What Property Managers Should Know About Vending Machine Services
You may believe you have enough to do, as a property manager. But if you think adding vending machine services as an additional amenity at your rental property isn’t a good idea, think again.
Vending machines are a prized amenity for many. Your location, whether remote or urban, can benefit enormously from the addition of vending machines.
Something you may not have considered – when people come home from a hard day’s work, they’re not always willing to go back out there to gather staples they’ve run out of. But if you have a vending machine on site which dispenses these, you’re adding a key amenity your tenants will appreciate.
This post is about what property managers should know about vending machine services and how they can boost your occupancy rate and your revenue.
A sterling example
Let’s look at one sterling example of what vending machines can do for your property. Post Investment Group installed vending machines, believing they’d be a welcome convenience for their renters.
And they were right!
With 12,000 rental units spread across 6 states, they’re adding vending machines to at least two other properties, as the program rolls out. Their inaugural vending machine experiment in Fort Worth, TX has been such a success, it’s a given that they’re going to introduce it elsewhere.
The Fort Worth property now enjoys an almost 98% occupancy rate, up from 92%, with an average of 95%. Post Investment is convinced that this effect is directly linked to the addition of vending machines.
What’s more, their automated, 24-hour, on-site “corner store” is generating $2.5K per week. That’s an incredible revenue boost.
And Post Investment Group isn’t alone. A university in New York has seen $1 million flow through its coffers since installing vending machines, from an initial investment of $125K. That’s incredible ROI.
Out of Silicon Valley
Way out west, the savvy startup, Bodega, has entered the market to provide vending machine services to kinds of buildings. This Silicon Valley entrepreneur targets demographic markets, answering their needs with vending machine offerings targeted directly to them. This is a winning strategy, gaining the company a strong foothold in the market.
Setting up vending machines in residential buildings, offices, universities and other key locations offers consumers convenience which speaks directly to their demand for immediate fulfillment and provision of staples they might otherwise have to go out of their way to get.
Household cleaning agents, food items, and toiletries can all be added to vending machines, creating a 24/7 amenity that your renters will love and thank you for.
Milk, bottled water, beans and rice have been shown to lead the field, but items like toothbrushes and toothpaste move quickly, too.
What property managers need to know about vending machine services is that they can add to the bottom line and occupancy. Simply – people need things and when they can get them at home, why go out?
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