We're continually working on reducing this period. Over the past few years, it's been challenging to find dependable service providers. A significant aspect of our role involves managing these vendors, searching for those who deliver high-quality work, are diligent, and offer their services at reasonable prices. We're perpetually on the lookout for the most competent vendors to partner with, as they significantly influence our turnaround times. Good luck & happy investing!

Phillip Austin · Answer

@Isaac Lane I love this question! As you can see from the responses, it's going to vary greatly depending on the PM. Many factors go into turn time and from a PM's perspective, it can be tough setting these expectations for our owners who may only have a single home that they used to self-manage and are expecting a maximum of 3 days (unreasonable).

@Nathan Gesner is correct when says there is no industry standard; however, I would say most reputable PM companies are somewhere between 5-14 days on average.

Here are some common factors that affect turn time:

- size of PM portfolio

- area of PM portfolio (do they manage in a single neighborhood or across an entire region)

- time of year

- number of reputable vendors

- condition of property

- length of tenancy

- size of PM's staff (do they have assistants or other team members in the field)

- PM's systems and processes (are they efficient and proactive with turns)

A smaller PM who does everything themselves but only manages 5 homes will most likely have a much faster turnaround time than a PM who manages 100 homes on their own. On the other hand, a large PM company who manages thousands of homes may have a ton of more resources and vendors, however, they may be doing 30-50 turns at the same time which forces a longer turnaround. There are many factors!

Jimmy Lieu · Answer

Hey Isaac, I've worked with a lot of PMs here in Columbus Ohio, and have found a rockstar PM who does all of my turnovers for my investment properties. He charges extremely reasonable and use him for all of my properties! As a local investor and agent here, let me know if you have any questions or want me to make any introductions!

Theresa Harris · Answer

I've found I should expect a 1 month vacancy when working with a PM.

Remington Lyman · Answer

I would say a couple of weeks if it is a lighter turn. Once you have your property stabilized you should have very little turn time and they should be pre-leasing if possible

Average unit turnaround time for a property manager?

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