Most apartment, condo, and town-home management companies will use the same schemes to attract new tenants to their complexes. These schemes include aesthetic improvements, upgrades or repairs to their appliances, and/or replacing or upgrading doors and windows, but what else can you do to attract new desirable tenants to your property? If you’re already out of space to add new amenities, then it’s time to think about adding third-party services. This process is used frequently by business owners for their law firms, accounting firms, printing businesses, etc. Why shouldn’t you? After all, you are a for-profit-business, right?
Some new features and services may include:
Dry Cleaning Services
There are plenty of local Dry Cleaners in your area who would be open to the idea of offering special pricing along with pick-up services, which you can markup for additional revenue. If you move forward with this service it is suggested to post drop-off and pick-up time frames. This will help prevent people from coming to your unit/office all day for their dry cleaning.
Personal Fitness Training
If your apartment, condo, or town-home complex has a recreation room, it is most likely not in use during the week. Why not take advantage of the space provided by the recreation room and contract with a Personal Fitness Trainer? The personal trainer can offer his/her services as a premium service for those busy tenants who would love to train in the comforts of their home complex. NOTE: This would really go over well for your home based business clients who are stuck in their units all day.
House Cleaning Services
If your apartment, condo, or town-home complex caters to young professionals and young families this service may be the best fit for your tenants. Young professionals and young families are significantly more busy than the average tenant and by offering this service, your tenants can spend more time enjoying the other amenities that your complex offers, such as the swimming pool, sauna, basketball courts, tennis courts, etc., all while their unit is being cleaned.
Google’s definition of concierge states that, “The Concierge serves Guests (Tenants) of an apartment building, hotel, or office building with duties similar to those of a receptionist.” If this duty is similar to a receptionist why not offer Concierge/Virtual Assistant Services? This person doesn’t have to be physically present in person. In fact, most Virtual Assistance are not physically present ergo the Virtual in the name.
The Virtual Assistant Industry became popular in the last 5-7 years. According to Wikipedia, “a Virtual Assistant is generally self-employed and provides Professional Administrative, Technical, or Creative (Social) assistance to clients (in this case, tenants) remotely from a home office.” Because Virtual Assistants are independent contractors rather than employees, managers/owners/tenants are not responsible for any employee-related taxes, insurance, or benefits, except in the context that those indirect expenses are included in the Virtual Assistance fees.
Auto Detailing and Car Wash Services
If you haven’t already observed this service being offered in the commercial business arena, you will. Why do you think more and more commercial buildings offer this service for their tenants? There is two reasons why this service is beneficial. The first is to keep their tenants happy and the second is, of course, revenue. Why not use this service in the residential realm as well? This industry has also gotten more popular in the past few years due to its convenience. Now tenants won’t have to get into their car, drive to the car wash, and wait in line just to get out of the car and wait in a waiting area/room for about 30-45 minutes (if you’re lucky), then after all this time waiting you get into your car and still have to drive back home. We’ve heard “time is a precious commodity” but what about convenience? This also makes sense as an added feature/service, so long as you have the space for it.
Lastly, is the service of an ATM Machine. This service speaks for itself. If you own a large apartment, condo, or town-home complex with more than 250 units, this service may be an easy revenue builder. This industry makes their money on foot traffic (in this case tenant traffic). Have you ever been in a rush to get somewhere and because you had to drive to the Bank to get money, you knew you would be late? With this convenience your tenants will enjoy having an ATM machine on the premises. The ATM Industry has different types of revenue programs to choose from, such as “Free Placement Programs”, “Partnership Program” etc., all of which offer revenue share, depending on the type of involvement you’re willing to put in.
By adding any one of these features/services to your apartment, condo, or town-home complex, you will add the chance of attracting new tenants or stealing away nearby tenants. Adding revenue is obviously another significant bonus.
NOTE: If you are considering adding any of these types of third-party services, you’re going to want to consult with a lawyer in regards to liability if any.