Commercial and residential buildings have long been understood to be great investments. The nature of this type of investment is often high risk and high reward. Essentially, owners would have to dish out a lot of money to construct the buildings, advertise the space for tenants and renters, go through all the legal matters, and look after the asset every now and then. This is true whether you’re running a commercial building renting out spaces for restaurants and shops or if you’re operating a residential building for tenants. Having said that, it is undeniably in your best interest to eek out every little bit of revenue you can get from your investment. In this article, we are going to talk about some of the most effective revenue-boosting amenities that you can install in your building. This list will include value-adding video intercom, satellite TV, coin-operated laundry machine, and vending machines.
The Concept of Adding Value
Before we proceed to talking about the amenities themselves, let’s have a little bit of discussion on the concept of adding value. This concept is critical in boosting revenues in whatever type of business. In order to determine if the additional investment will result in additional revenues, it must be able to offer a unique added value proposition to the end-user or consumer. In other words, your customers, or tenants in this case, should be able to use it to their advantage. This could be in the form of utility, leisure, commodity, or even convenience. If you are certain that your additional investment is of great value in the perspective of your customers, then it is likely that it would generate revenues for you in the long run.
Satellite TV
Entertainment is a big part of our day-to-day living. It provides us a platform to steer away from the hustle and bustle of our work responsibilities. Satellite TVs are just as much a tool for entertainment as much as they are tools for utility. And by that we mean that TVs provide not only entertainment but also a sense of utility for the users. It’s one thing that users can just browse endlessly for channels to pass time and it’s a completely different thing for them to find useful information through live broadcasts, through news, and through reports. Satellite TVs may be set up as an additional monthly subscription fee in your building. Surely, a lot of your tenants would appreciate that they won’t have to reach out to third-party and external suppliers if you have already set up a direct platform for them.
Coin-Operated Laundry Machine
Laundry machines are a great addition to residential areas and buildings. A lot of apartments today do not include a laundry system for the tenants. As a result, the tenants would have to invest in a laundry machine for their personal use. This added step just to perform basic tasks, such as laundry, is nothing but a hassle for the tenants. Again, it would be in the best interest of all parties to have a coin-operated laundry machine within the vicinity. Through this, not only will you be helping the tenants in terms of their convenience but you also maximize your revenues through these machines. Note that these laundry machines are passive income because you don’t even have to stay at the laundry room or shop for the entire day. This makes them a really good additional investment from a practicality perspective.
Vending Machines
Similar to coin-operated laundry machines, vending machines also offer the tenants convenience and added commodities. These machines are comparatively cheap in relation to the other items mentioned above and so it can be a great starting point for maximizing your revenues. Vending machines can be scattered all around the vicinity and they are also passive income. The only maintenance you would have to do is to refill the machines on a periodic basis and collect all the revenues inside.
