While your tenants are by far your largest source of income when you manage multifamily rental units, what if there was another way to add that little bit more income while at the same time providing a convenience your tenants will love. An Ohio based company Shop24 Global has introduced something a little different in terms of vending machines.
No Sodas in This Machine
When most of us here in the U.S. tend to think of vending machines in terms of cold sodas and junk food. When you go elsewhere in the world, you might be surprised at what you might find in these machines. For example, in Japan you can buy everything from fresh-cooked pizza to new underwear. It was this concept that led to the development of machines such as those offered by Shop 24 Global.
These machines are in fact a little more like a 24-hour convenience store that can be placed on each of your properties. Instead of Coke® and Snickers®, these machines are set up to vend a wide range of household items. These might include bottles or packets of Clorox®, laundry soap, dish soap, toothpaste, Pine Sol® toothbrushes. They can also be set up to hold cold items such as milk and bottled water, along with beans, rice, and many other food items.
Tenants Will Love It
You may find yourself amazed at how quickly your tenants start using a vending machine like this. In fact, you may find your staff filling it every couple of days. Many property managers say they have not been able to keep up with it and end up working a deal with the supplier to keep their machines filled, finding that this is the best option to ensure their machines are kept filled.
While you are not necessarily going to get rich with these machines, they will most certainly add an extra amount of income that can be used for any number of things such as perhaps adding other amenities your tenants can enjoy such as outdoor kitchens and barbecues or perhaps seasonal events or parties.
Perfect for Late Night Needs
Depending on where your multi-family units are located, many of your tenants may not feel safe going out after dark to the nearest convenience store. Adding vending machines like these make it possible for your tenants to get the things they need without having to leave the vicinity of their home. Since you are the one who decides what goes into each machine, you have the opportunity to choose the contents based on each of your units.
Should you consider adding one or more of these vending machines on your properties? You might find it really hard to find fault with an amenity your tenants are going to love and that has the potential to add significantly to your income. You may even find including the vending machines and robotic convenience stores, will help improve your occupancy and retention rates, which is something every property manager wants.