What’s the best way to generate ancillary income at a multifamily community? The tried-and-true methods come to mind, such as telecommunications and submetering. But the buck doesn’t stop there.
“Some of the more traditional avenues [to generate income] include: application fees, late fees, one-time pet fees, monthly pet fees and non-refundable move-in fees,” says Mike Brewer, vice president of operations at M Brewer Group.
“I think the chief reason why these are effective is that they are largely universal across the nation with both small and large operators,” adds Brewer. “The amounts may vary, but the practice of charging is commonplace in the eyes of the renter.”
Read more...Creative Revenue | Multi-Housing News Online
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