Are you racking your brain to accelerate your income from your properties? With the effect of Covid19 and a hypercompetitive market out there, raising rents is out of the question. Relying on rents alone is a conventional way of producing revenue from your business. In real estate and property management, there are various avenues to revenue generation aside from rents.
Here are few creative ways to earn more money from your business.
- Charge for Pets: Allowing pets into your property itself can attract a lot of rental opportunities. Offering them designated areas to walk, play, having a dog walker, etc. can demonstrate you as a caring organization and in return, you can charge a pet registration fee or charge a fee every month and tenants will be glad to pay a little extra to have their pets happy. This will not only make your property stand out but can lead to better tenancy retention.
- Set Up a Vending Machine: Install vending machine with food, beverages, etc. in your common areas and this can help generate a reasonable amount of income.
- Provide furnished rentals: If you have multiple properties and if any of them is located in a prime or commercial area, furnish a few of the units as corporate and short-term occupants are more likely to rent a furnished unit and it will fetch higher rental. Additionally, you can list these units on Airbnb where you can make more money than regular rentals.
- Rent Storage: People always love extra space for storage. Renting storage areas in your basement is a lucrative idea. The best part is once rented, there is not anything worrisome about the space. There is no wear and tear and major maintenance required to run the place.
- Rent Out a Billboard: In large properties, installing a billboard can be a great way to get money flowing.
- Offer bonus property services: People gladly choose convenience over anything else these days. Partner with local restaurants, housekeeping services, groceries, pharmacies, and other lifestyle stores to provide services in your community and gain rents from them or enter an agreement to profit sharing. RealCube Estore does this seamlessly for you by onboarding vendors to your tenant's digital platform and tenants can purchase goods or services from the comforts of their home and you enjoy a share of the commission.
- Offer Fitness Classes or Toddler Caretaker: Bring in a fitness instructor or a certified caretaker and offer sessions at a fee on your property. This is a win-win situation for property management and tenants as this brings joy to tenants and can increase the retention rate in your property. Also, you can share profits with the instructors.
Take your business to the next level by adding a few of these income-generating streams. Not only will these additional facilities help generate revenue, but they would be enjoyed by tenants and make your property a desirable one.