For Property Owners
Did you know the laundry service at Disney World does 285,000 pounds of laundry a day? Your residents may not have that many dirty clothes to wash! And your laundry room may not be the happiest place on earth, but you know how important a good laundry service is for keeping residents happy.
Whether you own property or are an apartment manager, you know happy tenants are key. And when they can do laundry in a clean, well-appointed space, they’ll be happy.
So, how do you provide the best experience and benefit your bottom line?
You may be wondering what’s the best option for you – should you buy equipment or lease from a partner? Depending on your needs, you’ll want to weigh the benefits and cons of how you run your laundry room.
There are laundry solutions for any multifamily property. You can decide if you want to run it all solo or work with a professional service. Read on to learn the most important points to consider.
For each point, you’ll learn the pros and cons of leasing versus ownership, and which is the best fit for you.
Your Financial Situation
The first thing to consider is your financial situation. Do you have a lump sum ready to go or would you rather spend a little money each month?
When you invest money upfront you have the advantage of paying once. This means you own the equipment yourself. This is a great option for shorter-term investments and properties.
The longer you plan to have the machines, the more you may want to lease. That’s because machines tend to break down the older they get.
Commerical machines tend to start to need more maintenance around five years in. So if you plan to use laundry equipment long-term, leasing may be a better option for you.
Appearances and Upkeep
You’ll want to consider your time and budget for the upkeep of your laundry spaces. Offering a top-notch and professionally run laundry room keeps tenants for longer. Having an on-site laundry facility available is a huge advantage for residents.
Providing multifamily laundry equipment is part of the selling point for properties. It boosts your property’s appeal. Residents want to know their laundry room is clean, safe, and nice to use.
Residents love to know they can do laundry without lugging their dirty clothes off property. They can pay easily and they have more privacy than at the laundromat.
If you buy common-area laundry equipment upfront, you can update whenever you want. But that also means you’ll need to pay for each upgrade. It also means you’re responsible for signage, instructions, and updates to machines, payment management and collections.
The benefit of leasing is that there is often no out-of-pocket costs and you can still get a healthy share of the revenue. Plus, the company you lease with will provide you signage, and instructions.
They will also manage payments and collection for you. They may even be able to help your residents transition to mobile payment options. Your laundry room will be modern and attractive thanks to the leasing agreement.
Repairs and Maintenance
The average family in America does up to ten loads a week. When multiple families use your laundry room, it’s no wonder you’ll need to do some repairs.
If you opt for full ownership, you may still want to opt into a service-only agreement. You can do this even if you purchased the equipment yourself.
If you own the machines, this means you can hire your own repair people or buy parts on your own as per your wishes. This is a great pro if you’re looking for complete control over how you do repairs.
You’ll find a 360 laundry room solution to be a better option for you if you want more support. When you lease machines, then service calls, and repair are part of the lease.
This is a pro for you if you’re busy and want to outsource problem-solving. Residents will know they have prompt help on the way and you don’t have to keep track of all the loose ends.
Also, keep in mind the number of residents you’re managing. The more machines you’re using, the more likely you’ll need repairs and updates. In that case, leasing may be the better fit for you.
Which Laundry Service Should You Choose?
There’s no right answer, only the right choice for your needs. Once you’ve considered the budget, repairs, and upkeep that you have time for, you’ll need to decide.
If you opt for ownership, the biggest pro is your control. You may choose to purchase equipment only or add-on services.
But when it comes to updating machines, putting up signs, payment management, collections, and repair, you’ll be responsible. You pay a bigger expense upfront, but will not pay a monthly leasing fee.
If you opt for professional laundry services, you partner with a company. They’ll take on a lot of day-to-day responsibilities.
Repairs, installation, maintenance, signs, and upkeep of the space will be part of the deal. You don’t have any out-of-pocket costs with this option.
Instead, you share revenue with the professional laundry service via your lease agreement. This provides you more flexibility and less day-to-day responsibility.
Work With an Experienced Partner
Now you know the different aspects of choosing a laundry service to keep in mind. You can make an informed decision based on your business needs. From leasing to purchasing, you can be sure the option you go with will support how you run your properties.
You’ll want to make sure you’re partnering with experienced professionals. Are you looking for repairs and service only, to buy machines? Or do you want more support and a 360 deal for your laundry room?
No matter what you’re looking for, we’ve got you covered. Get in touch to get a quote for a solution for your laundry equipment needs.