What ancillary services are you implementing to generate additional cash flow?

Outside of collecting rent, what other ancillary services are you implementing to generate additional cash flow?

There are a ton of ways to generate ancillary revenue for your communities. The three main areas you could focus on is fees, utility reimbursements and marketing agreements that offer revenue share with outside vendors for products and services you offer your residents. I am a Director of Ancillary Services so if you’d like to discuss further feel free to message me.

Reserved parking, washer and dryer rentals

Parking, reserved parking, storage, bike storage, amenity rentals, pet rent and fees

I’m of a different mind about this than most people, but why can’t places just charge what they are actually worth and be done with it?
Nobody wants to feel nickeled and dimed and that what most of these “fees” are… charging people for things that used to be part of your rent. There’s no added value for them, it’s just basic poor business.
We are basically moving this business into the same category as crooked used car salesmen and predatory lenders in poor neighborhoods.
One of the crappiest ideas is the reserved parking scam. A few extra bucks and you can park closer? Then the people who can’t afford that have to walk further?
Building utilities? Just pay them. Pet rent? Only if y’all let them in the pool and get a turn on the tennis court.
Amenity fees, gym fees, sneeze fees… where does it end?

Fred Montgomery it doesn’t, it is called greed! My daughter lives where they actually charge the building insurance back to the residents! That is terrible!

Fred Montgomery ? ? ? yup exactly. Rent plus electric, water, sewer, trash, CAM, parking, pest control just to name a few. It adds up to another $700 or more. It's nuts.

Lei Lani it’s just a matter of time until people just stop renting from complex’s.
The industry is already struggling to get workers because they treated them like garbage for so many years. Their next problem will be getting residents.

Fred Montgomery to some point, I agree. I don’t agree with amenity fees, that should be part of rent.
Charging for reserved parking, I think is valid, especially covered parking.
It is proven that people will conserve more if they pay for their own utilities.
I think pest control should be included.

Here's an oldy but goody...
Ads in a newsletter (they can be digital, but remember your residents who are not Internet savvy). Insurance agents, restaurants, etc. You can guarantee that their ad will go to x amount of residents.