If you're looking for great things to add to a property that you either own or manage, you probably have to do a great deal of research first. It only makes sense, you never want to make an investment before knowing what you're getting yourself into.
Whether you're looking to add new washers and dryers to your laundry room or you're looking into adding parking space storage to your parking lot or garage, you want to make sure that you have the full story before you commit to anything. These things do cost money.
You want to make sure that you're going to be able to get a good return on investment before anything. If you spend money, especially on your property, you're going to want to know for a fact that you'll be able to make that money back at the very least.
Most people want more than just to break even. So, we've decided to write today's article in hopes that we can help you better understand exactly what parking space storage is and what benefits it could have for your property before you start sinking any of your money into it.
1. Increased Cash Flow For Your Property
As a property owner or manager, there are probably only a few things that you really want. The thing that you more than likely want the most is to have as much cash flow as possible. It only makes sense, your property is an investment and you want to make as much money from it as possible.
There are a lot of ways that one can go about this. You can raise the rent for your tenants, do property improvements to make the starting price for a unit more expensive, and the list goes on. One way that a lot of people overlook is installing storage units.
If you install storage units on your property, you can charge your tenants to use them every money. That means more cash flow for your property without having to increase the rent and can even have longtime tenants paying more every month than they were before this project was started.
2. Provide A Place For Your Tenants To Store Things
People have things. This is just a fact of your normal, everyday life these days. There are a lot of things to own in the modern world. Whether your tenants own a lot of Funko Pop figures or they just have a lot of kitchenware, they likely have things.
Most apartments don't have the space to store all of this stuff. Sometimes people do have just enough stuff to fill their apartments and nothing else, but many people find themselves being short on space. That requires some sort of extra storage so that their living quarters don't end up cluttered.
That means that there's a good chance that they'd be happy to use on-site storage to ensure that they can have all of the things that they need nearby right where they need them. Many tenants are willing to spend a little extra every month to make this happen, which can make this project pay for itself.
3. Take Advantage Of Previously Unused Space
Every single property in the world has something in common, and that's unused space. Whether that unused space can be used for something else or not really depends on the property, but at least here in the United States, there is plenty of space that can be repurposed.
Sometimes, it can't. For example, maybe you have a hallway that isn't being used for anything. You probably need to keep it that way in case of a fire or another emergency. That being said, not every piece of unused space is so critical.
Your property more than likely has unused space in the parking area, especially over where the cars park if you have a parking garage. You can install on-site storage into that space, which means that you can make once unprofitable space profitable with just a small project and about a month of time.
4. Make Your Property Appear More Beautiful
Your property might already be beautiful. You could have gone through painstaking processes to do everything that you can to ensure that your property is as appealing to the eye as possible so that your tenants can have a place that they truly feel proud to call their home.
There are a lot of ways that you could do this. Maybe you've installed things like:
- Gardens filled with local plant life.
- Waterfalls or fountains.
- Koi ponds.
- Lush greenery.
- Murals painted by professional artists.
- Smart color choices for walls, doors, etc.
- Lively greenery along walkways throughout the property.
One thing that a lot of people fail to consider is how their parking space storage units can help beautify their property even further than they already have. There are a lot of things that people fail to consider when it comes to on-site storage in general, but beauty is a big one.
The way that these units can help beautify your property is that you have options for colors. That means that you can choose colors that will help further the vibe that you're going for on your property, or even make it so the units are subtle.
With a bit of knowledge of color theory, you can easily make these units pop or blend in, depending on what you think is best, and make your property that much more beautiful for your tenants that live there, and that's always a nice thing to do for those people.
5. Increase Prospective Tenant Interest
When you run an apartment complex, it's unlikely that you'll have many priorities higher than ensuring that as many units are rented out as possible. After all, renting out apartments is likely your bread and butter for that property. You might be able to make a few dollars here and there from other things, but the rentals will almost always make the most.
That means that you might need to make your property appeal to new tenants more. Tenants are usually looking for a reason to choose your apartment complex over another one, and considering rent prices are skyrocketing it's not like they're finding any great deals.
So, how do you wow over a potential tenant? The easiest way is by using amenities on your property. There are a lot of things to choose from. For example:
- Vending machines.
- Amazon lockers.
- Pools.
- On-site or even in-unit washers and dryers for laundry.
One other way that you can get prospective tenants to more seriously consider your property is by adding on-site storage. This adds a level of convenience to your property that most people don't get to have. They can store and access their things 24/7 without having to drive to an off-site facility.
6. Increase The Value Of Your Property
Even if your property is a cash cow, and with rents as high as they are right now it probably is, you'll still probably want to sell it someday. It's just an eventuality, you'll want to make that money liquid for some reason or some other reason.
So, that means that making your property that much more valuable is going to be worth something in the long run. Some property owners could even sell all of their properties and retire right now if they wanted to, so getting the most out of your property means that you'll have more to live on for the rest of your life and more to pass on to your children.
On-site storage units are great ideas for this. They can help your property be worth a bit more, and the more your property is worth the more easily you'll be able to retire or help your children after you're gone.
7. Add More Convenience To Your Tenants' Lives
Your tenants are busy people. They probably have to go to work every day, and in some cases, they also have to go to school on top of that. Helping them save even just an hour every time they need to access their things can mean a lot to them.
Off-site storage facilities often have hours that you're able to access them and are also usually at least a couple of miles away from home. That means that on-site storage can be incredibly useful for your tenants, which means that they'll also be willing to pay an added fee to use them.
Getting Your Property in Tip-Top Shape
There are a lot of things that you can do to your property to make it better. In fact, there are probably hundreds of thousands of articles on the internet just like this one that have all sorts of information on how you can do that.
If you want something that's easy and that will also have a high chance of making your tenants happy, going for on-site storage is always a good idea. This is especially true if you do your research and make sure to get something that's built to last.
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