Cutting Expenses to the Bone!!!

After 57% turnover in 2013, we have really got to cut expenses and increase income for my 50 unit property. We had several extraordinary expenses come up last year and we plan to spend $100K this rear replacing old water lines.

Our highest expense is always for turning apartments.
1. Paint
2. Painters
3. New floor covering

The owner wants to touch-up paint as much as possible, which I tried to do in 2013, but I am going to have to take a second look at how I determine to do a full paint or touch up. I touched up 7 out of 27.

There is the problem with paint not matching due to age.

What policies do you have to determine touch-up or full paint?

Thanks for the help!!

I feel your pain, Sandy! It does seem to be a problem trying to match paint. The only thing I can add is that when I am doing a lease-signing, I point out that a good paint job should last for years, so if they move after one year, I will charge back the cost if a complete re-paint is needed. It isn't normal wear and tear to have to do a full paint after only one year. So, I would suggest that a smaller container of paint be set aside in the Maintenance Shop of the paint used and marked for specific apartments so that touch ups can be completed reasonably well (for nail hole cover, etc.) Since I started doing that, full paints aren't always necessary. This works no matter what color you use.

I also will say that the painter's skill can be amazing when it comes to this topic. Really skilled painters can perform magic on a touch-up. They are worth every penny. It's just that so many turn crews assume all units should just be a total re-paint. It is great to have someone on the team that understands how to complete a touch-up.

I will also add that I am reducing carpet replacement costs by installing wood flooring as much as possible in dining areas (I like it in the living areas, too.) Bedroom carpet only - isn't it amazing how many apartments have to have the carpet replaced because the living/dining rooms are not salvageable?

The big ones at turn overs are painting and flooring. Now, keeping in mind that not all paint nor all flooring are equal. Cheap paint and flooring will not last as long as quality painting and flooring when we are talking normal wear.

So, I came up with life expectancy of painting and flooring. I had the dates by unit when they had installed flooring as new painting. I had the move in and move out dates. Prorated the costs and moved on.

I will send a message with more information.