November 26, 2015
Putting More Income on Your Laundry List
An apartment building of 10 or more units will typically benefit from having an on-site laundry facility. Residents enjoy the convenience of being able to do a load or two of laundry in their own buildings and owners enjoy the auxiliary income.
But don’t stop there, there are a variety of ways to make your laundry area more people-pleasing and revenue-boosting. Here are just a few:
Make It Desirable – Laundry is something everyone has to do. Keep it affordable to ensure that residents stay on the property rather than visiting a nearby laundromat. By charging reasonable fees for washer and dryer usage, you’ll see an increase in resident retention. As well, in addition to seeing that the floors and all table surfaces are clean, and garbage cans are frequently emptied, ensure there is good lighting and a fresh coat of paint.
A Nosh While You Wash – Maximize all floor space, and purchase or rent food or beverage vending machines. While there is an upfront cost for purchasing the machines, you reap all of the profit. Using a vendor, you get less of the profits, but are not responsible for maintenance or filling the machines. Either way, auxiliary income is to be had.
Stock Up On Supplies – Some residents who do not have a washer/dryer unit in their own units may not stock up on detergent and fabric softeners. Ensure there are vending machines offering individual load-sized laundry detergent, bleach, softener and dryer sheets.
Make it Social – In many ways, for Millennials, going to the laundromat can be a social event. So, make sure your laundry facilities are less “facility” and more “community.” In addition to the folding tables and basic chairs, make sure there are a “lounge area” with a few comfortable chairs. Consider making free wifi available. Have a basket designed for clothing donations for a local shelter.
A Book to While Away the Time – Post a sign that says “Book Exchange” and then install one or two low bookcases. This makes the laundry area more comfortable, and more community oriented – at almost no cost to you. This easy addition also becomes a selling feature, or part of a building tour with prospective renters.
Laundry Services – If you have designated staff on hand to make change, sweep the floor, etc., consider offering laundry washing and folding services for a small fee. Time-pressed residents will enjoy the benefit of dropping off their laundry in the morning and returning to have it fresh, folded and ready to wear after work.
Get Creative – If your laundry facilities experience slow times or aren’t being used to their fullest, get creative about attracting residents. Promote the benefits in your welcome package, mention operating hours in your community newsletter and be sure to have photos or a video tour on your website.
Do you have laundry facility success stories? Be sure to share them in the comments.
To learn more about how to use Property Vista’s tenant portal to promote your laundry facilities or how we can help you bring in auxiliary revenue, sign up for your free account today or give us a call.