Amber,

Getting feedback from residents are good, but those that do respond they are speaking for themselves. When your equipment is broken and or outdated the replacement costs?

Now understand I am not trying to talk you out of it, but in going into any initiative I do analysis to ensure it is the right way to go. So, you know what your current costs are to get them to the local fitness center. It may be time to renegotiate for a better pricing. I always go in with the thought with those I am negotiating with is some money is better than zero money. The more members you have attending the better the bargaining.

When you purchase the equipment, then you need to ensure you let your insurance company know. Will this raise your monthly insurance costs? If someone gets hurt and it is determined that the equipment was not maintained correctly, or not installed correctly then you have a situation. People come in use the equipment and they sweat and normally will either leave it or brush it a couple of times with a towel and that is it. How will you ensure the place stays sanitized and your tenants do not pick up some kind of infection?

Then, the big question is why do you want the gym, and how do you know you will receive the proper ROI? What if you see that you are not, and then what action will you take?

That's what we are currently kind of doing. We are offering a discount for our residents if they are a member of a nearby gym, but really I feel like investing in fitness equipment would be more cost-effective after seeing how much we are dishing out on this discount. We're in the early stages of it now and need some numbers to be certain though, but it seems like we are padding someone else's pocket when we could make a small investment and increase the value and rents for the community.

My community has the space for it. I'm hoping that we can find a vendor that will help guide us in a good, well-rounded package of equipment, also will look for resident feedback on what they use. Luckily I also have generally fantastic residents that aren't too destructive.

Now this is my personal opinion and I will give the reason why. I personally like finding the closest fitness center and working out a special deal for the tenants were they get a super discounted rate for joining that specific fitness center.

Reasons are when you purchase the equipment now you have to maintain it which includes cleaning and fixing what breaks. So, it is not just the purchase, but the costs after the purchase. In purchasing will you see a return on your investments? Out of all your tenants who will be actually using it?

So, look at what you would be spending to purchase and maintain the equipment? Will you have the correct equipment that will be the most popular? Will you have an expert to assist the people to ensure they get maximum use of the equipment? Do you have to get extra insurance for having the equipment?

I see a return on investment to get a special discount and the local fitness center and then raise the rent to cover membership. Pay the fitness place on an annual membership for that tenant that will be using it.

Now, this is my twist and it has worked for me, but not everyplace is the same and maybe it is not practical based upon where your property is and it would be cost effective to have your own place. Just ensure you are doing it and will see a return on your investments.

There are other ways to attract and maintain tenants with certain services which may not be offered at other locations.

Couldn't find quite the right place to put this -- does anyone have recommendations for places to purchase or get quotes for fitness center equipment? (Or even recommendations of where NOT to go)