How to Utilize Property Maintenance for Revenue Generation
We’ve said it before, and it’s worth repeating. With the proper maintenance process, you can make money while saving money. Property management companies all over the country are leveraging maintenance to increase revenue.
Offering maintenance services to your customers can drive profit gains while keeping your property owners’ assets in better condition. Standard maintenance offerings include snow removal and salting, gutter cleaning, lawn care, and preventative maintenance upkeep. According to industry data, 13% of renters choose to rent because they don’t want to deal with the responsibility of homeownership. Offering these services to your owners allows your team to make more money while improving your resident’s living conditions.
One of our customers, the RGroup, has taken maintenance a step further and now offers homeowners multiple property maintenance and management services.
Many people love their homes and want to continue living there, but as they age, it becomes difficult for them to maintain their property. With the RGroup’s “Age-in-Place” program, homeowners can hire them as property managers to maintain their homes. The resident still owns their home, but they pay a monthly fee for all maintenance and general upkeep. These services could include yard work, paying utility bills, coordinating with vendors, or preventative maintenance programs. This is an excellent option for older generations who want to stay in their homes but are unable to keep up with the preservation of their property.
In addition to the “Age-in-Place” program, the RGroup is also launching a “Sell-and-Stay” program. This program targets people aged 58-76 years old who choose to stay in a unit but wish to utilize the equity they have built with their property. With this program, residents can sell their property to an investor and use the money from the sale to pay monthly rent. This is a win-win because residents remain in their homes and don’t have to worry about the hassles of home ownership, like maintenance. By offering this service to owners, the RGroup can make a profit, while keeping maintenance costs low for their owners. Property owners have guaranteed income and are confident their tenants will care for the property.
It is often difficult for children to move their parents to a retirement community. Not only can this life transition be incredibly costly, but it also forces their parents to move out of a place they are comfortable. Instead, with RGroup’s Sell-and-Stay, their parents can sell their home to a relative, like a son or a daughter. The children become their landlords and can hire the RGroup to coordinate maintenance and maintain the property. This way, they have gained an investment opportunity, their parents don’t have to relocate, and they know the property is being taken care of. By hiring the RGroup to manage the property, they can feel comfortable in the fact that their new asset is being taken care of and is not decreasing in value.
The RGroup envisions that these programs will be prevalent for Baby Boomers or aging homeowners who want to reap the benefits of their home equity. With these programs, you can be proactive while allowing your family members to remain in their homes. In addition, you know their home is being taken care of and is not decreasing in value.
Maintaining your properties as a revenue generator is a great way to protect your assets. In addition, it helps you make more money for your property owners without raising rent costs.
RGroup has shown there are endless possibilities to use our maintenance software to benefit your customers and your company.
To learn more about maintenance possibilities and how you can use them to improve your bottom line, schedule a demo with one of our maintenance experts today.