When a leading residential property holder needed a proven partner for home renovation projects, MCS was a clear choice. Over the past several months, MCS has continually demonstrated its ability to manage various types of home renovations across multiple geographies, as we work to update more than 160 properties.
The client
A leading residential property holder wanted to launch a new program to better handle property renovations before taking a home to market.
The challenge
By investing in renovations, the client hopes to generate better returns on their investment while delivering high-quality housing stock for first-time home buyers. A company like MCS, which has experience in many facets of home maintenance and construction, can help renovate the properties cost-effectively and efficiently to create improved housing options.
To better manage its portfolio of renovation-ready homes, the client created a program where select vendors would be responsible for covering renovations across entire states. MCS was selected as one of these partners, working on renovations for the client’s properties in several states including Illinois, Michigan and Louisiana.
The services
As part of this program, MCS is charged with scoping each property to the client’s specifications, which they approve as-is or amend—and the renovation work is completed from there. The ultimate goal is to get the properties to real estate agents for sale in a shortened timeline from their original program. MCS has been completing full renovations on the designated properties, with varying amounts of work needed on each. The greatest benefit is that this new program allows for work to start more quickly which provides a property that meets the client needs on average weeks faster than the old process.
For example, some properties have been vacant for an extended period and may require more work. Some have even been taken down to the studs or have foundation issues. Most of the properties in MCS’s portfolio for this assignment have required large-scale renovations. The approximate breakdown of the scale of renovations required for the properties is:
- Full or nearly complete renovations: 40% of the properties assigned to MCS are rebuilds or major renovations. These require replacing large components, such as HVAC, electric, plumbing, insulation or drywall. MCS may also install new interior finishes. And the exterior of the homes may need new siding or paint, a new roof and a landscape refresh.
- Major renovations: 40% of the properties in this project require substantial but not complete renovations. This entails tasks such as renovating bathrooms and kitchens as well as adding new paint, fixtures throughout, an HVAC system and possibly a new roof.
- Minor renovations: 20% of the homes MCS works on need just minor updates.
The results
MCS is expecting to complete 160 renovation projects through the RMV program, completing each in 93 days or less and many in as few as 70 days—beating client expectations. The client has been pleased with the outcome and has discussed possibly expanding into additional areas with MCS.
Success factors
A few key factors have contributed to MCS’s success with the program so far, including:
- Streamlined expectations. The formation of this program helped enhance MCS’s effectiveness by enabling more direct communication between MCS and the client–rather than going through a real estate agent, essentially creating a playbook of expectations for what a renovated home should look like. That step streamlined the entire renovation process.
- MCS’s extensive residential experience. Our experience in property preservation, single-family rental (SFR) renovations and home remodeling, coupled with our hybrid service model that combines our own self-performing teams, with boots on the ground in key markets, as well as an expansive network of local service partners has positioned us to provide quality and efficient outcomes.
- Comprehensive services. MCS is able to manage multiple functions, from scoping to quality assurance, while acting as a single entity for the client to work with. MCS eliminates the complications and frustrations that can result from working with multiple vendors.
- Excellent communication. MCS provides biweekly project updates (exceeding the client’s required monthly cadence for updates) through our progress inspection reports, which provide a status update of each item in the project scope as well as photos of the property.
- Stability of the business. MCS is a proven provider with a long-standing track record in business. We’re able to purchase supplies and pay vendors on dozens of projects in various stages of renovation, and clients don’t worry about disruptions in our business.
Client feedback thus far has praised the quality of our work, MCS’s thorough communication on every project and the industry knowledge that shines through in our completed work. MCS is on track to complete these 160 projects by ahead of the agreed-upon completion date.
Contact MCS Today
Do you need a trusted property service partner to assist with your residential renovations? MCS can effectively manage home renovations of any scope as well as provide ongoing preventive maintenance and complete tenant turns. Contact Jason Myers or Kerry Anderson to learn more about how we can deliver for you.
