Words From Our Broker: August 2015 | Brokers Corner with Tanya Chappell

Hi and Happy Turn Over Season, at least that’s what investors and property managers in Gainesville fondly refer to it as.

The past month has been filled with a higher than average amount of new rental properties coming onto the market and tenants moving in and out.

I’ve mentioned in previous articles that a few years ago most of Gainesville’s rental properties “turned” over in the months of June, July, and August. So it’s not unusual that we still get a higher percentage of turn overs in the summer and early fall, especially for those properties best suited to someone teaching or taking classes at one of our two awesome colleges.

We had our share of crazy this turn but nothing like the old days when we “turned” 10 times the amount of properties we did this year. However, even a small turn can be crazy. We “turned” about 38 properties so far this season. That doesn’t sound too hard until you consider we did most of them in 7 days.  Since most leases end at the end of the month, they all need to be “turned” and made ready for the new tenants the first week of the next month. That meant doing about 7 at a time (and in 5 to 7 days) each month. This gets a little crazy because I am having to inspect and job it out to various vendors, follow up with them to make sure they’re on schedule and then again to make sure it’s done right before I meet the new tenant for the move-in inspections. Now keep in mind my vendors don’t just sit around waiting for only my company’s work. They’re having to schedule with many other property managers and owners so you can’t just surprise them with unexpected last minute new work- but it happens. 😉

We often get new homeowners into management towards the end of the season when they haven’t been able to rent or sell the home themselves and need to hurry up and get it rented. Often the reason they haven’t been successful renting it themselves is the condition or price compared to condition. To throw a plot twist into the busy season, getting a new home into management that needs a mini renovation (full paint, flooring replacement, appliances, multitude of miscellaneous carpentry or handyman type needs and major lawn/exterior clean up, etc),  just when my vendors and I thought we had it under control, can add even more stress.  We fit the renovations in so it rents in this optimum season. I always feel responsible and driven to get that property on the market ASAP!

We had several of those this season. It brings me such a sense of joy and accomplishment to bring in a poorly performing property, recommend strategic simple improvements, supervise the work and get it rented to good tenants – often all within a couple of weeks – complete with videotaped move-in inspection with the new tenant.

This year we had an even bigger plot twist! One of our townhomes had a water supply line to the upstairs toilet break and pump water into the second floor for at least 12 to 15 hours before the neighbor heard a loud bang that vibrated his walls when the ceiling fell in. Of course, the property had just been “turned” and the new tenant had only moved his couches in so far (thank goodness)! It’s times like this that you really understand the true value and benefit of having a property manager that knows how to act quickly. Check out the videos above of the event as it took place. It’s currently getting the rebuild so keep an eye on our Facebook page for the final video. I also did some videos of a few properties we did mini renovations on and those will be getting posted on our Facebook page when we’re back into the normal crazy busy instead of crazy crazy busy time!

All that fun makes me look forward to the upcoming 23rd Annual Mudd Volleyball March of Dimes fundraiser even more. The funds will support research, services, education and advocacy, to help mothers have healthy pregnancies and babies. We play five-on-five mud ball (basically a big pit dug out two foot deep and filled with water) in Orlando on August 22nd. I would greatly appreciate any help you can give to this awesome cause. Even $5, $10, or $20 would be fantastic. My goal is to raise $500. Please click on this link if you would like to donate: http://muddvolleyball.marchofdimes.org/orlando/tanyachappell

The picture is from two years ago when I played and we placed 2nd. Of course winning is always great but this is truly an event where just participating is a reward in itself.

To all of you still in the thick of it- deep breaths….. In the nose ….. and out the nose….. 10 times. And if that doesn’t work come to one of my Yoga classes. I’ll be sure to wash away some of the stresses of your day!

This is an update from our broker and owner – Tanya Chappell.  You can see more at this month’s newsletter or receive monthly updates about the company by subscribing to our newsletter.