Boost Ancillary Income With Amenify's Services!
In property management, finding new ways to enhance revenue streams and optimize expenses is essential for profitability. One such opportunity lies in ancillary income, an often underutilized strategy that offers significant financial benefits. Partnering with Amenify’s services allows rental property managers to create ancillary income while delivering value-added services to residents.
Boost your property's profits with Amenify today!
What is Ancillary Income in Property Management?
Ancillary Income Meaning: Ancillary income refers to the extra revenue property management companies generate outside the core rent. It's an additional source of revenue that comes from offering extra services or amenities that enhance tenants' living experiences. These income streams are especially important for rental property management as they can help cover operational costs or boost profitability without increasing rent prices.
Ancillary Income Doesn't Mean Nickel and Diming Your Renters
Our data shows that 65% of operators are charging tenants additional fees in the name of various services.
One common misconception about ancillary income is that it means squeezing tenants with small, constant fees. This is far from the truth. Successful property management companies generate ancillary income by providing meaningful, value-added services that improve the resident experience.
This approach builds trust with tenants and enhances long-term tenant retention, rather than making them feel exploited.
5 Examples of Generate Ancillary Income
There are numerous ways to generate ancillary income in property management. Here are five proven methods.
1. Laundry Services: Offering convenient, on-site laundry services can be a simple but effective way to generate extra revenue.
2. Parking Fees: Reserved parking spots or offering paid parking spaces for guests can increase income without burdening tenants.
3. Storage Units: Providing on-site storage as an optional service allows tenants more convenience and generates extra funds.
4. Amenity Access: Charge for exclusive use of premium amenities such as a gym or pool for tenants who opt-in.
5. Pet Fees: Offering pet-friendly amenities or charging pet rent can be a lucrative source of ancillary income.
Ancillary Income Streams That Work and Ones That Don’t!
Amenify services like cleaning and handyman contributing to ancillary income in property management
While there are many potential revenue streams, not all ancillary income streams are equally effective. However, Amenify's innovative approach helps property managers access high-demand services and build sustainable ancillary income streams.
Some of the best-performing ancillary income streams include
1. What Does Work in Ancillary Income
Resident Gifts Program: Offering move-in or holiday gifts through a resident gifts program enhances tenant satisfaction and builds loyalty. It can easily be integrated with Amenify credits, which tenants can use to access services like cleaning, chore services, and more.
24/7 Maintenance Services: Tenants are willing to pay extra for on-demand, around-the-clock maintenance services. Amenify provides a seamless experience through its handyman services, helping property managers offer high-value maintenance support.
Convenience Services: Busy tenants value time-saving services like cleaning, food delivery, and chore services. Amenify’s platform allows property managers to offer these services as part of a broader package, driving ancillary income while improving tenant satisfaction.
2. What Doesn't Work in Ancillary Income
While the potential for ancillary income is high, not every idea will work. Here are some common ancillary income streams that tend to fall flat.
Overcharging for Basic Services: Tenants are unlikely to pay extra for services they expect to be included in rent, such as basic maintenance.
Vague Fees: Charging tenants for unclear or poorly explained services can result in dissatisfaction and even loss of trust.
Low-Value Services: Offering services that don’t add tangible value or convenience, such as outdated amenities, won’t generate sustainable ancillary income.
By integrating Amenify’s services into their offering, property management companies can generate more income while providing modern conveniences that appeal to today’s renters.
Conclusion
By partnering with Amenify and integrating their broad range of services, property management companies can tap into profitable ancillary income streams while enhancing tenant satisfaction.
From Amenify credits to cleaning and handyman services, property managers can create a better living environment for tenants and improve their bottom line.
For those seeking to boost their revenue, focusing on ancillary income through high-demand services is key. Ready to increase your ancillary income? Partner with Amenify now and maximize your revenue!