November 2020
Condo communities have ways to generate revenue, other than condo fees, which can be used for dealing with unexpected expenses.
Revenue Generating Activities
Community events can be fun while generating revenue for the community. Movie nights, BBQ, sports competitions, pool parties and picnics are activities residents and those in the area can participate in for a fee. When properly organized and with good attendance, they will be viewed as perks or benefits of being part of your community.
Rent Out Unused Space
Make unused space available to residents and those in the community. The party room, movie theatre, exercise and gym facilities, and meeting rooms all have potential for generating income when rented for private functions. Unused or underutilized parking spaces and bicycle storage can made available to the community and those commuting to the area for work.
Sell Advertising Space
Monthly or quarterly newsletters offer a way for local businesses to reach building residents. Some are willing to pay for this space as a way for them to generate additional business. Building residents generally appreciate being made aware of activities and offers in their community.
Amenity Programming – Bring in Venders and Service Providers
Car washing and detailing, fitness instruction and pet grooming are needed services by building residents. Bringing in these services, in return for a fee, provides greater convenience to residents and adds to the benefits of being part of your community. Another approach is to run a local fair where wellness, healthcare, insurance and financial service providers can offer education while making residents aware of what they offer.
While working to generate revenue don’t forget about reducing costs. One way is to communicate electronically in place of paper. Savings on paper, printing and distribution can be substantial.
Creating greater value for those residing in your community can be consistent with generating revenue that also benefits your community.
