Vending machines have come a long way, though you wouldn't know it unless you were looking. While the simple soda and candy versions of vending machines still exist and are perhaps the most common iteration of the modern vending business, the industry has evolved. In fact, one apartment complex in Texas says they routinely generate $2,500 a week in revenue from their fully stocked vending machine. Scott Safadi of Cal Bay Property Management acknowledges that while such vending machines aren't right for every property, communities without convenience stores nearby can easily target the needs of residents. Add value to your property by adding a vending machine that can:
1. Supply tenants with staples. Canned food, laundry detergent and household items like toothbrushes and paper towels are the way to go when stocking your vending machine. Because they are non-perishable, you won't need to worry about expiration dates or keeping the contents fresh. 2. Adjust based upon sales. Rather than only ever selling the same items, opt to fill your vending machine based on the needs of your community. If the canned beans aren't moving, it doesn't make sense to waste space on them. Instead, experiment with new products each month and be sure to replace the most in demand items. 3. Fill niche needs. Not every community needs a milk vending machine, but an apartment complex full of families may benefit from having small bottles of milk available via vending machines. While obviously the freshness factor must be considered when going this route, you can make the lives of parents much easier when they need milk for cereal before school in the morning. 4. Address common complaints. If your community laundry room only takes quarters, chances are good that your office sees its fair share of people trying to cash a check to get money for the machines. With that in mind, consider installing a vending machine that accepts credit and debit cards. Even new options like Apple Cash can be beneficial to your tenants. As society becomes increasingly reliant upon technology rather than cash, it will pay to stay ahead of the curve. Vending machines aren't for everyone, and if your tenants have a quick and convenient way to access staples, the business model may not work for you. Still, experimenting with vending is a good idea for anyone hoping to keep tenants satisfied and looking for a new source of revenue. - Scott Safadi, Cal Bay Property Management
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Millennials have been grabbing headlines for the last decade, but there's a new generation coming of age. Generation Z is also known as the iGeneration. They're the folks born with smartphones in their hands, the generation that can't remember a time before the internet was around. Born between the years of the mid-90s and 2010, this generation is graduating college and renting apartments for the first time. It's up to smart property managers to discover how best to market to such folks, Scott Safadi of Cal Bay Property Management says.
Embrace Digital Natives While millennials might be tech savvy, those in Generation Z are true digital natives. Property managers should keep this in mind when building their websites and marketing to the next generation of tenants. Generation Z has been multitasking their entire lives and aren't keen to wait around for paper copies of applications. Make it easy for them to apply for vacant units, re-sign their lease or pay their bill all from their smartphones. Stay Flexible Like youth of any generation, Generation Z kids are eager to keep up with changing trends. With that in mind, it pays to stay flexible, even as a landlord. Offer ways to solicit feedback from these tenants to keep them engaged in your community. You'll be surprised at the way their innovative ideas can revitalize your neighborhood. Give Them Space As with any other tenant, Generation Z folks like their privacy. They like their independence. They don't want their hands held. While it might be your instinct to coddle youngsters in their first rental, nobody appreciates being condescended to. Instead, treat your youngest tenants as you would any other, but be sure to exercise a bit more patience and understanding when they come to you with concerns or questions. Ensure Security It's not just Generation Z tenants you should be considering when adjusting your business to meet their needs. Remember, too, that you'll likely have recent college graduates joining your management team. Keep in mind that these youngsters have early memories of the 2008 recession and likely have a lot of anxiety about job security. Thankfully, because the economy is fairly healthy now, layoffs aren't likely to be a problem for their generation. No matter how you embrace Generation Z's coming of age, make sure you do so with a friendly smile and an open mind. Regardless of differences between the generations, treating tenants and employees with respect and kindness will always be on trend! - Scott Safadi, Cal Bay Property Management A happy tenant makes for an easy job as a property manager. After all, without complaints and maintenance requests coming in each day, you'll have so much more time to tackle other projects and tasks necessary to keep your office productive. But how do you guarantee your tenants are happy with their renting experience? Improve your relationship with tenants by investing both time and energy into their lives and their experience in your community. Scott Safadi of Cal Bay Property Managements offers a few tips below:
Get On the Same Page Nobody likes to be surprised by policies and rules they had no idea they were violating. Set the groundwork for open and clear communication from day one of the tenant's lease. Go over expectations about noise levels and maintenance requests from the beginning. Be as clear as possible about your expectations and the tenant will appreciate knowing the constraints in which they are working. Should issues arise in the future, you'll have the conversation to point back to for reference. Schedule Maintenance An unexpected knock at your door can throw your entire day out of whack. Why subject your tenants to this kind of treatment if you don't have to? If you know you need to send your team out for routine maintenance, alert tenants to the possibility that they'll have visitors. Better yet, ensure your team gets their work done during business hours when most people are likely to be out for the day. Your maintenance team will appreciate not working under watchful eyes and your tenants will enjoy having their apartment up to date and maintained. Provide Incentives People respond to incentives, and little discounts here and there can do a surprising amount of good for your brand. Even if you're unwilling to offer rent payment rewards for on time checks, offering gift cards or the chance to win a prize can be enough to excite your tenants. These little incentives don't have to cost a lot, nor do they have to eat into your profits. Instead, look at incentives as a way to invest in the relationship you have with your tenants. No matter how you decide to tackle tenant satisfaction, just putting in the effort will get you halfway to your goal. A property manager concerned about the wellbeing of their tenants is always a good sign that they are doing something right! - Scott Safadi, Cal Bay Property ManagementA happy tenant makes for an easy job as a property manager. After all, without complaints and maintenance requests coming in each day, you'll have so much more time to tackle other projects and tasks necessary to keep your office productive. But how do you guarantee your tenants are happy with their renting experience? Improve your relationship with tenants by investing both time and energy into their lives and their experience in your community. Scott Safadi of Cal Bay Property Managements offers a few tips below: Get On the Same Page Nobody likes to be surprised by policies and rules they had no idea they were violating. Set the groundwork for open and clear communication from day one of the tenant's lease. Go over expectations about noise levels and maintenance requests from the beginning. Be as clear as possible about your expectations and the tenant will appreciate knowing the constraints in which they are working. Should issues arise in the future, you'll have the conversation to point back to for reference. Schedule Maintenance An unexpected knock at your door can throw your entire day out of whack. Why subject your tenants to this kind of treatment if you don't have to? If you know you need to send your team out for routine maintenance, alert tenants to the possibility that they'll have visitors. Better yet, ensure your team gets their work done during business hours when most people are likely to be out for the day. Your maintenance team will appreciate not working under watchful eyes and your tenants will enjoy having their apartment up to date and maintained. Provide Incentives People respond to incentives, and little discounts here and there can do a surprising amount of good for your brand. Even if you're unwilling to offer rent payment rewards for on time checks, offering gift cards or the chance to win a prize can be enough to excite your tenants. These little incentives don't have to cost a lot, nor do they have to eat into your profits. Instead, look at incentives as a way to invest in the relationship you have with your tenants. No matter how you decide to tackle tenant satisfaction, just putting in the effort will get you halfway to your goal. A property manager concerned about the wellbeing of their tenants is always a good sign that they are doing something right! - Scott Safadi, Cal Bay Property Management |
AuthorScott Safadi leverages extensive experience in the real estate industry to serve as the CEO of Cal Bay Property Management (CBPM), which he founded in Palo Alto, California. Archives
January 2020
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