 More Money? Upsell? (by TxMike [TX]) Sep 20, 2014 9:59 AM
 More Money? Upsell? (by Lesliea [TX]) Sep 20, 2014 11:41 AM
More Money? Upsell? (by S i d [MO]) Sep 20, 2014 11:55 AM
More Money? Upsell? (by Tx mike [TX]) Sep 20, 2014 12:05 PM
More Money? Upsell? (by John [KY]) Sep 20, 2014 1:30 PM
More Money? Upsell? (by TxMike [TX]) Sep 20, 2014 4:49 PM
More Money? Upsell? (by BRAD 20,000 [IN]) Sep 20, 2014 11:21 PM
More Money? Upsell? (by Gruvin [TX]) Sep 21, 2014 8:05 AM
More Money? Upsell? (by MikeA [TX]) Sep 21, 2014 1:40 PM
More Money? Upsell? (by Tx mike [TX]) Sep 21, 2014 2:02 PM
More Money? Upsell? (by Suzanne [NV]) Sep 21, 2014 8:31 PM
More Money? Upsell? (by Suzanne [NV]) Sep 22, 2014 3:43 AM
More Money? Upsell? (by Dan [MA]) Sep 22, 2014 5:00 AM
More Money? Upsell? (by TxMike [TX]) Posted on: Sep 20, 2014 9:59 AM
Message:
I am wondering what are some of the ways others are getting more money out of our residents? I'll start.
I offer a flexable payment plan, either pay in full by the 2nd, or pay half by the second, and pay the 2nd half by the 15th with an additinal $30, no need to call me with an excuse, no 3 day notices, no worries
Some months I have 7-10 take advantage of this, some months just 2-3. I love the extra income.
I also charge $25 per pet, limit two
What else can I do to increase profits, Not that profits are not already great, mama needs a new pair of shoes, LOL --173.74.xx.xx |
More Money? Upsell? (by Lesliea [TX]) Posted on: Sep 20, 2014 11:41 AM
Message:
What I'm doing is weekly rents. A unit that would rent for $500 a month, I'm charging $150 a week. That comes out to $650 a month. I'm charging $10 extra per week for a pet, which comes out to $43 a month.
I haven't had any smokers lease yet, but am debating either charging a smoking fee or not allowing smoking at all, since cleanup is so dreadful after a smoker.
That's all I've been able to think of, so far. My renters love the weekly payments and I get a lot of demand when I have one open. --70.140.xxx.xx |
More Money? Upsell? (by S i d [MO]) Posted on: Sep 20, 2014 11:55 AM
Message:
TxMike, your method sounds like a modified version of the pay-day plan. I like your because of the greater simplicity in accounting: 2nd and 15th vs. every two weeks. What is your increased percentage over your normal rent by charging the $30 fee?
I also use per month pet fees, but in addition I have a $150 per animal up front fee. Do you charge a "pet move in fee?" Most folks don't bat an eye because the big boy apartments around me charge $300. My low, low fees keep me rented but make me money.
Pets and pay-day plans...those are my two favorites. You could also negotiate with local service providers like the trash company for $10 a month service and you offer to add trash to the lease for $15-$20 per month. That way you ensure there is always a trash cart and make an extra $60-$120 per unit per year. --108.250.xxx.xxx |
More Money? Upsell? (by Tx mike [TX]) Posted on: Sep 20, 2014 12:05 PM
Message:
Sid, my average house is 1200 per month. Low income in my area. I do have one that I charge 40 for the option of splitting the rent. Once I even charged 100 for a guy to split it, but when I took him in, he had had issues in the past. He lasted 4 years before I evicted him, but I must say, he was a very friendly eviction. I had given him a "chance". My tenants can use my method when ever they want, user friendly for them... I do need to do the pet registration fee in addition to my monthly fee. Just need to figure out how to explain it --173.74.xx.xx |
More Money? Upsell? (by John [KY]) Posted on: Sep 20, 2014 1:30 PM
Message:
Regarding the non-refundable pet registration fee, no explanation necessary. Just tell them you have it. As Sid said, they won't bat an eye. --24.26.xx.xxx |
More Money? Upsell? (by TxMike [TX]) Posted on: Sep 20, 2014 4:49 PM
Message:
Are there no responses because its Saturday, and everybody is at their rentals painting? I hope thats the case, Surely, there has to be ways to increase profits. Refridgerators? OTR Microwaves? Ceiling Fans? Last summer I was able to get an extra $30 per month for replacing the one year old nasty carpet with about 250 sq ft of Cherry Allure in two bedrooms for new tenants. --173.74.xx.xx |
More Money? Upsell? (by BRAD 20,000 [IN]) Posted on: Sep 20, 2014 11:21 PM
Message:
TXMike,
Jeffrey is the master at this! His training kit is full of ideas.
Me:
$150 Non-Refundable Animal Registration fee per animal
$35 per animal per month
2 pets = $1140 the first year, $840 each year after
PayDayPlan - you already see it's value to the res - bi-weekly on $1200 would add $1720 per house per year. 70% of our new leases choose it.
Lower deposit with higher rent. 6 months to offset.
Rent appliances - Fridge, range, washer/dryer. We do $25/mo each so it's small enough they say OK without too much thought or price comparing.
Mowing service - pay $25, charge $45
Maid service per week or month - pay $25, charge $50
Internet (not as popular as years past)
I'm still toying with how to include a car with the house.
NO CARPET has greatly reduced my turnover costs and helped houses rent faster.
So far:
$1140 Pets
$1720 PayDayPlan
$600 Washer/Dryer
$3460 increased income
-$250 for the WD
$3210 additional profit each year per house.
x 10 houses
= $32,100. Enough for a Mother to quit work and enjoy raising her kids.
Stop thinking and do it!
-Brad --67.175.xx.xxx |
More Money? Upsell? (by Gruvin [TX]) Posted on: Sep 21, 2014 8:05 AM
Message:
We have been using the pet registration fee with success. Need to work on the pay day plan.
Our current model is to do 1 or 2 small upgrades and raise rent to be at the top of the current market. Will talk to the owner about appliance rental. We already do the yard work option with a few takers, most use a local service. The maid service is an interesting option to look into... Of course my wife will want to sign up for that one!
We priced carpet to replace the original 1995 stuff(owners idea), but I talked him into that new tile that looks like hardwood(easy talk, less money and lasts longer than carpet). Vinyl flooring in the kitchen is also being replaced with 16" tile.
The unit was built in 1995 with builder grade fixtures and those are getting upgraded to modern standard as well. The work should finish up in time for an Oct 1 rental. This unit will rent top dollar now with new paint, fixtures, and flooring. --99.126.xx.xxx |
More Money? Upsell? (by MikeA [TX]) Posted on: Sep 21, 2014 1:40 PM
Message:
Other than add-on's, it's always good to focus on simple upgrades to raise the base rent. A little landscaping, new light fixtures, new counter tops. I'm generating $50-100 more than those around me by presenting a slightly better product. --108.240.xxx.xx |
More Money? Upsell? (by Tx mike [TX]) Posted on: Sep 21, 2014 2:02 PM
Message:
Mike A, that's me. I already get more than others. Extra attic insullation, new countertops, low e windows, over the range microwaves, etc.. --173.74.xx.xx |
More Money? Upsell? (by Suzanne [NV]) Posted on: Sep 21, 2014 8:31 PM
Message:
I'm on the same page as Gurvin. Just did some upgrades on a unit, new flooring, no carpeting put in one of those goose neck faucets with pull down feature, instantly modernized the look of the kitchen. Put the rent at the top of the market in a neighborhood of cookie cutter houses and got what I wanted for it, above market. Why? I have extra's that other landlords don't bother with, fully wired alarm system, security door, ceiling fans in every room, modern light fixtures. It's worth investing a little more, and I attracted quality tenants with great credit and landlord references. Maybe the way I upsell is to upgrade. --98.160.xxx.xx |
More Money? Upsell? (by Suzanne [NV]) Posted on: Sep 22, 2014 3:43 AM
Message:
I'm on the same page as Gurvin. Just did some upgrades on a unit, new flooring, no carpeting put in one of those goose neck faucets with pull down feature, instantly modernized the look of the kitchen. Put the rent at the top of the market in a neighborhood of cookie cutter houses and got what I wanted for it, above market. Why? I have extra's that other landlords don't bother with, fully wired alarm system, security door, ceiling fans in every room, modern light fixtures. It's worth investing a little more, and I attracted quality tenants with great credit and landlord references. Maybe the way I upsell is to upgrade. --98.160.xxx.xx |
More Money? Upsell? (by Dan [MA]) Posted on: Sep 22, 2014 5:00 AM
Message:
In multi's divide up the basement into locking storage rooms. Always build more storage rooms than there are apartments because some tenants will want two. Charge an extra $20/month per storage room. If you hadn't done that, they were going to put their junk in your basement anyway, so you might as well collect for it. --64.197.xx.xx |
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