Question

What is the cost of turnover when a resident leaves a community? a) Administrative Costs, Marketing and Advertising Costs, Maintenance and Repair Costs, Cleaning Costs, Lost Revenue, Staff Time, Training Costs

b) Utilities Expenses, Furniture Replacement Costs, Security Deposit Refunds, Resident Events Expenses
c) Rent Reductions, Landscaping Expenses, Community Amenities Costs, Legal Fees
d) Property Taxes, Insurance Premiums, Pest Control Expenses, Renovation Costs

Answer 1

The cost of turnover when a resident leaves a community includes administrative costs, marketing and advertising costs, maintenance and repair costs, cleaning costs, lost revenue, staff time, and training costs.

Step-by-step explanation:

The cost of turnover when a resident leaves a community includes several factors. These include:

1. Administrative Costs: Costs associated with processing paperwork, terminating leases, and handling new resident applications.
2. Marketing and Advertising Costs: Expenses related to advertising vacant units and attracting new residents.
3. Maintenance and Repair Costs: The cost of addressing any repairs or maintenance required after a resident leaves.
4. Cleaning Costs: Expenses associated with cleaning and preparing the unit for a new resident.
5. Lost Revenue: The income lost when a unit remains vacant between residents.
6. Staff Time: The time spent by staff members to handle turnover-related tasks.
7. Training Costs: The cost of training new employees to replace any staff members who left.