Do you own or manage an apartment community, medical building or college campus? If so, then chances are you have probably wondered whether or not operating on-site laundry services would be worth the investment. The answer is yes. Here are six reasons you should set one up right away.
- Attract Better Tenants
There are two main types of tenants: the ones who grab the easiest and cheapest options and the ones who look for something specific that best suits their needs. Choosy tenants generally stay longer and take better care of the premises.
- Increase Rent
Alongside attracting choosy tenants, you may now raise the rent as compensation for the added perk and investment of providing laundry services. The good news is that these tenants are often willing to pay a little extra to get what they want or need.
- Make Extra Cash
Even if you don’t increase rent right away, you can make extra money from the use of the coin laundry service. Those quarters add up quickly and will soon pay off the initial investment.
- Easy Maintenance Work
Many property managers are wary of adding new machinery because of repair costs. However, if you partner with the right company to provide the coin laundry service, maintenance and repairs are usually covered in your warranty or lease agreement.
- Payment Flexibility
While these laundry services are traditional termed coin laundry, there’s no need to take that literally. Many of these systems can be set up to take credit cards, Google Pay or Apple Pay.
- More Tax Deductions
When you own a business, few things are as amazing as tax deductions to reduce your taxable income. You can write off the increases in overhead costs as deductions. These include utility bills for electricity and water.