Putting a laundry room on your property can be a substantial money-maker. Here are the 5 ways it lowers costs and makes you more money:
- Saves you on purchasing washers & dryers for every unit. Not only is this more up-front capital but it decreases maintenance and operating costs. Every machine you have out is another chance at something going wrong.
- On-site laundry is an amenity which you can charge additional rent for. You won’t be able to charge as-much rent as in-unit but you will also reduce your operating costs and hassles. A few machines is much-better than 10’s of machines.
- Coin-op laundry is a revenue generator. Now you took a burden and turned it into a revenue generator. A stackable washer/dryer could bring in as much as $1,000/month on a busy property. PRO-TIP: You can use 1 washer & 1 dryer to service 10 apartments.
- Commercial machines are bullet-proof. These machines last forever. The only real headache is collecting the funds. With mobile payment solutions like ShinePay you now don’t need to collect the coins. Tenants don’t need to get coins and can pay with their phone. You can also charge more for rent for having electronic payments on your laundry machines.
Combined with smartphone laundry payments, like ShinePay which removes the the once large-hassle that commercial machines posed–collecting coins and vandalism. ShinePay does this at a reasonable cost.