2020 REVIEW + 2021 LOOK AHEAD
The Turn Company (or “Turn.”) is a special purpose project management company focused on the year-round oversight and execution of property turn and make-ready contract services for both on and off-campus student housing communities throughout the US.
The Turn. Mission is to bring an unprecedented level of quality, organization, visibility and consistency to the student housing turn process with an emphasis on staying on time and within budget.
The Turn. Team will work with your community year-round to minimize property disruptions, costly overruns, move-in delays, concessions, and reputational damage while simultaneously giving the Community Manager and onsite teams time back to focus on core property management responsibilities and revenue generating opportunities. Together with your onsite teams, Turn. will implement a new and improved turn process resulting in a more predictable and successful turn outcome.
WHY TURN.?
ONE VENDOR
SPECIALISTS
TRANSPARENCY
RESULTS
A simple, one-stop solution to manage your turn.
A dedicated team of professionals that live, breathe, and manage Turn year round.
Visibility into the turn process for vendor status tracking and overall turn progress.
At the end of the day, results are all that matters. We obsess over results.
YEAR-ROUND SERVICE 2 - Turn. Execution We’re not seeking to take over your turn. We understand the need for your onsite teams to be in the driver’s seat during turn execution. We are there to support and collaborate with your team to streamline the preparation and execution of turn and to provide the best turn outcome possible.
2 1 - Pre-Turn. Planning The amount of time spent getting bids, negotiating with vendors, and planning your turn can be extremely distracting and time consuming for your onsite teams. We’ll give your team valuable time back to spend the summer focusing on leasing and the overall health of your community.
3 - Post-Turn. Close Out
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3
Year-Round Service & Support Unlike other turn vendors, we’re not going anywhere once turn is complete. We’ll be working on improving your turn and supporting your team year-round!
Dealing with multiple vendors is hard enough during turn execution. Turn. consolidates the vendor interaction before, during and after turn to handle work product verification and sign-off, invoicing, securing lien waivers and any other close out item that would otherwise require the time and focus of the on-site team. We’ll take that off your hands and keep you focused on the customer experience of the incoming residents.
TURN. VALUE PROPERTY OWNERS ●
Risk mitigation
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Time savings for your entire management and on-site teams
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Cost savings from a single-vendor solution
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Transparency every step of the way
VENDORS ●
A streamlined process for you to do
ONSITE TEAMS ●
post-turn ●
Organized communities ready for
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More hands on deck during turn
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Fewer resident complaints & concessions
END USERS ●
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Apartment ready on or ahead of schedule
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trades ●
Save time by not chasing vendors around and instead focusing on leasing!
your job ●
Reduced responsibility pre-, during and
A smooth move-in without turn related issues
Simplified process for bids, contracts,
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A clean and freshly painted home
and invoices
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Ease of mind for students & parents
Get in and get out more efficiently
MULTIPLE LAYERS OF SUPPORT Corporate Team
Regional Project Managers
Project Coordinators
Your Community
Full-Time / Year-Round / Oversight of Entire Turn Portfolio and all Regional Project Managers.
Full-Time / Year-Round / Oversight of a Regional Portfolio and Project Coordinators within that Region.
Seasonal / 5-6 Weeks During Turn / Onsite Support and Collaboration for 1-2 Communities.
Don’t let your turn be a seasonal exercise. Let the turn professionals manage every aspect of your turn year-round!
2020 IN REVIEW YEAR 1 STATS
KEY CHALLENGES
KEY HIGHLIGHTS
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15 Communities
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Covid-19 challenges across all assets
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10 Markets
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6 assets without Community Manager
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8 States
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3 assets under threat of wildfires
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6,637 Beds
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2 assets under citywide curfew
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2,116 Units
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2 assets bumped up move-in dates
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56 Consecutive Turn
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1 asset transitioned into portfolio in
turns earlier than the move-in
June (new manager started July 21)
date
Execution Days ●
1 asset was CM’s first ever turn
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100% on time. Activated contingency planning and backup vendors at all communities to finish all turns on time
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50% early. Completed 8 of 15
100% renewals anticipated. All 2020 clients have indicated an interest in not only using us again next year, but also expanding with us for the 2021 turn season
2020 TURN. MARKETS
2020 COMMUNITIES
CASE STUDY FLAGSTAFF - AZ In 2020, The Turn Company provided student turnover services to three communities simultaneously in Flagstaff: Ridge at Clear Creek, Clear Creek Village (Village at Clear Creek), and Table Rock. Total Bed Count: 1,045 Total Turn Areas: 895 Turn Period: August 1-11 (10 Days) The student housing environment was affected by the COVID-19 pandemic just as all industries were around the world, and The Turn Company made adjustments at all of our communities to ensure that their residents and team members, along with our vendors and team members, were able to be as safe as possible while working on site in 2020. However, in Flagstaff, AZ, the Area Manager for 3 communities was forced to quarantine about a week before move-out day and was unable to directly participate in their turns. In addition to the turn project, the onsite team was also having over 60-unit floors replaced and the maintenance team was tasked with installing energy efficient lighting and fixtures in every apartment. So now we have 3 major projects all occurring simultaneously, and the manager isn’t available due to COVID. The turn period was only 10 days so we knew we had to be as efficient as possible to complete the turn by move-in day and not interfere with the other ongoing projects. By coordinating schedules with the maintenance team and the flooring installers, and working closely with the leasing team to get updates to any changes to their assignments, we developed a vendor schedule that ensured we would finish on time. After some on-the-fly adjustments to the schedule after we started, we were able to complete turn ahead of schedule, leaving a full day to walk units and final touches before move-in.
CASE STUDY EUGENE - OR In 2020, The Turn Company provided student turnover services to two communities simultaneously in Eugene: Arena District and The Patterson Social. Total Bed Count: 379 Total Turn Areas: 376 Turn Period: September 1-18 (17 Days) 2020 proved to be a challenging year for the student housing industry as a whole, and uniquely affected the ability to turn units while keeping everyone on site as safe as possible due to the COVID-19 pandemic. However, in addition to the pandemic, wildfires were also raging on the west coast: in Oregon over one million acres burned in a 3-day period in September 2020, an area the size of Rhode Island, and one in 10 residents were evacuated from their homes. Thankfully, evacuations were not mandated in Eugene and the fire spread was contained. But because many residential and commercial buildings don’t have central air conditioning due to the climate in Oregon, including Arena and Patterson, windows were left open and dozens of apartments were filled with ash. By working with the onsite teams and our vendors we managed to clean all of the ash out of the units, most of which we did ourselves at no cost to the community. Despite this setback we completed 90% of turns completed in the first 7 days and to our amazement only had two move-in day complaints for cleaning at Arena District and none for Patterson Social.
CASE STUDY MINNEAPOLIS - MN In 2020, The Turn Company provided student turnover services to two communities simultaneously in Minneapolis: The Bridges and The Knoll. Total Bed Count: 1,172 Total Turn Areas: 711 Turn Period: August 17-28 (10 Days) While we did have to conduct simultaneous turns on a 10-day timeframe in Minneapolis there were no major logistical hurdles in planning. Our biggest challenge was a very tight budget and a higher number of areas that needed turned than we anticipated: originally we estimated about 500 areas needing turned, however when the manager was able to do in-person unit walks closer to move-out, there were 200+ additional areas that needed turned from our estimates. With budgets and schedules already locked in and a client with strict and tight budgetary requirements, we had to get creative. By working with the management company and the onsite teams, we determined what turn areas we could realistically cut back on and still ensure most areas were turned. By reducing the overall painting and carpet cleaning totals while increasing the total number of cleaning areas, and working with the onsite team doing some maneuvering on assignments, we were able to adjust the turn counts to match the budget. Between the two communities we exceeded the total contract estimate by less than $1,000, or 0.83%. Another unique situation that affected our turn scheduling in Minneapolis were the protests that turned into riots in parts of the City and Downtown, just a couple of miles from The Bridges and The Knoll. The Mayor put an 8pm curfew in place for several nights of turn. We worked closely with our vendors and adjusted their schedules to accommodate their need to return home by curfew, and we still completed the two turns on time.
TURN. TESTIMONIALS Asset Manager
Portfolio Manager
While there were some expected challenges with rolling out a
I wanted to give a big thank you for all your hard work in
new concept such as Turn, it is important to note that the level
Flagstaff. The team had nothing but positive feedback for your
of commitment for righting the ship from the The Turn
entire team. There is no way we would have gotten through the
Company team versus a third party vendor that could have just
challenges if it wasn't for The Turn Company managing the
bailed at any time was hugely important to ultimately getting
many aspects of turnover. Again, thank you. I look forward to
across the finish line. That level of support and alignment on
working with you next year!
getting to the end goal, no matter what, will ultimately benefit the deals and the teams in a huge way.
Community Manager, Baton Rouge, LA Overall great first experience. Best part about this turn was
Area Manager, Eugene, OR
being able to focus more on the incoming residents instead of
Team work makes the dream work! We really appreciate all
making sure all of the vendors were keeping up.
your help in making this our most successful turn yet! Thank you!
Maintenance Team Lead, Corvallis, OR Turn Co. was a very professional and reliable company. They made turn for us this year go very smoothly!
TURN. TESTIMONIALS Community Manager, Houston, TX
Turnkey (Paint/Clean/Carpet) Vendor, Flagstaff, AZ
The support we received from The Turn Company before,
I loved working with Turn this year. I have been doing turns for
during, and after turn allowed us to focus on signing leases
years now on my own, so to have company that is able to manage
and the health of our community instead of chasing down
all the the things that would normally fall on my plate is amazing.
vendors!
The potential is endless and I’d happily work with Turn on any upcoming turns. This was their first year, and I can only imagine
Cleaning Vendor, Fayetteville, AR
how much better the process will be next year. I look forward to
Overall very smooth, really enjoyed working with The Turn
working with you all again.
Company guys!!!
Community Manager, Raleigh, NC Community Manager, Corvallis, OR
I love the idea of The Turn Company. My experience this year was
The overall experience was great and The Turn Company made
that there was a great deal of thought that went into the
it easy for me to focus on tasks I needed to complete rather
execution of the first turn. Can’t wait to have you all back again
than managing the vendors and their work.
next year!
CLIENT RETENTION & 2021 EXPANSION 2020 CLIENT #1
2020 CLIENT #2
2020 CLIENT #3
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Awarded The Turn Company one community to turn in 2020.
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Awarded The Turn Company six communities to turn in 2020.
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Awarded The Turn Company one community to turn in 2020.
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After getting positive feedback from their team, and coming in well under the turn service estimate, they have already asked us to take on seven additional communities in 2021.
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After the successful execution of those turns nationwide, they have offered to award us the same communities again in 2021 plus an additional nine communities.
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We took the assignment very late in 2020 (weeks before the start of turn to assist them in a difficult situation).
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After coming in under the turn service estimate and getting overwhelmingly positive feedback from their team, this client is actively engaging in conversations with us to take on three additional turns for them in 2021.
2021 ROAD MAP -
Anticipate renewal from all 15 communities we turned in 2020
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Goal of expanding to 40-50 total communities for the 2021 turn season
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Already have indications of interest from 19 new communities for 2021
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Targeting early engagement of all communities by December 2020 / January 2021
2021 EXPANSION PLANS 2020 MARKETS
8 States / 10 Cities
13 States / 29 Cities
STREAMLINED ENGAGEMENT PROCESS When you engage The Turn Company, your team’s time consuming pre-turn process of identifying, negotiating with, and hiring labor is streamlined into a single solution that gives you ONE VENDOR and ONE CONTRACT for all of your turn trades needs.
ENGAGEMENT FEE
50% DEPOSIT
FINAL DUE
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$5,000 (annual fee) per community
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Amount TBD (community specific)
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Amount TBD (community specific)
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Due upon contract execution
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Ideally contract is executed no later than Jan 1, 2021
50% of estimated “Turn Service Charges” for paint, clean & carpet cleaning
Final balance due on actual “Turn Service Charges” for paint, clean & carpet cleaning
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Due at “Turn Commencement Date”
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Due within 15 days of “Turn End Date”
LET’S GET STARTED… EARLY! Pre-Turn. Planning (Jan - July) ➔ January “kick-off” session ➔ Bi-monthly site visits by your assigned Regional Project Manager ➔ Pre-turn unit walks ➔ Turn vendor test units and paint matching ➔ Occupancy and pre-leasing reviews ➔ Turn planning and capital project review ➔ Turn scheduling and vendor assignments ➔ Budget and final logistics reviews Turn. Execution (Aug - Sept) ➔ Corporate Team oversight ➔ Regional Project Manager support ➔ Dedicated onsite Project Coordinator ➔ Vendor scheduling, coordination, and management ➔ Painting, Cleaning, and Carpet Cleaning trades completed ➔ Real-time updates and visibility into turn progress via custom Turn. software platform Post-Turn. Close Out (Sept - Oct) ➔ Vendor final invoicing and auditing (including lien waivers) ➔ Delivery of a Turn Review breaking down costs, areas turned, feedback and more ➔ Delivery of an Improvement Plan outlining enhancements for future turns at your community
On behalf of The Turn Company, our team would like to THANK YOU for taking the time to learn more about Turn. and for giving us this opportunity to be considered as your vendor of choice for your upcoming 2021 student housing turn season
We hope to get a chance to work together!