Page 67 - AMM-SEP2021-1

Continued from page 64
• All lot of things can happen when a vacant unit sits empty for a long time and no one is checking in on it. Try doing weekly inspections of units to check for things such as water leaks, organic growth, pests, etc. is important. (Kali)
• Just because you have the money in your maintenance budget doesn’t mean you should spend it. Many monthly and annual budgets are designed to give you more money than you probably need as a buffer. (Kali)
3. WHY IS TURNING APARTMENTS QUICKLY AND EFFICIENTLY A VITAL COMPONENT TO BOOSTING NOI?
Unit turns are a sizable operational expense. According to the National Apartment Association (NAA), the cost of a single turn, including rent lost, starts in the range of $1,000 and can quickly grow up to $5,000. AppFolio has developed a digital turn board that helps keep track of all the work necessary to minimize the time a unit is vacant. It’s also clear in showing you where you’re spending your money based on the property level, allowing you to make the best decisions. The convenience of having a software solution can also save your team valuable time, and allow for things to be pre-scheduled with vendors ahead of time. Even if your technicians aren’t yet comfortable with using new technology, by providing the right training and resources, everyone can be successful.
Read below for tips from our webinar participants on why turning apartments quickly and efficiently is a vital component:
• If you find yourself having too many move- outs at the end of the month, try staggering them out to help your team turn units faster and more efficiently. (Moshe)
• It’s important to understand your team’s strengths. Some maintenance personnel are very strong in addressing flooring issues, while some are more seasoned in handling bigger issues. Understanding and recognizing what each team member’s
•
•
strengths are can result in savings. (Kate)
The faster the turn, the faster a new resident can move-in. It also reduces the chances of losing additional income and vacancy loss. (Moshe)
Stay in communication with your vendors on your properties’ turn-key expectations. It’s not wise to spend money on vendors that are overpriced and don’t do quality work, or ones that have to come back time and time again because the scope of work wasn’t made clear. (Kali)
Having the proper procedures and processes in place makes a huge difference in terms of how smooth your daily operations are. Properties that don’t have the resources to invest in a software solution and instead use the traditional route of pen and paper run the risk of spending an astronomical amount of admin time researching work orders, and often spend more time following up with maintenance and residents than actually performing said work. Having outdated processes also affects your NOI from a compliance and staffing standpoint, since you’re not able to have the accountability and data needed to make important decisions. Partnering with the right technology provider is key to a smoother operation, and lets your team work smarter — not harder.
At AppFolio, we know there’s no shortage of work to do, but the challenge really comes with optimizing the skills that your team has, your inventory, and the availability. Customers like Pacific Capital Management saw dramatic results within their company once they automated their maintenance processes. “Now that we have the whole process in AppFolio, we have improved our NOI by billing the utilities back to the tenants, never missing a charge. We’re earning over a thousand dollars a month of additional income, $12,000 per year, which has had a significant impact on our asset value,” says Property Manager Brandi Brophy.
Giving you the tools you need to be efficient and having the right data so that you can make the right decisions is top of mind in the services AppFolio offers.
Founded in 2006, AppFolio is a company that offers powerful cloud-based property management software that property managers use to get their work done from anywhere, maintaining business continuity and keeping connected to their teams and customers. AppFolio is a different kind of property management software, and the company is laser-focused on its customers and their success. AppFolio works tirelessly to develop intuitive technology that really works. Explore why AppFolio is the last property management software you’ll ever need. For more information, go to: https://www.appfolio.com/.
AMM1/6 APARTMENT MANAGEMENT MAGAZINE - SEPTEMBER 2021 67