Property Managers & Move-Outs: 5 Tips for Faster Turnarounds and Lower Costs

These 5 property manager move-out tips will help you minimize the workload and expenses associated with renter turnover

Resident turnover is not only inevitable, but it’s costly as well. Between administrative costs, advertising, and unit repairs, the average cost associated with the multifamily move-out process is $4,000 per unit!

Luckily, there are ways to minimize the costs and hours spent managing move-outs. But first, you need to examine your existing workflows around this process. Several action items are necessary to turn over a unit. And more than likely, there are some opportunities to make your move-out process more efficient, reduce downtime, and protect your NOI.

Here are our five property manager move out tips to better manage unit turnover:

• Tip #1: Align your team early in the move-out process
• Tip #2: Streamline final utility billing and transfers
• Tip #3: Leverage electronic security deposit refunds
• Tip #4: Optimize unit turns with digitized workflows
• Tip #5: Proactively prepare to track and recover vacant unit costs

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Tip #1: Align your team early in the move-out process

Aligning your team early on is an important property manager move out tip. That’s because it will produce better communication between teams, and hopefully, turn units over faster.

The moment you receive notice of a resident’s intent to move out, it’s crucial that the right team members are notified.That way, leasing, maintenance, and accounting teams can sync on their move-out-related tasks in a timely manner. They need to know their assigned move-out tasks and when the unit will be vacated. Deadlines to complete their tasks should also be assigned so that everyone is clear on timelines and expectations.

Property management software like Zego Mobile Doorman can facilitate notifications to your team members and give them a checklist of the action items needed to turn over the unit. This ensures everyone is working towards the same goals and timelines.

Tip #2: Streamline final utility billing and transfers

One of the most challenging aspects of the multifamily move-out process is collecting final utility expenses from departing residents. Since utility bills are sent in arrears, your former resident is usually long gone once their last statement is ready. Once a renter moves out, it becomes an uphill battle to track them down and secure payment. These missing payments lead to losses that can significantly impact NOI.

Fortunately, technology-driven solutions are available to help streamline this process and optimize utility cost recovery. An automated move-out calculator allows you to accurately determine the final utility balance owed by the resident before they depart. It will also generate a link for the renter to pay their final bill so that they will be paid in full before they leave your community.

Automated calculators eliminate the manual effort required to determine the correct utility charges. They automatically prorate usage, apply any applicable fees or credits, and generate a final balance for the resident. This prevents delays in the billing process and helps properties secure an accurate payment amount before the renter leaves.

Beyond the automated move-out calculator, it’s also essential to set up an auto-transfer of utilities from the resident’s name back to the property. This step helps avoid any lapses or overcharges that can occur during the transition, further streamlining the process and protecting your financial interests. By leveraging these technology-driven solutions, multifamily property managers can enhance the efficiency of the move-out process and maintain a healthier bottom line.

Tip #3: Leverage electronic security deposit refunds

Another pain point with move-outs is returning security deposits to departing residents. Many property management companies issue a paper check after the renter has moved and mail it to the renter’s new address – if they even have it on file. This manual process is time consuming both administratively and financially.

Renters don’t like this process either. According to a recent Fannie Mae survey, renters listed the return of security deposits as one of their top three challenges during move-outs, noting that the process frequently takes too long.

This delay can be frustrating for both the property manager and the resident. Fortunately, apartment operators can use electronic security deposit refunds to make this process faster and more efficient. Tools like Resident Payouts allow property managers to quickly and easily return deposits electronically. This streamlines the process, speeding up cash reconciliation and reducing the manual work for staff. Residents also benefit, receiving their refunds more promptly without the hassle of waiting for a paper check.

By adopting a digital security deposit return system, property managers can not only improve the resident experience, but also free up time and resources to focus on other important aspects of the move-out process. This type of operational efficiency is key to keeping things running smoothly, especially during the busy move-in/move-out season. Investing in the right tools can make a big difference in how property managers handle this important task.

Tip #4: Optimize unit turns with digitized workflows

Optimizing your turnover processes and procedures is essential to streamline move-out operations. Without efficient procedures in place for unit turns, the time needed to turn a unit will inevitably be longer, leading to lost revenue. Streamlining the process and addressing inefficiencies will reduce turnaround times and ensure a smooth transition between renters.

Many property managers find digital checklists to be an essential tool for optimizing move-outs. Digital checklists are helpful for both renters and staff and provide a clear framework for ensuring that every task is completed efficiently and on time. Plus, digital checklists are easily accessible, and reduce errors or delays associated with paper-based processes.

For residents, digital checklists can include tasks like returning keys, cleaning requirements, or notifying utility companies of their move-out. For on-site teams, it can include checking the condition of the apartment, arranging for cleaning or repairs, and scheduling showings. Checklists should be customized to fit the specific needs of each property, so that no detail is overlooked.

Using digital workflows for move-outs also offers the benefit of real-time tracking and transparency. With cloud-based systems, property managers can assign tasks, track progress, and ensure that all steps are being completed in the correct order. This transparency minimizes the chance for miscommunication between staff members or delays in completing necessary tasks. Additionally, property managers can track move-out procedures across multiple units simultaneously, giving them a holistic view of their team’s efficiency and the overall status of move-outs within the property.

Another must for optimizing move-out workflows is to schedule pre-move-out inspections. By performing an inspection before your renter moves out, property managers can identify any potential issues that need to be resolved. This proactive approach allows for more accurate move-out quotes, helping both the renter and the property management team avoid any last-minute surprises. It also gives maintenance teams ample time to order any necessary repairs or replacement items, ensuring that the unit is ready in time for the next renter.

Finally, property managers should utilize automated communication to help relay move-out  details. Automated emails or text messages can be sent to renters reminding them of move-out procedures, deadlines, and any outstanding tasks they need to complete. This can reduce the amount of time spent chasing residents for information or updates, allowing staff to focus on other tasks. Similarly, once the unit is vacated, property managers can use these digital tools to expedite the inspection process and communicate with the necessary parties (cleaning teams, maintenance staff, etc.) instantly.

Tip #5: Proactively prepare to track and recover vacant unit costs

Our final property management move-out tip involves tracking expenses during the move-out process. When your apartment unit is not generating revenue, it’s especially important to keep tabs on expenses that you’re incurring during the turnover period. But manually tracking these expenses is not only time consuming, it’s prone to errors. Setting up automated workflows that monitor and control your expenses is ideal. This is especially true when it comes to utilities.

If renters in your community are required to put any utility accounts into their name, you want to track when they are transferred in and out of the property’s name. When residents fail to transfer utilities into their name prior to move-in or move utilities out before their lease is up, your company is left footing the bill. This can create a significant financial burden, especially for larger portfolios where it may take weeks or months to identify these erroneous charges.

To combat these expenses, property managers should implement a vacant cost recovery service. These automated solutions examine move-in and move-out dates, cross-referencing them with utility bills to identify any overlapping periods where the property is responsible for the resident’s usage. Not only does this pinpoint violations, but some providers will even automatically bill back charges to the offending residents, recouping those lost funds.

Outsourcing vacant cost recovery is far more efficient than trying to manage this process in-house. It removes the burden from staff, allowing them to focus on higher priorities, while ensuring a consistent and standardized auditing procedure. By automating this tedious task, property managers can minimize the work required to turn over apartment units and avoid losing money due to utility theft.

Transform your resident move-out operations

By implementing these tips, you can make the multifamily move-out process more efficient. Resident turnover is an unavoidable part of your business. And without the right tools or processes in place to manage it, you run the risk of hurting NOI and creating unnecessary work for your on-site teams.