Experts say you need to take a closer look at the fees you are charging tenants and consider your vendor relationships.
Today, industry experts from Property Management, Inc, Rosenbaum Realty, Homespot Property Management LLC and Blue Fox Properties talked about increasing revenue by examining the market and watching what competitors are doing.
Here were some of the panelists’ ideas to consider:
How much are you charging for tenant fees?
“You need to do some market research to find out where you stand,” Brian Birdy, VP of Property Management, Inc. said, “When you stop thinking small and start thinking big, that’s when your business grows.”
“For anything you are getting challenged on, build your case beforehand. Train your staff before you roll out new fees,” Steve Schultz, General Manager of Blue Fox Properties said.
Partnering with vendors
“Property managers are partnering with vendors and seeking additional opportunities for revenue. Some ideas include charging vendors for advertising on their website and asking for support with gifts to tenants,” Schultz said.
A collection of fees were discussed and compared throughout the session. Most were administrative and application fees; the less common fees included coordination, credit bureau reporting, and pet inspection service fees.
The panelists concluded by encouraging the audience to seek out competitors’ pricing and doing sufficient market research.
Thanks to Barbara Kaplan from Propertyware for hosting, in addition to Brian Birdy from Property Management, Inc. Tiffany Rosenbaum from Rosenbaum Realty, Jody Bailey from Homespot Property Management, LLC and Steve Schultz from Blue Fox Properties for sharing revenue insights with the RealWorld audience.