Thursday, December 29, 2016

New Year, New Revenue Streams for Your Property

Are you maximizing the income from your rental property? Most landlords aren't. Make a plan for 2017 to be your most profitable year ever with one of these new revenue streams.

Laundry There's nothing more annoying than hauling your clothes to the laundromat once a week. If your units don't include washers and dryers, considering leasing them out to your tenants. Another option: work with a local laundry vendor to offer coin operated machines in a common area.

Vending machines Most apartment complexes have a soda machine or two, but there's so much more you could be offering your residents. There's nothing more convenient than running to the office when you run out of toiletries, coffee, laundry detergent or over-the-counter medications. 

Storage space At Cal Bay Property Management, we understand the value of convenience. When residents are moving into a new unit, they often find themselves with more furniture than they have room for. Why send them off property for a storage unit when you can offer them a more conveniently located spot? 

No matter how you decide to explore new revenue streams, we encourage you to think outside the box in 2017!

- Scott Safadi


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