Unit turns and renovations, when done properly, are complex, to say the least. After all, once you’ve finished a move-out walk-through with the former residents, you must also manage the complicated process of readying the property for the next resident(s). 

To turn a unit effectively, you need to shop around and know where to best spend your money. Additionally, you need to have a good, solid process in place to make sure nothing slips by. And on top of all that, you must also move quickly to minimize vacancy. The good news? At Haven Homes, we’ve performed countless unit turns and we’ve learned the most efficient methods—and we’re willing to share our techniques.

Read on to discover four tips for completing an effective unit turn that ensures your home is resident-ready:

1. Put together a scope sheet.

After a move-out inspection is complete, another very detailed checklist comes into play: the scope sheet. Use it to walk through the house a second time to document all the repairs and renovations needed to prepare the house for the next resident.

For example, if you’re inspecting the exterior of a property, the scope sheet will ensure that you don’t miss anything, such as the condition of the house paint or the way the front door is functioning. You’ll be reminded to inspect the garage, the driveway, the gutters, the landscape, and so forth. While it’s definitely an exhaustive inspection process, after it’s done properly, you can be confident that everything will be in working order for the new resident.

So, how can you make sure your scope sheet is comprehensive? Your first step involves categorizing the individual components of the areas and rooms on the scope list. If you don’t break the house’s rooms down into various categories, then it’s easy to overlook some of the items that need to be renovated. (For example, it’s not always top-of-mind to check the functionality of all the doors and drawers in the kitchen cabinets.)

After all, you want to attract conscientious residents; in our experience, those types of residents aren’t eager to move into a place that is less than fully functional.

2. Effective assessment is key.

To do a unit turn effectively, you must be able to assess the various functions of a house. This means knowing the ins and outs of anything and everything, ranging from the mechanical systems to the decor. 

If this isn’t something that’s currently in your skill set, experience over time can usually help you learn to catch issues. If you are thinking of using a property management company, it’s important to ask how their representatives manage this part of the process. After all, it’s more cost-effective to take care of any issues in one vendor visit, so you want to be sure their assessments are comprehensive. If something important is missed, it could result in a delayed move-in date—and that costs you money.

3. Spend wisely.

You want the best possible return on investment (ROI) on any improvements. That’s why it’s crucial that you weigh functionality versus cosmetic changes. For instance, if a vanity door is chipped but still works, you may not need to replace it. If it’s hanging from a hinge, that’s another story.

We recommend that you repair anything that should be functional but isn’t. Once those non-negotiable fixes are out of the way, it’s important that you consider the ROI of any purely cosmetic renovation. Will installing granite countertops allow you to raise rent enough to recoup the cost fairly quickly? If your home is in an upscale neighborhood, that might be the case—but if every other home in the neighborhood has laminate counters, your investment will probably cost you money in the long run.  

In short, there are two guidelines for renovations and repairs: ensure everything is functioning properly and is aesthetically comparable with surrounding properties at a similar price point.

4. Know your price.

Many homeowners find this to be the most overwhelming part of the process. It can be hard to know whether the quote you’re getting for a repair or renovation is a fair price. If you’re not familiar with the standard price (and most investors aren’t), the best way to determine a reasonable cost usually involves getting bids from a number of vendors and contractors.

At Haven Homes, we’re in a fortuitous position because vendors don’t tell us how much they’ll charge to do the job; instead, we tell them how much we’ll pay. We’re able to do this because of the sheer number of properties we manage in each market and we’ve learned the going rate as we’ve renovated homes. Our scope sheets include the price we’ll pay for each repair, which includes a margin for vendors, who also know that they’ll be guaranteed ongoing work if they do a good job.

Unless you own a significant number of properties, it’s hard to get to the point where you can dictate cost to vendors. That said, the most important thing you can do in the meantime is to get a number of quotes from referred and trustworthy contractors, while learning as much as you can about the entire process.

If you’re still overwhelmed, don’t fret: You’re not alone. We suggest looking for a qualified property manager who you know has your best interests in mind. If you’d like to learn more about Haven Homes’ “owner mindset” approach to management, you can get more detail about our transition process with our Guide to Turning a Home.

If you already have a property management company and want to assess how well your property is currently being managed, download our Rental Property Management Scorecard.