Why a slow turnover might be costing you more than you think

[Mario Benavidez]

Hey BP fam,

Just wanted to share a lesson that completely changed how I look at turning over units.

It’s super tempting to try and save a few bucks by doing a slow, piecemeal rehab between tenants. But the math can really sneak up on you. Every week a unit sits empty, it’s not just missing rent it’s eating up utilities and holding costs.

Here are a few tweaks that really helped speed up the process and get properties back on the market fast:

• Book ahead of time: Try to have your painters and cleaners scheduled before the old tenant even hands over the keys so work starts day one.
• Standardize your finishes: Use the exact same paint color, flooring, and hardware for every unit. It completely eliminates the time spent walking the aisles at the hardware store.
• Value speed over budget labor: Paying a reliable crew a little more to finish the job in a week usually works out better financially than hiring a budget crew that takes a month to wrap up.

Question for the group: What’s the fastest you’ve ever turned a unit, and what’s your secret for keeping things moving?