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Property Management

10 Ways to Turn Low-Profit Properties Into Revenue Heroes

We see it sometimes. An apartment community struggling to live up to its potential. Profits sink or stagnate and owners are reluctant to invest in improvements because they worry that they won’t get a return on their investment. The community is stuck. Without investment, how can they make changes that would ultimately increase revenue?

Here’s the solution: invest in infrastructure that pays for itself. Read on for ten steps to turn a low-profit property around.

1. WiFi

Think about it: WiFi is no longer a luxury. It’s a necessity.  Rather than lackluster agreements with big-name internet companies,  Homebase offers a unique managed WiFi solution that gives full ownership of the network (and the monthly income) back to the property. One community recently reported an increase of nearly $1,000,000 in property valuation.

2. Smart access

Use your WiFi revenue to boost operational efficiency with a smart access control system. Minimal hardware unlocks the potential for remote property management, in-unit services, and more.

Customize your tiers and pricing with Homebase WiFi. A completely managed WiFi solution that gives full network ownership back to the property.

3. Space booking

Paired with the Homebase app, your smart locks enable you to offer convenient space booking for a fee. Got storage space? Unused conference rooms? Community lounges? Offer rentals through Homebase and rake in easy revenue.

The demand for pet washes and dog park spaces is higher than ever. Benefit from the dog boom by charging pet fees at move-in and monthly payments for access to your pet facilities.

4. Pet spaces

Everyone and their great-aunt got a dog during the pandemic, so demand for pet washes and dog park spaces is higher than ever. You can benefit from the dog boom by charging pet fees at move-in and monthly payments for access to your pet facilities. 

5. Short-term rentals

The pandemic has made remote work commonplace and many individuals are taking advantage of this newfound freedom by traveling. These digital nomads need short-term housing, and properties that provide it will benefit from the opportunity to raise rent with each move-out. Combat the strain of unit turns with smart access

6. Save on electricity & gas

Smart lights and thermostats make it easy for staff to ensure vacant units stay energy efficient. Remotely adjust the temperature for the season, or turn the lights on before a tour!

7. Increase staff efficiency

Save time by tying all your technology into one platform. Property managers can send or revoke access instantly with Homebase. They can also save time with self-guided tours, easy vacant unit management, and maintenance alerts.

8. In-unit services

Laundry? Groceries? Dog walkers? Make residents’ lives easier and create new revenue with in-unit services.  Ensure security with time-bound access and body cameras. Learn about how Walmart InHome partnered with Homebase to ensure safe in-unit services.

9. Late fees

Charging late fees for rent may seem like a no-brainer. It promotes on-time payments and brings in extra revenue along the way. When you become your own ISP with WiFi managed by Homebase, you can benefit from adding WiFi late fees to the list. 

10. Better marketing

Finally, one of the best ways to turn a low-profit property into a revenue hero is to improve your marketing game. Here’s a tip: play to a niche. By incorporating smart technology into your building, you are creating an experience of futuristic convenience. Celebrate that!

Save your staff time. Invest in an all-in-one technology solution that can increase efficiency, and earn additional revenue for your community.

Want to learn more? Homebase is committed to helping customers maximize their property through ongoing consultation, live chat support, and marketing materials. Let’s talk about your goals!

Homebase brings the smart apartment experience to new build and retrofit multifamily with trusted technology that delivers intuitive building access control with smart locks, automation of property management, new revenue with property-wide WiFi, and IoT technology amenities residents enjoy. All completely installed and managed for the multifamily innovation leaders of this decade.