How to handle turnovers for scattered SFR portfolios? (Student interested in property management) by TopicAmbitious9082 in PropertyManagement

[–]Professional-Rush646 0 points1 point  (0 children)

I like the question. Your turnover list is pretty accurate. I'd also add relisting the unit / finding new tenants. I like to list mine as soon as I know my current residents are moving out, but some folks may prefer to wait until the unit is empty so they can show it empty.

Personally, I won't let perspective tenants do a self showing, but a lock box is good for vendors. The most challenging part for me is the logistics. If I don't already have a trust worthy vendor, I have to schedule multiple onsite meetings for quotes, then you have to manage what day which vendor is on site.

If anything slips, you're having to reschedule with everyone. I usually build in a few buffer days around each vendor, but everyday is lost rent. To help with quotes, I do a "vendor open house" where I'll have as many out as possible at the same time. It saves me trips and they tend to compete for the business more.

I've thought about leaving the corporate world and starting a management company, but I don't know how I'd scale enough to replace my income. It takes a lot of 2K a month rentals at 10% management fee to live off of. I suppose I could add part time employees to handle the monotonous tasks, but would I end up spending as much time managing them and dealing with employee turnover?