Take a look at your rental’s parking potential. Expand your customer base beyond your property lines.
Could you create a parking spot for a non-resident to use?
If you have a little extra space, or even just enough for two gravel wheel paths off an existing driveway, then you can create a profit center for very little money.
Your Non-Resident Parking Potential
Auto –
If you’re near a paid parking lot, you should market to those who pay to park. Stick an ad on a business’ bulletin board.
Boat –
If you’re near a good fishing hole, you can cash in on boat related parking and storage.
RV –
If your rental is near a senior facility, then you should consider creating RV storage.
Trailers –
People need trailers every once in a while and often pay to park them at a mini-storage facility. Also, some workers pull trailers everyday and may live at an complex that doesn’t allow trailers. If your location is convenient, then the trailer-parking business is yours for the taking.
Custom –
If can’t think of a market to serve, then place a “parking space available” ad on Craigslist and see who calls. Do this before spending any money of course.
Tenant Collaboration
This additional parking could be rented to your tenants, but I have a better idea.
Single Family Home Rentals
If you have a good relationship with your residential tenant, then pitch a profit sharing idea at them. Don’t reduce their rent, but send them a small check each month the parking space is rented. It is better to have them on your team than as your parking customer.
Multifamily Rentals
You should collaborate with your tenants in proportion as to how much you need them to cooperate. If your pay-to-park lot is accessible without inconveniencing them, then you don’t need to team with them at all. However the word of mouth advertising and on-site watch dogging makes rewarding an onsite ‘manager’ a good idea.
The Book is Coming
To learn more tactics, check out my new book 40 Ways to Increase the Net Income of your Rental Property