Ways to increase revenue & retention through creative services/amenities/expenses ?

[Nathan Faselt]

Services and experiences are like the new currency , I wanted to start a discussion on how we as real estate investors we can capitalize on this trend. Specifically, I'm interested in hearing about the add-on services and amenities that you offer to your tenants.

I've noticed that clubhouses, and larger communities and amenities are becoming more and more elaborate for even the suburbs or midwest markets but what about properties that don't have those things? For those of us with smaller properties with offsite management, what can we do to offer unique and valuable experiences to our tenants?

Some examples im thinking of add-on services that could be offered include pet walking/feeding, cleaning, laundry, carpet cleaning, and other household services. Other ideas could include breakfast on the go, seasonal decorations, community events, giveaways, and unique amenities like local business partnerships ( deals), and outdoor recreation areas. 

Of course, the question arises of whether to charge for these services or offer them for free. Dose offering certain amenities for free relay help attract and retain tenants, charging for these could help increase revenue and cover the cost of providing those services. but is it even noticed or appreciated worth the increased income?

What has been your experience with offering add-on services and amenities to your tenants? Have you found it to be a successful way to differentiate your properties and attract and retain tenants? I look forward to hearing your insights and ideas.