Maximising Income as a Property Manager During the Cost of Living Crisis
Boost Your Income: 11 Extra Revenue Streams for Property Managers
The cost of living crisis is affecting everyone, from how we spend our money on daily essentials to managing our businesses.
If you’re a property manager, fear not! There are myriad ways to boost your income without taking drastic measures like picking up a second job or selling off your cherished belongings.
Let’s explore various income streams you can tap into using your existing skills and resources.
Basic Property Management Services
First off, let’s start with the bread and butter of property management—the basics. These services are the foundation of any successful property management business and include:
- Letting-Only Service: Help landlords find tenants and collect a fee for your efforts.
- Rent Collection: Manage the sometimes arduous task of collecting rent, ensuring landlords get their money on time.
- Fully Managed Service: Handle everything from rent collection to dealing with maintenance issues.
VIP Services for Landlords
Why not give your landlords a VIP experience? These can be additional services that make their lives easier and their properties more appealing:
Interior Design Consultation
Offer tips and advice on making properties more attractive. A well-decorated property can command higher rents.
Property Sourcing
Help landlords find their next investment property. You could even manage it for them, adding another revenue stream.
Additional VIP Services
- Property staging
- Energy Performance Certificate (EPC) Assessments
- Property compliance checks
Project Management and Maintenance
Not everything in property management is straightforward. Sometimes a small issue can snowball into a larger project:
Large-Scale Maintenance Issues
Take, for example, a small shower leak that turns into a major repair requiring multiple tradespeople. By coordinating these efforts, you can charge a higher management fee.
Hosting Events
Who doesn’t love a good shindig? Hosting events can be a fun way to generate extra income:
Lunch and Learn Sessions
Invite landlords and industry experts for a catered lunch where they can learn something new. Charge a fee for attendance.
Evening Networking Events
Organise networking events featuring mortgage brokers, interior designers, and local council representatives. Charge attendees and perhaps even get a kickback from guest speakers.
Creating and Selling Products
Books and E-Books
Create resources for landlords, such as guides on how to find the best tenants or effectively manage properties.
Online Courses
Offer courses on topics ranging from how to use property management software to effective tenant screening.
Public Speaking Opportunities
Network Meetings and Exhibitions
Speak at industry events, property exhibitions, and network meetings. Share your expertise and charge for your time.
YouTube and Podcasts
Expand your reach by appearing on YouTube or as a guest on property management podcasts.
VIP Services for Tenants
Offer services to tenants that can generate additional income for you:
Personal Chef Services
Arrange for chefs to cook for your tenants and charge a commission.
Dry Cleaning Pickup and Delivery
Partner with a local dry cleaner to offer this convenience and charge a fee.
Mid-Tenancy Cleaning Services
Provide regular cleaning services for an additional fee.
Selling Abandoned Tenant Items
Tenants often leave behind a treasure trove of items when they move out. Why not make the most of it?
Using Facebook Marketplace
Sell abandoned furniture, electronics, books, and clothing on local marketplaces like Facebook or eBay.
Managing Personal Rental Properties
If you don’t already, investing in your own rental properties can be highly lucrative. With your existing business infrastructure, managing them will be a breeze, and you can avoid paying management fees to someone else.
Affiliate Marketing
Partner with service providers you already use:
Referencing Companies and Insurance Providers
Recommend these services to your landlords and negotiate a commission.
Property Management Software
Get a financial incentive from the software providers you recommend.
Social Media and Brand Deals
Building a Strong Online Presence
Grow your following on platforms like Instagram, Facebook, and YouTube.
Attracting Sponsorship Deals
With a substantial audience, companies will pay you to promote their products or services.
Virtual Assistant Services
Offer your administrative and customer service skills to other property professionals. Services can include:
- Administration
- Customer service
- Social media management
- Website design
Property Sourcing Service
Charge a fee to help clients find investment properties. This service requires excellent networking skills and an eye for good deals.
Rent Guarantee Insurance
Offer rent guarantee insurance policies to landlords and earn commissions on the policies sold.
Energy Performance Certificate (EPC) Assessments
Get certified to perform EPC assessments. Knowing the legalities and how to improve a property’s energy efficiency can be invaluable.
Inventory Services
Conduct thorough inventories before and after tenancies. Offer this as a standalone service to ensure properties are kept in top shape.
Property Photography and Virtual Tours
Invest in quality camera equipment to offer professional-grade property photos and virtual tours. Charge landlords for these premium services.
Tenant Referencing Service
Provide comprehensive background checks for potential tenants. Charge landlords or other agencies for this service, ensuring they get reliable tenants every time.
Property Staging
Helping Landlords Prepare Properties
Assist landlords in staging their properties for viewings to make them more attractive to potential tenants. Charge for the design and staging services you provide.
Short-Term Rental Management
Expand your services to include managing short-term rentals like Airbnb. Charge a percentage of the booking fees to offer a hands-off experience for landlords.
Block Management Services
Consider managing entire apartment blocks. It’s a scalable way to increase your portfolio and revenue, offering services to resident management companies.
Commercial Property Management
Diversify by managing commercial properties, such as office spaces and retail units. It’s a different market but one ripe with opportunities.
Property Tax Consultation
Partner with tax professionals to offer property tax advice to landlords. Earn referral fees for every client you bring in.
Lease Renewal Service
Handle lease renewals for landlords, ensuring they get favourable terms. Charge a fee for this specialised service.
Rent Review Service
Conduct market research to advise landlords on appropriate rent increases. This is a valuable service, especially during uncertain economic times.
Property Compliance Checks
Offer regular compliance inspections to ensure properties meet all legal requirements. Charge for detailed reports and recommendations.
Tenant Find Only Service
Market properties, conduct viewings, and vet potential tenants. Charge a one-time fee for successful placements, making this a valuable service for landlords who prefer to manage the property themselves.
Conclusion
There you have it! With these numerous strategies, you can navigate through the cost of living crisis and come out stronger. Many opportunities await you within your current skill set and business framework, requiring little to no extra training. Capitalise on these avenues and watch your revenue streams grow.
Happy managing!
What would you add to these 11 Extra Revenue Streams for Property Managers? Comment below ⬇️
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