Thank you George and good morning everyone.
George first of from and external of separate internalization rental of mentioned direct QX managers this during and of XX,XXX QX we XXXX nearly of two was XXXX over entire quarter property As XX,XXX completed homes control the homes. the our having nearly portfolio
operating now Florida, southeast, Atlanta, which footprint Minneapolis Our and the started and in midwest. Birmingham South spans southwest
team than more approximately company as XX XXX management Our approximately today. members to from people of doubled
by undertaking that The dedicated transition homes was professionals. a of quickly of team our was significant very accomplished
However, often challenges. accompanied by an undertaking is magnitude of this
to which We face and due Prolong collection three impacted impacted turn expense expectations. turn excess maintenance operating levels. primary challenges cycle in our results. repairs and occupancy rates which adversely our times operating homes below QX adversely Elevated
were pronounced particularly on From can a XX presentation. in Texas issues perspective slide as see you in those market the
see personnel sort addressed. few confident issues metrics have in market and these have not positions the of We key a going expecting improvement we marked we'll are this a Clearly forward. in Texas we're which that and we're
of time talk what issues the across general portfolio taking them. bit are a spend to to me Let about we correct the and in caused measures
three in they more us to from transition encountered status homes than third party turn we primary of issues; when turns, first unit managers. X.X% For who are
the turnover which delays in Second, turns. we unit base experience in mentioned personnel Texas field caused key but in completing as midwest of also temporary
seasonally XX% elevated in our these the expiration scheduled turnover of and of issues were but of Both QX. leases magnified by
operations levels our than in of matters which subpar contribute quarter. Each longer us to took to all led expected Texas. markets an the to new it Tennessee to set leasing terms cycle which cash increase up occupancy these during times fully Lastly, in hurt the and particularly in functioning cash leasing
significant we all point this have matters. addressed At
that staffing staffing impact consisting staff mitigate inevitable train gaps deployed to when both can we can be moment's QX a impact permanent capably then individuals of notice built of team at and employee SWAT replacements fill and occur a the These property events that built During turnover. managers levels.
XX and of the challenged We toward field by of homes turns. also July undertook unit teams July effort end one-time accelerate our we all to During the of month. as a significant completion backlog
mid-August. homes percentage We the decrease to a from expect portfolio of X.X% turn to to down of by the stabilized [X% X.X%] in
additional this the lead will this to X% X.X% of to available on targets. an in homes effort of occupancy. initiative meet increase through these end halfway results and The were July track At we for to
continue to the QX. year. we times declined decline over expect as to of improve forward steadily burden the teams their the Looking on will field remainder the as remainder QX turnover of during during ease expiration cycle significantly the lowest year point based the they to lease This
Finally, manner. and in of be felt capacity this a we skilled benefit will targeted go-forward internal basis. technicians a in on will lower The costs be adding greater turn both
maintenance, initial were based our and assembled we teams staff. to repairs For over when we field careful not
to teams the analyzed cost optimal a of have the of market by market basis. by levels percentage We containment orders our field performed on in-house work determine based
the of Portfolio maintenance levels vendors ideal local the impact labor and home in density and levels, and staffing quality repairs. third cost-effective, all determination turn local and cost party for supply of of per cost
on Stated meet adding markets focused ability our increasing our on time simply repairs At team meet to and an routine basis cross-training sufficient we orders. of non-maintenance bandwidth achieve of we're performance to of our differing To technicians optimization, in-house orders teams in this same increase maintenance are to their not was our issue maintenance in to QX. existing to to in-house address utilization of skilled of orders certain types additional performance the work work our work on to expense work goals time sufficient around goals reduction resources respond orders. and spent of of for
of which technician market technology resulted reduces our route optimization significantly to in wait day. of improvement implemented The a in Atlanta risk a in the volume a recently complete this for time draft our and that can In in orders test XX% average work XX% technicians.
about We months. implemented fully are when the what this excited our in platform across mean could coming
our [Rent] additional optimization orders and tungsten cost utilization technicians area. lead in eliminating with lower improved resources with to of of work non-maintenance this our existing will coupled will our on along training
On to the a residents ensure equitably. accounts the collection where of disruptive transferred treated all process we Reconciliation intensive homes were took was cycle. to transfer collection rates care extreme resident the was time of
This reconciliation will of we anticipate remainder over Work improve rates year. collection this the reconciliation area in been the delinquent prevented this remains point of transfer. the course the of process the collection some but At delayed the or has accounts completed.
For the strong internally additional year, where given times half our makes In we're and the the demand parallel of the improving sense. and existing by technicians the reduce work the resources primary in adding performed markets which maintenance second turn focus will increase efficiency we our share is increased seeing to occupants. it by of repair of will to lead
in business. improvements our these We this we measures We've will will year. believe to that results be begin reflected we're of discussed QX yield areas in the these believe our of good results operating in taking
by rate growth X.X% homes rate growth robust renewal evidenced rental blended of and re-lease during remain Demand rent X.X%. for X.X% our strong growth of QX a as comprised of
In respectively. X.X% market rates and Atlanta by well X.X% and far to our renewal significant fact continue most in average re-lease above growth at remain
on and our we our portfolio summary, optimistic team. remain very our In of outlook the company,
This challenges through am goals. will growth an but we ultimately and team rapid we our quickly organization some confident faced arise I experiences quarter evitable that these get our team challenges will that a as time achieve any
call will over turn to the I Rob. now
