As Summer Heats Up – So Can Your Revenue Dollars
Have you planned your summer vacation yet? From my experience, it seems the majority of people I know are taking July or August vacations this year. If you are going or just got back, I hope it was some place wonderful!
This month we asked our clients how they are increasing revenue in ways other than rent increases. Based on the responses we received, most properties are doing something to increase revenue, and the majority of the items were value-based.
Survey Of How Properties Are Increasing Revenue In Ways Other Than Rent Increases
In the following list of survey responses, you will find something representative of every type of community. Many of these ideas are tried and true, tested and retested, as the good old faithful way to increase your revenue dollars. I hope that you find at least one or two new ideas here that you will start using on your property.
- Extra charges for items associated with the apartment that the resident may consider of value: Fireplace, vaulted ceilings, extra windows, sunrooms, upgraded finishes – granite, appliances, flooring and so on, floor levels, and views from apartment.
- Items that can be added by request of the resident to the apartment for additional monthly fees: Ceiling fans, closet organizers, paint colors, monitored security systems, upgraded finishes – appliance package or flooring package, and special lighting fixtures. These items are left in the apartment, so you are also increasing overall property value.
- Utility services: Submetering of electricity and or water, trash services, cable tv and internet services. These can be done through 3rd party companies or in-house.
- Additional fees for items deemed valuable for residents: Loaner electronics such as laptop computers, reserved parking, garden plots, party room rental, shuttle to metro, maid services, movie vending machines, laundry machines, ATM machines, an hour of handyman services for items such as hanging photos or putting furniture together, storage units, coin change machines, laundry detergent vending machines, food and drink machines, and business services such as copying, faxing and scanning documents.
- Additional fees pertaining to a resident’s lease: Termination fees, late and NSF fees, pet rent and fees, amenity fees, administration fees, and short term premiums.
Did you see something that you are not doing that would work on your property to increase revenue and perhaps give the residents something of value as well? Thank you to everyone who participated. If you have anything you would like to share that is not already listed, please do not hesitate to email me.
Next month, we will be talking about motivating and managing your millennial employees. Do you have “20-something” professionals who expect instant job promotions, challenge company policies, and expect immediate and constant positive feedback and reassurance? Do you really know what they expect from you, and what makes them happy in their position? If you said no, then next month’s post is for you! Stay tuned!