Managing tenants can be hard, and with an influx of new tenants managers at times may find it difficult to provide additional services to their existing tenants while trying to fill vacancies. Nevertheless, by not providing more services a manager may be foregoing income that would improve their bottom line.
Therefore, managers should also prioritize the provision of new services to their existing tenant base. For example, RMK management recognized a need -within one of their buildings – to assist residents with keeping their apartments clean. To address this need, the manager started renting out vacuum cleaners to their tenants. This initiative has been a great win for the manager who gets supplemental income from the initiative, while also helping the resident better maintain their rental units.
In conclusion, managers should bear in mind the opportunities that exist within their property to create value for both themselves and their tenants. This can be best done through understanding their tenants and the challenges they face in order to introduce greater value adding services.
To learn more about other interesting value adding services which a manager can provide their tenants, feel free to review the article from the Multi_Family Executive which is listed below.