Property managers often let vendor contracts auto-renew without review, paying roughly 25% above market rates. Rebidding your top five contracts every three years saves money. Each vacant unit costs $100-$200 daily, so faster turnovers protect profits.
What about vendor contracts? I feel like those just sit in a drawer and auto-renew forever without anyone checking the market rates.
That's vendor creep. If you haven't rebid your top 5 contracts in 3 years, you're probably paying 25% above market for the same service.
And every day a unit sits empty during a slow turn process, you're losing $100 or $200. That vacancy bleed adds up fast.
It does. You need a standardized make-ready scope to keep those turns under 14 days. Otherwise, you're just throwing rent money away.
