10 Things That Can Increase Revenue
1. Strategic Planning
Before determining tactical execution, think of the overall umbrella that answers the question, “What do we want to achieve?” Within your property, you want to first increase revenue overall, then you can think about the tactical execution of what needs to be done to achieve this.
2. Create a dashboard
With your strategic plan in mind, create your own dashboard; this could be with your property management software or just a simple checklist of what to keep your eye on. Focus on the key components that can move the meter, such as lead conversions, lease expirations, and other income.
3. Amenity Pricing
Evaluate. each apartment on its own. Rents should be established starting at a floorplan, then a unit type, and then any additional “amenities” of the unit should be in addition to the base rent – these are features that make the apartment special. For example: View, floor height, upgraded appliances, first-floor location and others. Each has a value – $25 extra for a view doesn’t sound like a lot, but over 12 months— multiplied by the number of those apartments in the community— your rent potential starts to dramatically increase.