As a property manager or multifamily owner, you're always looking for ways to boost your bottom line. But here's a question that might make you pause: Do you really know how many rentable items you have on your property? Sure, you've got your units nailed down. But what about those other revenue opportunities scattered across your property? It's time to highlight these underutilized amenities and examine the ancillary income you may miss out on. 

The PMS Data Dilemma

Maybe you're walking through your property and suddenly notice that unused storage closet, the prime garages that are sitting vacant or maybe your party room is not seeing many celebrations. Those extras might be collecting dust when they could be collecting dollars. You might then think it's a great idea to check your property management system to see where opportunities lie. Here's the kicker — PMSs, while great for keeping track of your units, can fall short when it comes to several items in your community.

PMSs often lack real-time tracking and occupancy or are too cumbersome to use. The result is either inaccurate or incomplete data in the PMS or often data just living on spreadsheets. If you don't know what you have, you don't know what you can offer. This lack of information makes it challenging to maximize revenue on the rentable items on your properties.

Imagine the massive undertaking your teams would face keeping track of all of this information. Consider the time it would take. It's through that use of technology that you can tip the scales in your favor. 

Making More Capital, Without Investment

Offering automated rentable items isn't just about your revenue; it's about creating a community that residents love. A resident has too much stuff for their apartment? Rent a storage unit from the property. Two cars but only one space? How about an extra parking space, carport or garage? This approach can turn a pleasant living experience into a great one.

The industry is moving towards solutions that allow you to catalog all the rentable items across a property, and then allow residents to reserve them easily on mobile or web through an integrated platform. These solutions also give you access to data that shows you what you have and how much revenue those items are bringing in. The benefits of adopting a solution like this are numerous.

Properties with diverse income streams are worth more. By maximizing every square foot of your property, you're not just increasing your current income but investing in its future value.

If your on-site teams spend less time renting out items, they will spend more time connecting with residents and prospects. And in reality, how much time are they really spending on this today? This is why rentable items occupancy rates are typically below 25%. Automation enables an increase in rentable items revenue without burdening your team.

Don't let those potential profits gather dust. Your property is more than just units; it's also an opportunity. Regarding property management, the difference between good and great often lies in the details. And sometimes, those details are the rentable items hiding in plain sight.