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

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

Lease change fees, parking, valet waster, package concierge,

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!

Bianca Carlson contact valet living they do itall for you!

Internet package, pet fee, RLL (liability insurance), if you have a social space rent it out, partner with vendors (dry cleaning, dog walkers, etc.)

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.

Extra storage

Unfortunately we don’t have the means to offer extra storage unless it is off site.

You can make great income by adding door trash service. Reach out to me if you have questions

Clubhouse rental?

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!

Common area electric(enclosed halls only), package room setup fees, utilities set up fee, reserved parking fees.

We charge trash fees for trash pick up and its not valet waste. Admin fee

www.cloudstreamsolutions.com Substantial revenue from WiFI.

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

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.

Exercise classes. Premium, reserved parking spots for cars and high end bikes. Encourage and advertise use of reservable amenities.

Unit based amenities!

Views

Amenity fee

Custom premiums on floor location, views, near amenities, etc. also- clubhouse rental if possible. Short term premiums and up month to month

We charge gas. Trash and pest control along with water.

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.

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...

We use EVHO'S at my properties, can you please explain the extra fee you charge in more detail.

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.

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.

Guest suite

Amenity fee is a new charge, charge a monthly pest control fee.

How do you charge a fee for something that should be the responsibility of the property?

Yeah definitely not charging for pest control lol

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.

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?

Fees for location and views are real estate 101

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.

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

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.

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!

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.

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.

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.

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.

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

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!

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.

Valet living

Supply washer/dryer if you have hookups.

Rent Dynamics has a great product called RentPlus

Pet rent, trash, amenity fee, resrvation fee, concierge fee, endless fee options

Clubroom rental, guest suite rental, storage rental, accent wall painting, rent boxes for moving

Ah, greed fee's.... my favorite. I have at least 5 other ways to make a mint off the residents in luxury communities.

Kaboodle community app allows properties to get 15% of their resident purchases.

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

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.

That is a great idea! Could you tell me what you are charging for this service?

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

We thought of adding a vending machine in our laundry room. Looking to sell snacks while they do their laundry =)

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.

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.

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