Student Housing Business

JAN-FEB 2018

Student Housing Business is the voice of the student housing industry.

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61 January/February 2018 Clark, vice president of property management for The Preiss Com- pany. "Being able to eliminate one vendor at turn time is amazing. When doing cap-ex upgrades and with new construction projects, we put a lot of emphasis on offering a unit with hardwoods for this very reason." Petersen concurs: "The popu- larity of vinyl flooring means that the costs for carpet cleaning have decreased dramatically, if not been eliminated entirely from most newer communities. Normal wear and tear, too, has decreased with the rise in popularity of steel- framed furniture that lasts much longer." Petersen also adds that he's seen a rise in companies that do it all — painting, carpet cleaning and unit cleaning — which can ease the burden on coordination of multiple vendors. On the other hand, Clark says The Preiss Company has benefited from sites using more than one ven- dor for each trade. "Having multi- ple vendors for each helps alleviate stress or delays if and when a ven- dor falls behind or isn't meeting the level of expectation needed." Everyone on the Same Page Savings and efficiencies can also be gained by standardizing the turn prep process. The Preiss Company requires all its sites to use the same "Turn Workbook," which allows the corporate office to understand how far along all the communities are in their preparation schedule. For Campus Advantage, prop- erties are required to provide a reforecasting of their original bud- gets by April or May, when renewal and new lease numbers are more complete. The reforecasting pro- cess requires sites to go through quantitative exercises to see which numbers can be adjusted. Quar- terly site inspections are also com- pleted at this time, which further helps refine the work that will be done in the two-week window in late July and early August. Duckett says each site is required to meet deadlines for specific doc- uments that centralized staff can monitor by logging into an inter- nal system and viewing each prop- erty's turn plan, turn budget and re-forecasted budget. "For example, if we look across Mattress Firm is proud to partner with a wide variety of loyal manufacturers to bring you the highest quality mattresses to fit your businesses needs. Contact us! Commercial Sales commercialsales@mfrm.com 1-800-934-6848 SERVICE. SELECTION. SAVINGS. LET OUR BILLION DOLLAR BUYING POWER BE YOUR BUYING POWER TM

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