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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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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