Increase your multi family profits

Vending store:
Having vending machines at your property is common but what about taking it to the next level and installing a vending store?  Yes, you can place an entire vending store in your lobby or common area.  You can lease these stores that are about 10×12 feet and carry everything from food, beverages, cleaning supplies, medicines, etc.  Customers pay and a robotic arm picks up and delivers the item.

Cell tower – rooftop leases:
If you don’t get great cell service at your property that’s a good sign that there could be use for a cell tower or cell repeater in the area.  That’s where the top of your building comes in.  You could generate an extra $1000 a month.  That’s like getting an extra tenant that requires no work on your part.

Pet fees:
Pets are becoming more and more like family these days.  People pay extra to bring them on flights and more and more hotels are allowing pets.  The good news is, you can do the same and make extra money by doing it.  Allowing pets and charging a pet fee will make your units easier to rent.  And you can also tack on an extra cleaning fee when they leave.  Cleaning products to remove pet smells are getting better and better.  And in the not too distant future, if you don’t allow pets you will find your units harder to rent.  So you might as well entertain the idea now and make money while you’re at it.

Beneficial insects:
Have extra land?  You can rent an area of your property to produce local honey.  And depending on your local property tax exemptions you could potentially save thousands in taxes because raising bees counts as raising food animals.  You can create a work farm and sell the worms, the worm “tea” they produce and again, potentially qualify for tax exemptions.  Or how about raising praying mantis for $18 each?  Ladybugs, crickets…the possibilities are endless

Storage:
Do you have unused space in your building?  A basement?  Or an area of your land or parking lot you can build on?  Tenants always want more storage and are willing to pay for it.  And depending on the location of your building, you can charge nearby residents and businesses for your storage.  The best part about storage is, very low upkeep, consistent easy extra revenue and happier tenants.

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