As a property manager, if you are struggling to maximize the net operating income (NOI) then you need to keep track of rental unit turns. The success of your rental business largely depends on how you streamline rental unit turns and reduce vacancy periods. It is essential to optimize operations to manage the entire turnover process to minimize the number of days a unit remains unoccupied.
In this blog post, we will show you effective ways to streamline rental unit turns and fill vacancies faster.
Challenges Faced In Managing Rental Unit Turns
Creating and scheduling work orders on paper or spreadsheets results in longer turn-around time and causes delays in getting new guests into the unit. Traditional methods of data entry, printing, and assigning staff or vendors can be time-consuming and inefficient. It not only consumes valuable staff admin time but also creates room for errors and miscommunication.
In addition, communication challenges between maintenance teams and leasing teams can significantly impact rental business efficiency when managing unit turns manually. It can lead to delays, miscommunication, and even overlooked tasks. It gets difficult to keep track of work orders in real-time, ultimately affecting the overall turnover process.
Streamlining the rental unit turns process will not only fill vacancies faster & boost efficiency but also improve NOI.
Unit Turn Information In One Place
To enhance rental business efficiency and streamline rental unit turns, property managers should consider adopting modern rental property management software. Embracing smart property management software is a game-changer. It offers an array of features that can significantly streamline unit turnovers and expedite the process of filling vacancies.
An integrated rental property management software like Zenya provides all essential information regarding a unit in one place, streamlining operations and enhancing productivity.
With connected reservation, leasing, operations and invoicing & payments, and move-out workflows, you get a comprehensive overview of each unit, including tasks, work orders, and communications. This centralized information allows property managers to access all relevant details without switching between multiple systems or documents.
Automates & streamline work orders
Automating the creation and scheduling of recurring work orders is a powerful way to reduce vacancy periods and streamline rental unit turns. It eliminates the need to manually track & assign maintenance tasks move-out inspections, set up utilities, or any repair work.
Property management software like Zenya offers advanced automation capabilities that transform the unit turnover process, making it more efficient and seamless. It starts preparing the unit for new occupancy as soon as the guest’s lease expiration date approaches. Based on the configured unit workflow automation, it automatically alerts staff about the upcoming booking, ensuring that necessary preparations begin well in advance.
It automatically creates tasks for internal teams to set up the unit a few days before the lease start date. Whether it is setting up utilities like electricity, gas, and hot water or setting a Wi-Fi connection or cable — automated tasks get created and assigned to the concerned department.
Further, it also calculates and set-up unit costs, by pulling in the standard rates and costs like rent, utilities, parking cost, cable, and housekeeping from the Zenya system. It saves time and ensures accuracy in cost calculations for every new occupancy.
Smart short-term rental management software also automatically creates charges for any request and attaches it to an invoice. These invoices get automatically created and sent to guests. For example, for a guest’s request for extra cleaning, a charge is created for it which gets attached to the invoice and sent to the guest with a payment link. It increases transparency and eliminates room for missing out on any charge.
To optimize the rental business growth, having all information of a unit in one place can fill vacancies faster. It is effective in reducing the back & forth of documents and fosters transparency within teams.
Additionally, automating the recurring processes involved in the rental unit turns helps in the creation, assigning, and tracking of work orders online and from anywhere. Choosing the right furnished property management software can play a critical role in reducing the vacancy period & fasten the unit turns.