Aside from rent, most tenants are accustomed to paying fees for some services. Late fees, application fees, early termination fees, and pet fees are among the most common, according to a survey by Multifamily Insiders.
But how can you generate more income from tenants without adding fees?
Find optional services you can provide to tenants that offer them value and you income. Here are examples:
- Movers
- Moving supplies
- House cleaners
- Dry cleaning and laundry
- Lawn mowing and landscaping
- Babysitting
- Dog walking
- Furniture rental
- Storage space
- Additional or upgraded parking
- Smart-home devices
These ideas are only a starting point. Look at your property and tailor your services to it. Focus on enhancing tenants’ experiences with services or amenities, while avoiding the perception that they’re paying extra for living in the property.
…”while avoiding the perception that they are paying extra for living”… yeah we certainly don’t want anyone to know that we are leaches… do we?
Speak for yourself, Stuart. If you don’t want to provide “value added” services such as lawn mowing (for single family homes), smart home devices, etc., then simply don’t do it. If you provide such services and decide you would feel like a “leach”, then provide them for free.
😆
Focus on enhancing tenants’ experiences with services or amenities, while avoiding the perception that they’re paying extra for living in the property. — I’ve found that I make way more income from just offering the home as a short term rental and on Airbnb it makes it easy to charge a cleaning fee which you can take 20% off the top. Normally, that 20% goes right back to the cleaners any way since the homes usually aren’t kept in the best shape. Airbnb could be a great way to increase income for your rental homes!