MCS Transforms Large-Scale Tenant Turns for SFR Operator [Case Study]
When a top single-family rental (SFR) operator sought to shift from multiple vendors for their vacant-home construction projects to just a few national partners, they looked to MCS to help them consolidate. Through a successful pilot program, MCS was able to support their needs by quickly building a strong relationship and creating trustworthy efficiency for the operator’s teams at every level along the way.
The Client
A top 10 single-family rental (SFR) owner-operator
The Challenge
The SFR operator was looking to consolidate its tenant turn process, including vacant-home construction projects. The company’s goal was to strategically consolidate its vendor network and enhance its tenant turns process with capable trade partners.
The Services
MCS began providing tenant turn services for the SFR client in a single market, gradually adding markets and expanded services over time, while building rapport with their operations, strategic partnership and vendor management teams as well as their executive leadership. Tenant turn work prepares the vacant property for the next renter and typically includes repairs, painting, cleaning, re-keying and other services to make the home move-in ready.
The Outcome
After proving our ability to perform in three different markets, MCS created a strategy to support the client in more markets. This allowed them to achieve their goal of consolidating work to two to three different national vendors. Throughout the pilot, MCS was able to:- Improve timelines for completion, ensuring quality work and aligning any service partners on the client’s expectations.
- Enhance communication, which helps reduce change orders over time. MCS has biweekly calls with each region to follow up on projects and be proactive so we can solve challenges quickly.
- Fast-track pricing and job approvals. Over time, we were able to reduce the need for bidding and negotiating as jobs and processes became more streamlined and standardized. In addition, the client recently launched an initiative where any tenant turn project under a pre-approved, fixed amount can be auto-started by MCS without the need for pre-approval.
- Scale up quickly, adding self-performing resources to support their needs in markets where they were seeing major challenges. As of December 2023, MCS is now in 22 active markets with this client, going from about 60 tenant turns between January and July 2023 to being awarded 626 projects from August through the end of 2023, totaling approximately $3.8 million.
- Help improve their turn process. The client gave MCS a standardized tenant turn process as a starting point. After we gained experience, MCS partnered with the client to further refine and enhance that process based on the needs of the specific client and best practices that MCS has developed through its work with many of the largest SFR owners and operators in the industry.
- Assume the staffing burden for tenant turns. By awarding this tenant turn and vacant-home construction work to MCS, the client shifted the cost and responsibility of staffing, so they no longer need to manage the natural fluctuations that result from changes in work volume.
Turn to MCS
Are you in the market for tenant turn services for your SFR projects? Contact Jason Myers or Kerry Anderson at MCS to find out how we can manage your projects and processes while unburdening your staff so they can focus on your business goals.
