Are You Maximizing Your Extra Income?

With the economy down, you're likely granting more concessions than you'd like to. So, it's wise to try to make up for that loss elsewhere. There are many opportunities in an apartment community to earn some extra income. The great thing is that most of these are often providing a service to your residents, so it's a win win for everyone. Here are 20 ways for you to jump start your bank account...

1. Vending Machines-look into soda and snack machine vendors in your area. Some offer profit sharing programs for vending machine sales.

2. Laundry Machines

3. Car Vacuum

4. Newspaper Machines

5. Sell ads-contact local businesses to sell ads in your newsletter or move in packets. Home based business people like Pampered Chef and Mary Kay reps are great people to contact for this!

6. Blog-if your community has a blog, you can set up a Google Adsense account and place ads on your page. You can earn income every time someone clicks on the ad.

7. Valet Dry Cleaning-establish a relationship with a local dry cleaner in your area to get a great deal. Increase their rate by 50% and then offer a valet service to your residents. Once a week, you can drop off and pick up your residents dry cleaning. You keep the additional 50% for your community. It's a win win for everyone!

8. Utility Set Up-there are companies out there like White Fence and Move in Minutes that offer commission when your residents use their services to sign up for their utilities.

9. Insurance-there are also many insurance affiliate companies who offer referral fees. You could also try to work out something with a local insurance agent. They may be able to offer you more, plus your residents would have someone locally to contact.

10. Pet Fees-depending on where you live, you may be able to charge a monthly pet fee as well as a pet rent. *Hint* To catch residents with unauthorized pets and collect their pet fees, have maintenance carry a spreadsheet listing each apartment with them and have them note who has pets when they do air filter changes. Cross check that with your records and you're guaranteed to catch a few each time.

11. Short Term Fees-if your residents would like the convenience of having a lease shorter than 12 months, be sure to charge them a fee. The average short term is $50 per month.

12. Month to Month Fees-this is the ultimate in convenience for residents, so this situation should carry an extra premium. The average month to month fee is $100 per month.

13. Location Premiums-if you have some units that are highly desired, consider charging an extra premium for them. You can also do this for highly desired floor levels.

14. Upgrade Premiums-if you have an older community, doing a few improvements can go a long way. You can update certain features like light fixtures and faucets pretty inexpensively, but you can recover those costs very quickly with an extra monthly premium!

15. Fitness Center Membership-if your community doesn't have a fitness center, contact a local health club. You can often work out a program with them where you offer their club to your residents exclusively and they'll cut you a referral fee when they join.

16. Satellite Fees-Most communities don't want dishes on their property, however, due to FCC regulations, you have to allow them. But, the FCC doesn't say anything about charging your residents a convenience fee to have them, so use this opportunity to earn an extra $100 or two.

17. Late Fees-I never minded when a resident would pay a day or two late. It meant I could collect their late fees! Be firm on collecting these fees right when they're assessed and don't bend the rules for anyone. Not only is it protecting you from a Fair Housing mess, it's a great source of income.

18. Legal Administrative Fees-If you're forced to file legal action against someone, consider charging an extra administrative fee for your office on top of attorney's fees. $100 is about average.

19. Payment Plans-If you're going to set up a payment plan for past due debt, consider added a convenience fee. You're not obligated to accept payments, so you're offering them as a convenience to your residents, and conveniences often come with a price.

20. Concession Forfeit-depending on your state, you may be able to charge a resident their gross monthly rental amount if they pay late, meaning they forfeit their concession for that month. If they make a habit of paying late, say 2 or 3 times, they could forfeit their concession altogether.