As a landlord, building superintendent, or property manager, you are always looking for ways to widen the gap between your expenses and the revenue your rental units generate. With winter weather approaching fast, now is a great time to consider installing coin-operated washing machines and clothes dryers in the common areas of your properties. Cold weather means layering up to stay comfortable – and it also brings mud, water, snow, and road salt to get all those extra garments dirty. Throw in extra sheets and bedding, plus throws and blankets to keep warm on the couch, and it’s easy to see that your tenants are going to be doing a lot more laundry. Rather than absorbing the increased utility cost from common area appliances, you could be turning every load of laundry into money in the bank by replacing your older washers and dryers with new, energy-efficient coin-op machines.
New appliances are engineered to operate on less power, saving you money every month. This is just as true of coin-operated washers and dryers, with many Energy Star certified models on the market. You may have been considering an upgrade for this reason alone, thanks to the monthly savings you will realize with your first utility bill. What you may not have considered is that replacing your older washing machines and dryers with modern coin-operated laundry equipment packs a one-two punch, using less energy in every cycle while generating cash revenue.
If you own or manage a large building with dozens of rental units or more, you’re probably already thinking about what you could do with the profits your new coin-op laundry machines will produce. What you might not realize is how well this model scales down – even for landlords with only two or three apartments in their properties. Let’s say that you own a rental property with two apartments in it, each with two bedrooms. It’s safe to assume that each unit has two people living in it, and in winter it is reasonable to expect each pair of renters to wash and dry at least three loads of laundry each week. If you set up one coin-operated washing machine and one coin-operated dryer to take $1.25 per cycle each, that works out to at least $60 of cash revenue every month! Especially in winter, when nobody wants to leave the building if they don’t have to, coin-operated laundry equipment quite literally pays for itself, no matter how small or large your rental properties are.
Of course, even though coin-operated laundry appliances are often similar in price to standard models, the upfront cost of new appliances can stand in the way of making the switch – especially in winter, when it is most critical to keep cash on hand for emergencies and unexpected expenses. Luckily, financing your coin-operated laundry machines through a company like TimePayment gets you the equipment your rental properties need now, and lets you pay for it over time in manageable installments. Better yet, since you can put your new appliances in service right away, financing enables you to generate revenue immediately. The cash influx from these machines often handily exceeds your monthly payments, even in a smaller property.
To learn more about leasing your coin-operated laundry equipment, the financial products available to you, and how you can generate cash profits while lowering your utility costs, contact a representative of TimePayment today.