Increase Revenue Stream of Investment Property

Posted by on Aug 1, 2016 in Blog - Commercial Investment Properties | 0 comments

Increase Revenue Stream of Investment Property

How to Raise More Income From Your Current Property

Property investing is great, especially when those rent checks start rolling in on a consistent basis. Regardless of how well business is going however, most of us eventually reach the point where we say, there’s gotta be more income potential. This isn’t necessarily being greedy, it’s being a smart investor. A top notch ball player could be making a financial killing with one team, but a higher contract from another is still going to be tempting.

The first avenue you look at to naturally increase revenue is raising rent prices. This generally doesn’t fly for two reasons – 1) you don’t want quality tenants exiting en masse because you tried to make a few extra bucks and 2) contract and lease limitations may have you handcuffed on rent prices. Here are some options on increasing your cash flow but with the good of your tenants in mind.

Pay-Per-Use Wi-Fi

These days most commercial businesses will offer their customers complimentary Wi-Fi access especially if they are a bar/restaurant. With Smart phone availability a pay-per-use option might not appeal to a lot of visitors either. That being said, implementing pay-per-use WiFi something to consider as a way for you to make money and a chance for your tenants to increase business. Certain businesses can really reap the benefits such as laundromats or an automatic car-wash where people have a lot of down time.

Coupons With Other Local Businesses

You have to be careful not to affiliate with any of your commercial tenants’ competitors, but providing pamphlets or fliers with coupon incentives to visit local businesses is a way to take advantage of the heavy foot traffic through the property you own. Customers use a referral code around town that earns you a kickback all while building up your networking appeal throughout the city.

Vending Machines

A tried and true method to boost revenue – albeit one with some headaches. Offering customers a quick opportunity to grab a soda can make you hundreds of extra dollars a month in busy areas. Today you can think outside the box however related to what your tenants offer (sports drink machine outside of a gym for example). You can also go with unique vending machine types such as a Coin-Star change counter or maybe a Red Box movie rental.

Renovations to Garner Higher Rent

Any extra revenue sources you place on your property are going to earn you money but also cost you your time for maintenance and repairs. The best way to boost your income still remains increasing the rent. The secret however is to make it a ͞value-based͟ increase. For example tenants will likely pay more per month if you install a high-tech security system, energy-efficient appliances, or improve the curb appeal to the building in some way. You’ll pay now, but recoup your investment tremendously over the long haul.

Also, tenant satisfaction will always remain the best way to make money. Keep the people in your building happy and your building will stay full.

 

RequestProposal

Comments are closed.