How To Get The Most Out Of An Apartment Complex
Revenue is the main purpose of any business. In case of a business that involves ownership of an apartment complex, the owners expect better revenue because much of that amount has to go back in form of the costs that are required to maintain and upgrade the property. So, how to increase the revenue of an apartment complex? There are some ways by which you can extract better income from your property.
Addition of more units
The best thing about an apartment building is that you can modify its internal structure without putting its overall integrity at risk. Using this advantage, you can add more units in the complex. It’s very practical and we can elaborate it with an example. An apartment in New York City had the units built in such a way that every unit consisted of one big room, one small room and a laundry room. The owners of that apartment decreased the size of big room in every unit and, in the end, a space of 3 more units got vacant.
Revenue from laundry
Laundry is the most unpleasant word for most of the people but not for the landlords of apartment buildings. The very fact that laundry is one of the most difficult things for people can be your reason for major revenue. If you own and apartment and you want to increase overall income, you can install central laundry system with high-tech machines to facilitate the tenants. They’ll ask you for the laundry service and pay you to make you richer. Another advantage of having central laundry system is that you will be able to control the usage of water and other utilities involved at a reasonable extent, saving you extra amount of money.
The storage service
If you are lucky enough to get a property with garages, you can actually make that feature to generate addition income for you. All you will need is cleaning the garages, create storage units and secure them with locks. Your tenants will be more than happy to pay you for a storage unit that lies in the building they live in.
The utility bill check
You can charge your tenants for the additional utilities like water and sewerage by implementing Ratio utility billing system (RUBS). This value-added service would help you to generate more revenue from your apartment building.
The move-in charges
The charging of security deposit is a norm but you can decrease the amount and term it the move-in fee, which is usually non-refundable. Implementation of this strategy will save you from the complication that is usually the part of tenant-landlord relationship caused by a confusion regarding refundable fees.
Apart from the ways mentioned above, accurate check & balance and the process of estimating costs for further improvements is very important. To get help in this regard, real estate virtual tours is one of the programs that you can use.