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What is a make-ready?

What is a make-ready?

A make-ready is a process of preparing a rental unit for a new tenant after a previous one moves out. Terms that might be similar to make-ready are “apartment turn” or “turnover.”

Make-readies are universally known as the bottleneck when it comes to filling vacant units.

When a resident decides it’s time to move out, there’s an inspection process that involves a member of our team visiting the property. The team member walks the unit and checks it from top to bottom, creating a punch list of tasks to finish.

The maintenance team then takes this punch list and decides how to move forward. To get a unit rent-ready, there will probably be some deep cleaning, wall repair, and replacements involved. Beyond that, every single unit is different.

Each unit goes through a thorough inspection and owners are notified before any work begins.

The inspection process has to be extremely detailed. It’s best to know about all issues before a new resident moves in, even if the manager decides not to fix everything. At the very least, a property manager should fix the cosmetic damage, comply with health or safety codes, and have the place cleaned.

How much does a make-ready cost?

According to the National Apartment Association (NAA), “The cost of a single turn including rent loss generally starts in the range of $1,000 and can easily grow to a range of $2,500 to $5,000 depending on the capital replacements.” They even say that the average turnover expense of a unit is $1,800.

I wish I could sit here and spell out exactly how much a make-ready would cost, but it’s not that simple.

Picture taking an old car with a bunch of problems to a garage. Do you think they would be able to give you a reasonable quote without doing an inspection? The mechanic needs to know what type of fixes they will be working with. After diagnosing, they need to price out the parts and labor to provide a quote.

The same thing goes for make-readies! After the detailed inspection, we put together a formal bid that includes all parts, supplies, and labor. If you’re looking for a bid of your own, or just want a price sheet, click on the link below to schedule or get our pricing details.

How long does a turn take?

If you ask multiple property managers, you will probably receive conflicting reports. Some larger companies might be able to turn units in a few days, while others might take a month or more.

High-demand properties require a greater sense of urgency than ones with lower-demand. That’s why some properties boast lower turnover averages.

Another factor is the scope of work that needs to be done. The scope ranges from doing the bare minimum to get the next tenant moved in and going the extra mile to try and decrease future turnover rates.

It’s not easy to quickly turn over an apartment if some major repairs or changes need to be made. Mainly because larger projects will most likely require outside vendors.

Companies like ours are well aware of the cost of not only the actual repairs of the property but also when it comes to a unit not collecting rent.  We at Innovation Property Management, Inc. do everything possible to get these repairs done as quick as possible so we can get that property rented and you making money.  

Now is the time to Update and Upgrade

As rents continue to rise, now is the time to put some extra money into renovating those vacancies and modernizing them.  Tenants are paying record rental prices for properties that are up to date.  While spending $5,000-10,000 on renovating the property sounds like a lot and many not be in your budget, all it takes is a $250 rental increase a month to make that money back in a very short period of time.  You will also increase the value of the property.  There are two keys to this 1) do not over improve where it takes years to recapture the investment.  2) do not under improve where you get a lower than market price for your rent, thus attracting some less qualified tenants.  

We at Innovation Property Management, Inc. are experts in getting the most out of your investment.  Give us a call, you may be surprised what a little renovation can get you for rent increases.  In a few cases, we actually doubled the monthly rent!