Topic: Aside from base rent, parking rent, pet rent, and water/sewer reimbursement, how else do you creatively generate income at your properties?

Bianca Carlson's Avatar Topic Author
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Income generation at your property! Aside from base rent, parking rent, pet rent, and water/sewer reimbursement, how else do you creatively generate income at your properties? For reference, I have a new construction luxury apartment community with 100 total apartments
Posted 3 years 10 months ago
Tim N Kelly Hullender's Avatar
Tim N Kelly Hullender
Lease change fees, parking, valet waster, package concierge,
Posted 3 years 10 months ago
Bianca Carlson's Avatar Topic Author
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We have lease break fees, reserved parking fees, and parcel pending as a package concierge. Valet Waste is a good one! If the demand is there and our maintenance techs have the availability, perhaps we could offer this service. Thanks!
Posted 3 years 10 months ago
Tim N Kelly Hullender's Avatar
Tim N Kelly Hullender
Bianca Carlson contact valet living they do itall for you!
Posted 3 years 10 months ago
Nichole Granquist's Avatar
Nichole Granquist
Internet package, pet fee, RLL (liability insurance), if you have a social space rent it out, partner with vendors (dry cleaning, dog walkers, etc.)
Posted 3 years 10 months ago
Anonymous's Avatar
Anonymous
Reach out to Tricia Ward, at Rent+. In luxury communities, it's an easy sell to get them to pay a monthly fee to have their on time rent payments reported to the credit agencies.
Posted 3 years 10 months ago
Lauretta Gerler Ludwig's Avatar
Lauretta Gerler Ludwig
Extra storage
Posted 3 years 10 months ago
Bianca Carlson's Avatar Topic Author
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Unfortunately we don’t have the means to offer extra storage unless it is off site.
Posted 3 years 10 months ago
Aaron Potier's Avatar
Aaron Potier
You can make great income by adding door trash service. Reach out to me if you have questions
Posted 3 years 10 months ago
Nicki Hoitt's Avatar
Nicki Hoitt
Clubhouse rental?
Posted 3 years 10 months ago
Bianca Carlson's Avatar Topic Author
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We don’t have a clubhouse, but in the spring we’ll have a rooftop terrace. We could possible do a reservation fee for that!
Posted 3 years 10 months ago
Brenda Andrews Sherrill's Avatar
Brenda Andrews Sherrill
Common area electric(enclosed halls only), package room setup fees, utilities set up fee, reserved parking fees.
Posted 3 years 10 months ago
Melanie Brown's Avatar
Melanie Brown
We charge trash fees for trash pick up and its not valet waste. Admin fee
Posted 3 years 10 months ago
Jim Muse's Avatar
Jim Muse
www.cloudstreamsolutions.com Substantial revenue from WiFI.
Posted 3 years 10 months ago
Jeff Morrison's Avatar
Jeff Morrison
Smart-Apartment IoT automation for sure! Streamline operations and create a new resident amenity at the same time...residents will pay you for it! Check out www.STRATISiot.com
Posted 3 years 10 months ago
Brittani Gutierrez's Avatar
Brittani Gutierrez
Make sure you’re charging for things like 1st floor, top floor, pool view, wooded view, end unit...things like that. If you have enough parking you can charge for reserved spots. Just be prepared to deal with a bit of a headache.
Posted 3 years 10 months ago
Clay Short's Avatar
Clay Short
Exercise classes. Premium, reserved parking spots for cars and high end bikes. Encourage and advertise use of reservable amenities.
Posted 3 years 10 months ago
Michelle Cornelison-Cruz's Avatar
Michelle Cornelison-Cruz
Unit based amenities!
Posted 3 years 10 months ago
Anne Clark-Alder's Avatar
Anne Clark-Alder
Views
Posted 3 years 10 months ago
Helen Grisham Funk's Avatar
Helen Grisham Funk
Amenity fee
Posted 3 years 10 months ago
Jen Morton Kemp's Avatar
Jen Morton Kemp
Custom premiums on floor location, views, near amenities, etc. also- clubhouse rental if possible. Short term premiums and up month to month
Posted 3 years 10 months ago
Kathy Winfrey Chaney's Avatar
Kathy Winfrey Chaney
We charge gas. Trash and pest control along with water.
Posted 3 years 10 months ago
Ryan Rickard's Avatar
Ryan Rickard
We help set up WiFi as both an amenity and as a service which generates additional revenue and creates a better resident experience. Feel free to PM if you'd like to discuss your specific situation.
Posted 3 years 10 months ago
Monni Warren's Avatar
Monni Warren
Check with all comps in the submarket to make sure you are charging late and NSF fees that are not lower than theirs. Also implement a fee for signing an eviction hold-off agreement.

You can charge a flat monthly pest control and trash fee too depending on the state you are in...
Posted 3 years 10 months ago
Kathy Winfrey Chaney's Avatar
Kathy Winfrey Chaney
We use EVHO'S at my properties, can you please explain the extra fee you charge in more detail.
Posted 3 years 10 months ago
Monni Warren's Avatar
Monni Warren
Kathy Winfrey Chaney we charge $75 if they need to sign the hold-off. The fee is not used towards filing the eviction either. We explain it as an admin fee to process the document.
Posted 3 years 10 months ago
Kathy Winfrey Chaney's Avatar
Kathy Winfrey Chaney
Monni Warren whoa, that's a lot! If they are already struggling to pay, doesn't that make it more difficult to collect? EVHO has been successful for us, but some take advantage and want to do it every month. I had to finally limit the number of times you can use one to a maximum of 3 during a lease term. Never thought to use a fee. Might consider it, but I think 75 is high. I work blue collar properties. Might be different on an A+ property.
Posted 3 years 10 months ago
Stacia Scharf's Avatar
Stacia Scharf
Guest suite
Posted 3 years 10 months ago
Sandy Thrash's Avatar
Sandy Thrash
Amenity fee is a new charge, charge a monthly pest control fee.
Posted 3 years 10 months ago
Aaron Potier's Avatar
Aaron Potier
How do you charge a fee for something that should be the responsibility of the property?
Posted 3 years 10 months ago
Bianca Carlson's Avatar Topic Author
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Yeah definitely not charging for pest control lol
Posted 3 years 10 months ago
Kathy Winfrey Chaney's Avatar
Kathy Winfrey Chaney
Aaron Potier flat fee just like trash. Take the cost of your contract amount, divide by #of units. Not one resident has complained. Been charging it for the last 3 years.
Posted 3 years 10 months ago
Aaron Potier's Avatar
Aaron Potier
Some of y'all are going to charge your way into 50% occupancy. Fees have to make sense. I'm in the Houston market. Extremely competitive. I have a business where I help Property managers locate the vendors they need. I work with every type of vendor out there. Have amazing relationships with on-site people. If you charge for something that the other 10 comps don't, you will later have to concession yourself back into the game. And if you also don't provide adequate parking for tenants and their guests you will see them walking at renewal. Put yourself in the place of your tenants. What would you expect and want if you were renting?
Posted 3 years 10 months ago
Jen Morton Kemp's Avatar
Jen Morton Kemp
Fees for location and views are real estate 101
Posted 3 years 10 months ago
Kathy Winfrey Chaney's Avatar
Kathy Winfrey Chaney
I am also in the houston market. But I agree, if you comps aren't charging it, neither should you. Unless your rents are slightly less than theirs. I had to stop charging admin fees in one area, because everyone else stopped, but I increased app fees. I'm old school though. I remember when app fees weren't charged.
Posted 3 years 10 months ago
Bianca Carlson's Avatar Topic Author
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Yeah, I’m looking more towards finding amenities that we don’t offer that could generate revenue. Not charging for like trash and pest control lol
Posted 3 years 10 months ago
Kathy Winfrey Chaney's Avatar
Kathy Winfrey Chaney
I have older properties with almost no amenities. It can be hard. I started charging for reserved parking, but because I have more parking than necessary. I only had a few takers. We added a fitness room. But that hasn't helped that much either except we had reason to raise rents. I dont even have clubrooms.
Posted 3 years 10 months ago
Bianca Carlson's Avatar Topic Author
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We have very limited parking and we are going to implement reserved spaces at an additional monthly fee. They’ll fly because the free parking is limited. We have a fitness room but don’t have a club room. The feedback was very helpful though!
Posted 3 years 10 months ago
Debbie Keating Thomas's Avatar
Debbie Keating Thomas
Our new construction has Electrical Vehicle Charging Stations, sub-meters and cable, Tv, Phone marketing contracts with our cable and phone providers which pay us a marketing for each resident that is signed up for service.
Posted 3 years 10 months ago
Anonymous's Avatar
Anonymous
Offer to do small upgrades at renewal if the resident agrees to a longer term. Upgrade light fixtures, or faucets, door knobs in older properties, etc.
Posted 3 years 10 months ago
Anonymous's Avatar
Anonymous
Be sure if you're charging for a 'view' the resident will actually see it. I moved into an apartment with a 'lake view' that you can only see from one side of the balcony, or windows if you're leaning to the side. I make fun of my 'lake view' all the time.
Posted 3 years 10 months ago
Mike Whaling's Avatar
Mike Whaling
If you like flying Southwest Airlines, you probably agree that fees are no way to win loyal customers.

Here are some alternative ideas that actually add value for residents: Add a seriously stocked vending machine. Sell ads in your welcome emails. Host events like a top chef demonstration (charge non-residents). Digital signs promoting local deals in your lobby, elevator, mailroom, or anywhere else people are idle for more than 30 seconds. Sell reusable moving boxes to incoming or outgoing residents. Sell discounted interior design consultations. Offer furniture packages custom selected for your floor plans. Start a local lifestyle magazine or blog. Connect residents to local services they want; take a cut. Become an affiliate for products your residents are going to buy anyway. Monthly rental of smart home tech packages or a storage unit.
Posted 3 years 10 months ago
Pam Utley's Avatar
Pam Utley
Create gym as members only where they pay flat fee to join. Make sure you have bottled water, sports drink and towels. This really keeps out kids and riff raff
Posted 3 years 10 months ago
Alan Walker's Avatar
Alan Walker
It’s limited income source, granted, but we used to give an accent wall option. This especially works in Class A communities. The resident has to supply the paint, and the color and paint type has to be approved by management prior to painting, but maintenance would paint the accent wall of the resident’s choice at anywhere from $75-$150 per wall. You’d be surprised how many people will go for this option. Again, it’s a limited income stream, but it’s still generally close to a couple hundred a month that goes into the miscellaneous income GL. Every little drop helps!
Posted 3 years 10 months ago
Dan Lukes's Avatar
Dan Lukes
telecom revenue (both a door fee and a commission); storage locker rental (easy to add if you have a parking structure); bike lockers; temperature controlled wine lockers (had them in a Class A+ building in LA); cabana rentals at the pool.
Posted 3 years 10 months ago
Amy Gruver's Avatar
Amy Gruver
Valet living
Posted 3 years 10 months ago
Erik Bubba McKinster's Avatar
Erik Bubba McKinster
Supply washer/dryer if you have hookups.
Posted 3 years 10 months ago
Vanessa Dern Siebern's Avatar
Vanessa Dern Siebern
Rent Dynamics has a great product called RentPlus
Posted 3 years 10 months ago
Krys Branch-Stephens's Avatar
Krys Branch-Stephens
Pet rent, trash, amenity fee, resrvation fee, concierge fee, endless fee options
Posted 3 years 10 months ago
Rebecca Ross Gilinsky's Avatar
Rebecca Ross Gilinsky
Clubroom rental, guest suite rental, storage rental, accent wall painting, rent boxes for moving
Posted 3 years 10 months ago
Anonymous's Avatar
Anonymous
Ah, greed fee's.... my favorite. I have at least 5 other ways to make a mint off the residents in luxury communities.
Posted 3 years 10 months ago
Reginald Bell's Avatar
Reginald Bell
Kaboodle community app allows properties to get 15% of their resident purchases.
Posted 3 years 10 months ago
Ernest Gorritti's Avatar
Ernest Gorritti
Good question, I'm looking for new ways to generate a higher income myself. I'm waiting to hear some good idea on this post.

Thanks

Ernest Gorrtti
Posted 3 years 10 months ago
Last edit: by Brent Williams.
Jason Schorr's Avatar
Jason Schorr
if you have updated units that are just hardware we charged a mini upgrade or modernization fee. Property dry cleaning pick up we took a 10% kickback from dry cleaning company for this.
Posted 3 years 10 months ago
Anonymous's Avatar
Anonymous
That is a great idea! Could you tell me what you are charging for this service?
Posted 3 years 10 months ago
Timothy Zielinski's Avatar
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There is no fee as long as you are a Property Manager with units on the Rezedent Platform. It is part of our PM services modules.
If you would like to learn more, feel free to contact me at 650-787-8834.

Timothy Zielinski
Rezedent.com
CEO/Founder
Posted 3 years 10 months ago
Doris Ng's Avatar
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We thought of adding a vending machine in our laundry room. Looking to sell snacks while they do their laundry =)
Posted 3 years 6 months ago
Jason Hall's Avatar
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A hot amenity and one that seems to be gaining traction is credit reporting. RentPlus is an amazing product that reports rental payments to the credit bureaus while providing a suite of financial products for residents to better understand credit and financial wellness. RentPlus also provides identity theft protection of up to $1MM. Contact me at This email address is being protected from spambots. You need JavaScript enabled to view it. for more information.
Posted 3 years 6 months ago
Jason Hall's Avatar
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A hot amenity and one that seems to be gaining traction is credit reporting. RentPlus is an amazing product that reports rental payments to the credit bureaus while providing a suite of financial products for residents to better understand credit and financial wellness. RentPlus also provides identity theft protection of up to $1MM. Contact me at This email address is being protected from spambots. You need JavaScript enabled to view it. for more information.
Posted 3 years 5 months ago
Jethro Acosta's Avatar
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RentPlus reports only to Equifax and TransUnion. RentTrack reports to all three Credit Bureaus - Equifax, Experian, TransUnion. The credit bureau used in making decisions varies by lender, industry, geography. Most institutions make decisions based on an average of all 3 credit bureaus information. Not reporting to all 3 national credit bureaus will result in a inconsistent credit history. This can impact your residents negatively i.e. denial and/or less than favorable terms and may result in consumer disputes. Here are the advantages of RentTrack:

No setup or need to change anything that you are currently doing for payments
RentTrack is both a Data Furnisher & Credit Reporting Agency – our staff is FCRA certified we handle all customer service
Monthly revenue stream to Property Managers
TurnKey custom marketing campaigns
Report unpaid balances to the bureaus at the end of a lease, an additional tool for collecting monies from tenants
Attract and retain better tenants - A valuable leasing incentive that reduces turnover at properties.
Reduce payment delinquencies & Skips - Tenants see that rent affects their credit
Tenants see Rent Reporting as an asset, 51% of surveyed renters would be more likely to choose a property if their payments are reported
Rent reported to all major credit bureaus- just like a mortgage payment
Monthly updated credit score & summary of their credit accounts which includes total accounts, credit used, potential negative marks
Credit Monitoring - tenants would have the ability to monitor key changes to tenants credit file and alert them to help detect fraud.
Would have the ability to report up to 24 months of previous rent payments
Average 51 point increase to your tenant's credit score.

Cheers,

Jethro Acosta
Sales Executive
w. 805-303-5700
RentTrack.com
Posted 3 years 5 months ago