Smartland in Ohio, and a month for a tenant turnover

[Lara Chinarro]

Hello,

Last year we bought our first investment property with Smartland based out of Cleveland Ohio. The purchase process was a good-responsive sales team and all fixes we requested after home inspection were addressed. They immediately placed a good tenant in the property and we had a strong performing asset for 12 months. Fast forward to Aug of 19' the tenant needs to leave the unit and this is where the problems start:

Sept 4th: We reached out for an update and are told it was a high turnover month but we would see a move-out report soon.

Sept 11th: We receive the move-out report- some works need to be done (including extermination) but this unit seems to be in relatively good shape.

Sept 21st: I reach out for an update and am told final cleaning is finishing up and property should be marketed shortly.

Sept 24th: I'm told it should be ready by the end of the week.

Sept 27th: follow-up from "Investor Relations" almost cleaned property to be listed ASAP.

Sept 30th I send an email and am told "the last thing we want to do is list a property before it is ready..." we agree, but why is this taking so long? As of Oct 2nd the property still does not appear to be on the market.

So, looking for feedback from the community--is this what to expect with turnkey solutions? I get that it may take a couple of months to get the apartment rented but I sense a lack of urgency to get the unit listed. Looking at Smartland's website it looks like they are moving to larger projects/different types of investments. Is it time to move on to another mgmt team?

We’ll keep this thread going to document our experience moving trough the leasing experience

Thanks!

[Jay Hinrichs]

turn over is generally a 2 month process in most areas.. start to finish with 90 days not being out of the question if your putting the unit into the market in the 4th quarter.. 

however I have to say this is the first post I have personally seen regarding Smartland that anyone had any issues with that company.. and not saying you have issues.. as turn overs take some time.