Maximize the Profit of Your Property By Using Some Common Sense Suggestions

When you have an income property, you want to get as much money as you can out of it. So it pays off to make the extra effort to be creative or to be diligent – and in some cases, come up with an initial investment to get things rolling. Whether you deal with residential property management or corporate property management many of these suggestions can help you to get more money coming in.

RENT OUT UNUSED STORAGE/PARKING SPACE: If it’s in a warehouse and it’s a large space, section it off and rent it out for separate smaller storage spaces – if it’s a smaller space, rent it out as is for storage. If you have a huge unused parking space, advertise monthly parking in specific sections, painting the lines for those areas differently. If the storage space or garage space is at a residential property and is not being used by tenants, rent it out to non-tenants. Is there a business nearby that could use more parking or storage?   

TURN WALLS/FENCES INTO ADVERTISING SPACE: Make that empty wall space or fence into an advertising mecca by renting it out to local businesses. It can be as simple as hanging a banner or as detailed as having a professional painter make that space into a marketing mural. Use as many walls or fence lengths as you’re able to. It’ll brighten up a barren industrial property, and can bring in hundreds of dollars every month.

ADD LAUNDRY FACILITIES:  If you’re looking to attract quality tenants, give them what they want: in-unit laundry. It costs a bit at the beginning, but will pay off in the long run as you can raise the rents, enjoy faster rentals, and get those quality long-term tenants you always wanted. They’re also a good incentive. Offer the laundry facilities only to those who sign a 2-year lease instead of a 1-year lease – the convenience may even keep that tenant beyond the 2-year commitment.

ADD/UPGRADE COIN-OPERATED LAUNDRY FACILITIES: If you haven’t got laundry facilities on-site for a residential property, then install them – even if it’s just one washer and one dryer for a small property. No-one likes piling their dirty laundry into a car and going out to a laundromat, if they can drop them off downstairs, then just conveniently pick them up a hour or so later. If you already have a laundry room, make sure it’s regularly cleaned and maintained. In both cases, a change machine is a welcome addition!

BUY A KEYMAKER – Depending on the size of your property or properties, you can save a fortune making your own keys. For the initial investment of a key maker, and ‘No Duplication’ key blanks, you’ll be able to replace any key at any time – even Sunday night after a tenant’s keys just hit the elevator shaft floor! You can charge for replacement keys – say $5 each - and never worry when a tenant doesn’t turn in their keys. Just buy a new lock and make the extra keys yourself.

INSTALL VENDING MACHINES – Could be coffee, soft drinks, chocolate bars, candy, sandwiches – you choose what would be most appropriate for your space. In a factory or office building, all would be probably be welcome in a lunchroom. In a residential setting, they might be found in a laundry room or recreation room or even in back hallway to the parking lot. A workout room would be a great setting for a fruit juice dispenser.  All translate into more income for you.

Making extra money in some of these ways does come with an initial investment, but if properly handled and maintained, can be constant additional revenue streams which add to your profit margin. While there may be more options for residential property management people to take advantage of, there are enough to perk up the income of corporate properties as well. Choose one or several of these ideas and maximize the profit of your property!