Increasing the profits from your home’s common area laundry room is the main concern for homeowners and apartment managers. In this post, I will share with you some tips and strategies to help make the most of your investment.
Making Your Apartment’s Laundry Room More ProfitableSet the ideal vend price
1. Set the ideal vend price
This is the most important feature of keeping your laundry room profitable. If you charge too high, you could lose big business; if you charge too low, and you could miss out on considerable income. Make it a priority to continually evaluate vend pricing to make sure you maximize profitability while keeping the cost to do washing reasonable for your residents.
2. Keep your space clean and up to date
Many believe their home’s laundry space to be an extension of their home. So laundry rooms should be safe, inviting and good-looking. If yours is soiled or full of mess, you could drive away your tenants and earn just a portion of your full potential. Consider a brand new coat of paint to brighten up the laundry room, updating the lighting to amplify security, or adding some simple amenities like a clock, comfortable chairs, a table for folding clothes or a television. These simple updates may translate into fewer complaints from the residents and generate greater revenue.
3. Listen to your residents
While every resident’s condition is different, you’ll sometimes hear some familiar themes regarding your laundry room. Be proactive. If a solution seems feasible, there is a possibility you can make your residents happier. And happy residents mean more profit for the bottom line. Some common objections to community area laundry rooms are: broken or not enough machines, outdated technology, a lack of amenities, and an unkempt or dirty facility.
4. Go green
When your machine is built to save you money on energy and water, running a profitable laundry room is easier. If you replaced 20 conventional commercial washers with Energy Star qualified units, each year you could save roughly 2,379 kWh of electricity and 69,496 thousand gallons of water – reducing utility operating expense and increasing customer satisfaction. An added bonus: these machines can hold larger loads that finish faster, keeping the supply of clean laundry moving and people happier.
Further reading: Why Owning a House is a Good Idea (And How to Find One)
5. Know your options
You should make sure that laundry room leases are customized to meet your asset management goals. Your laundry vendor should offer a variety of options for laundry equipment and coin or coinless laundry room payment systems, straight forward laundry contracts and no-hassle negotiations. Together, you can design a multi family laundry room with the perfect formula for profitability.
You might also want to watch this video to get some ideas;