Tenant Retention 101: An On-Site Fitness Center
In our feature, Tell Your Tenants to Shape Up, we showed you how a fitness center in your complex is a winning selling feature, can generate revenue above and beyond your monthly rents, and in this economy, it can mean the difference between having rented units or more vacancies.This is a big concern for landlords because we all need to be careful when it comes to spending. But spending wisely is the key.
If you have been following along in our series of articles, the homework from step 1 was to determine the dollar amount needed to renovate the space you selected. Hopefully you have done that. If the space is older, or an existing unit, you may find that the cost to remove old walls, and get rid of some carpets, etc may be expensive. But in reality, you can make that back in a very short period of time.
3 Treadmills
3 Ellipticals
2 Bikes
2-3 adjustable benches
Set of dumbbells from 5-50lbs
A few accessories like exercise balls, etc.
Total: less than $30k.
“If you were to purchase all of this equipment brand new, you can easily double this amount,” Saracco says. “We can help you outfit your facility within any budget, but you need to figure out what you are willing to invest in order to make a difference.”
Your homework: establish a budget. What are you comfortable spending to make this really work? If you can allocate sufficient funds to create a sufficient space, then the next article will be of major interest to you: making money off of your fitness center.
For more information or to get started, contact [email protected] or 866-369-3188.
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