One business that can provide you with a steady flow of revenue is renting your apartment complex or building. Nonetheless, maintenance and repair can be expensive, so you might as well find new ways to earn more income. Sometimes, it’s simply about knowing how to maximize what you have.
Start charging late fees
Receiving delayed payments without extra charge brings you more trouble than good. You need to charge penalties to encourage tenants to respect your deadlines. Some business owners also encounter instances wherein the tenants just walked away after not being able to pay for months. You wouldn’t want to incur the same losses.
Invest in more nice-to-have facilities
Condominiums charge more because they offer amenities like gym and pools. While this requires big investments, do consider the income it generates. Check out a pool builder in Utah to get quotes. Aside from being able to ask for a higher rental fee, you can also get more revenues from it. For instance, if a tenant is holding a party and have visitors who want to use the pool, you can charge them per head, as long as you have policies in place.
Provide utility, home maintenance, and repair services
It’s your duty to keep the common spaces well-maintained. If your tenants require personal repairs and maintenance, you may want to have an in-house team that can do this for a justifiable fee. Blake Hilgemann of Times Money suggests offering services like home-cleaning and laundry.
Offer parking spaces
If you have unoccupied parking spaces, you can offer them to outsiders for a higher fee — provided that they’re endorsed by a tenant. If you have more spaces in your compound that can be turned into a parking area, that would be a great idea. Check the market rate for parking fees, and make sure you don’t go below it.
Having and managing a traditional business does not mean that you don’t have to innovate. Be creative in looking for ways to generate more revenues.