3-minute read
“Do more with less.” If this sounds familiar, you’re not alone. In today’s competitive multifamily market, you’re constantly being asked to improve your community’s bottom line, while also watching your budget shrink. The good news is that there are several options for property managers to generate ancillary revenue, while simultaneously enhancing the living experience for their residents.
Below are five of our favorite opportunities to boost your community’s revenue:
- Parking
One of the most sought-after amenities in any community is convenient parking. Implementing an online parking permit system for your residents and their guests can free up your time and instantly generate income. Charging for parking ensures that residents who require extra parking spaces contribute to the community’s revenue stream. And offering guest parking permits on a paid basis further capitalizes on this money-making opportunity. What’s more, solutions like ParkM’s allow community managers to access and manage vehicle data any time, anywhere – including viewing the number of vehicles parked on site, limiting the number of permits issued, and running reports to determine number and ownership of the vehicles parked onsite.
- Valet Waste Removal
Convenience is key for today’s apartment community residents. Offering trash cans and recycling bins for weekly doorstep pickup provides a premium service that residents should be willing to pay for. By implementing a waste removal service like Valet Living, apartment communities go beyond traditional waste management practices to offer a level of convenience that resonates with today’s busy lifestyles. Residents no longer need to trek to distant dumpsters or sorting areas; instead, they can simply place their trash and recycling outside their doors for hassle-free collection. This not only saves residents time and effort but also enhances their overall living experience.
3. Package Handling
Outsourcing package delivery management for apartments offers a hassle-free solution for residents and property managers alike. With a dedicated service like Fetch, your residents no longer need to worry about missed deliveries or package theft. As a community manager, you’ll benefit from reduced administrative burdens and improved efficiency since these services manage all aspects of package handling, including storage and notification. Additionally, outsourcing package management can enhance your overall resident experience, promoting satisfaction and retention. The bottom line: outsourcing package delivery management brings convenience and peace of mind to both residents and property managers.
4. Technology Services
You can easily boost your apartment community’s ancillary revenue by providing internet and cable services to residents for a fee. Services like RealPage Smart Wi-Fi ensure high-speed internet and premium cable packages meet your residents’ connectivity needs, while enhancing resident satisfaction and creating a steady revenue stream for your property. Offering optional tech packages. e/g/ advanced features or faster speeds, can mean even more ways to increase your ancillary revenue.
5. Credit Building
Offering credit building services at your property provides residents with a valuable resource to improve their credit scores. Partnering with credit-building platforms like RentTrack, offers residents personalized credit-building plans. Providing a way for residents to build credit through on-time payments at your property not only helps with delinquent payments – it also sets you apart from other properties by offering a truly unique amenity that helps residents in the short term and for years to come.
These are just five easy, time-saving ways to do more with less. There are many other opportunities to increase your property’s revenue – for example, charging for premium amenities, assessing pet fees, and more. Fortunately, all of these services offer a win-win strategy for community managers like you, who are looking to increase revenue and improve your resident satisfaction.