Day 7: Three Simple Ways to Cut Turn Time in Half
Do you want to know a secret revenue driver?
Clean up your sluggish turn process.
Speed to market is a revenue driver!
Every day a unit sits idle, rent evaporates.
I live in Atlanta, Georgia, where the average median rent is $51.68/day.
Every day that a unit sits vacant is akin to lighting a $50 bill, a $1 bill, and $.068 in change on fire.
It burns up, and you can’t get it back.
Cutting turn time, thus increasing revenue, is simply about coordination.
Tip: Pre-walk your units and Pre-stock essential materials before move-outs begin. And schedule as your life depends on it! And, drive the process!
Schedule internal and external labor in overlapping waves rather than in a linear order.
And, don’t compromise.
Inspect progress daily instead of at the end.
Drive the process – with grace – but drive it!
Don’t let it drive you.
If your team or partners can’t get it done, coach them up or coach them out.
Sounds crass, but it’s critical to your business’s success.
Most delays stem from missing parts, unclear scheduling, or miscommunication, not a lack of labor.
Simply put: Disorganization!
Efficiency here compounds quickly: shave three days off ten turns, and you’ve gained nearly a month of rent.
Speed builds momentum, and momentum builds NOI.
Tomorrow’s tip: Stop Measuring “Service”—Start Measuring Experience.
— Mike Brewer