The basics are the basics for a reason, and they tend to work

[Michael K Gallagher]

Without getting too in the weeds, I'm about to sign the lease after my longest turn yet since purchasing this building in 2018.  had two previous turns all pretty quick and easy potentially the longest being 30 days of vacancy by the time the person moved out we got it cleaned up and someone else in there.  this time, we are about to hit 60 days.  what went wrong?

nothing really went wrong, I just made some poor decisions with regard to efficiency, and timing/marketing.

Issue 1) the unit needed work, like carpet replaced drywall patched etc, this tenant was overall pretty great but did beat the place up considerably, and left soem junk behind so first issue was that when I got the place back it needed more work than any previous turn.

Issue 2) trying to show it prior to being done and show ready.  While I had convinced myself showing the unit while I was working on it was a good idea, in retrospect I'll not be doing it again.

Go forward, I'll be doing a "move out walk" prior to move out, likely a month ahead of time, to get an idea of the condition and start booking work if its needed.  doing this will be the single greatest thing I can do to shorten the turn time.  Starting the work the same day they move out or the next day rather than starting the get contractors to look at it then will be much faster.

I'll also not be showing the unit until its show ready, I likely had 2 or three candidates that I lost or weren't as into the place as they would have been had I cleaned it up better to start.

Just a reminder that the fundamentals are really all that matter in this biz and if you stick to them and keep it simple...that's really what works here.

[Stephen Delahoussaye]

This is a great reminder Michael and something I preach to every owner I work with here in Nashville. We manage about 20 doors right now and turnover speed is one of the biggest controllable factors in your bottom line.

The move out walk a month before is gold. We started doing the same thing and it changed everything. You can get your contractor schedule locked in, materials ordered, and hit the ground running day one instead of scrambling after they hand back keys.

The showing before its ready piece is huge too. We learned that lesson early on. A prospective tenant walks through a unit with holes in the drywall and old carpet, they mentally discount the place even if you tell them everything is getting fixed. First impressions stick. Now we dont show until its fully turned and cleaned. Might add a few days to vacancy but we get better applicants who are willing to pay full asking because the place shows well.

Fundamentals really do win in this business. Appreciate you sharing the real numbers on that 60 day vacancy. Most people dont talk about the losses, just the wins. Thats what makes this forum valuable.