We all want to gain five-star reviews and earn more money—especially when planning your budget. Ancillary revenue streams can be your ticket to both!
From amenities to parking and everything in between, there are dozens of ways to earn extra income every month. Although some of these ideas only provide a small amount of ancillary income, combining multiple services can compound to a generous monthly amount. Plus, your residents will appreciate the bonus products and services that make their life a whole lot easier!
What Is Ancillary Income?
Money makes the world go round, and extra money is just like a cherry on top! The basic principles of economics teach that we shouldn’t keep all of our eggs in one basket, and the same is true for your community.
Ancillary income is revenue that is not generated from your primary product or service. Although you can’t rely on ancillary revenue as a consistent monthly income stream, it may provide a financial cushion.
In the multifamily industry, parking and amenity reservations are easy ways to generate ancillary income.
In addition to a growing bank account, your community reputation, reviews, and ratings may also increase. Your thoughtful bonus products and services are easy, convenient solutions to your residents' everyday problems. In this case, more is better!
4 Ways Parking Can Create Ancillary Income
1. Paid guest parking
Offer guests a set amount of free parking before they have to pay. This limit can be customized per guest vehicle or per unit. It also ensures everyone has a fair opportunity for guest parking. This case study discusses how one community earned an average $2,000 per month from guest parking!
2. Paid retail parking
Establish paid retail parking hours, such as during the business day, and free retail parking hours, such as at night. You can even offer a limited amount of free parking before charging a fee.
3. Premium/reserved resident parking
Provide residents with premium parking spaces closest to the entrance or their apartment, or offer reserved parking spaces for an added fee.
4. Paid violations
When a resident vehicle parks in a guest parking space, or when a guest overstays their time limit, charge a violation fee. This earns you ancillary revenue and encourages everyone to follow the rules.
If community parking gives you a headache, then you’re ready for Parking Boss! It helps you take control of your parking with smart parking solutions like resident parking decals, digital guest parking passes, smart parking map, and top-of-the-line parking enforcement data. Plus, Parking Boss easily integrates with sensors, access controls, and other software for more control and less headaches.
4 Ways Amenity Reservations Can Generate Ancillary Income
1. Amenity reservations
Are your pool cabanas one of your most popular amenities? Do residents enjoy renting your clubhouse for birthday parties or family gatherings? Allow residents to reserve their favorite amenities with a convenient day pass.
Automatically collect a damage deposit when a resident reserves an amenity. And if it’s not needed, it can be instantly refunded.
3. Rentable spaces
Conference rooms, gathering spaces, elevators, community kitchens, and coworking desks are fantastic ancillary-earning amenities. Even offering a guest suite or apartment could be a huge benefit to your residents, especially around the holidays.
4. Rentable equipment
Bicycle and scooter rentals are still popular amenities, but vehicle rentals are on the rise as well. Try offering a van rental for moving day, Christmas gift shopping, or when family comes to visit.
Is your brain overloaded thinking about how to manage all of these amenity rentals? Generating ancillary income with amenities doesn’t have to be complicated. Try Amenity Reservations by Community Boss for easy reservations, payment management, automatic refundable deposits, and a user-friendly platform!
Start earning ancillary income today!
Ancillary income is your ticket to five-star reviews and more money. And Community Boss makes it easier than ever! Utilize our Parking Boss and Amenity Reservations tools to start generating ancillary income today. Get started by scheduling a demo.