PARK CITY, UT - The PowerHour® Ancillary Income 15-point audio course is now available for property management professionals and industry leaders. In-depth details are provided with this audio course that covers how to deploy specific strategies that will immediately add income to the bottom line of rental housing units, from small to large.
Nationally-renowned book author, blogger, and speaker John Wilhoit, in concert with Ernest F. Oriente, founder of PowerHour® who shares the same attributes, have over 88 years of combined experience in the property management sector, coupled with 36 years of collective expertise coaching and guiding property management leaders around the world.
“Ernest and I have compiled our extensive experiences and created this all-important ancillary income audio program,” says Wilhoit. “We’ve seen the best of the best, and we share these strategies in this 15-point audio course so rental housing managers and their building owners can compare and contrast what they’re currently doing versus industry norms and best practices. We’ve had the experience of reaching across over 25 million rental housing units, and over the years have learned that adding fees as ancillary income is a critically important aspect of this business.”
“With nearly three hours of material, this audio course covers 15 strategic revenue-building points in full detail,” reports Wilhoit. “Our obvious goal is to provide step-by-step instructions for implementing fees and increasing revenues. But there’s another mission here. Often the reason for establishing rental housing fees extends beyond the actual revenue stream; there are much bigger standards involved, and many of the fees protect the assets that are within our care.”
The audio course is structured to cover three main sources of ancillary income:
(1) Straight Fee Income: This section includes industry best practices that reflect consistent and customary straight fees and they are easy to implement. For instance, fees for applications, lease-breaks, late penalties, pets, parking, etc. However, it’s one thing to know about application fees, but why should they be used? Something like an application fee is not a significant income stream, but it’s important in assisting rental housing managers and owners in protecting their properties. The audio course explains why these particular ancillary income revenue streams are of importance beyond just the bottom line. “For instance,” says Wilhoit,” we point out in our audio course why you should utilize different kinds of fees for different situations and what the drivers are. What’s the reason behind these fees? This 15-point audio course clarifies why fees should be used, the merit of different kinds of fees, how to apply the fees consistently and fairly, and what impact it has on the property and the related revenue streams. These fees go beyond just dollars and cents — and the audio course explains all parts of the equation.”
The information in this 15-point audio course is derived from hands-on experience managing a portfolio with a footprint of 10,000+ rental housing units across 38 cities/markets. “I was once working with a small development in the Midwest,” says Wilhoit, “that was under 200 units, and the only income derived was rental income. Within 90 days we implemented five additional income sources, such as application fees, late fees — with accelerated collection rates, laundry services, and break-up fees. Imagine adding five additional revenue streams within 90 days. Pretty impressive.”
(2) Referral Fees: This revenue-producing category involves bringing in people and companies from outside of the property and allowing them to implement or offer their services on site, which generates additional revenue for each rental housing property. These referral fees have high value because there is no fixed cost to increasing revenue by providing access to your rental residents. This means, the companies receiving the contacts benefit from the business sent their way, the residents are well served, and the property generates referral fee revenue without having to invest in any additional costs. Examples of these referral fees include on-site storage (which keeps residents even more attached to their unit), concierge services, appliance rentals, furnished apartments, etc.
(3) Fees for Services: This 15-point audio course includes strategies for negotiating industry service contracts like a pro. Offering services to rental housing residents, such as cable, internet, WiFi, laundry, and insurance, will add to the bottom line, as well as creating an inviting, comfortable atmosphere that the rental housing resident will not want to leave. Here’s the equation: More monthly revenue generated by fees for services + higher resident retention = less resident turnover and more monthly profitability.
Up-to-the-moment new advice about ancillary income is provided for free to those who purchase the 15-point audio course. “Ancillary income as a revenue stream is a ‘front-burner’ part of the strategy that’s emphasized in our property management business,” states Oriente. “We’re constantly adding new information about ancillary income to our course, like rooftop rights, valet trash, car detailing — all kinds of creative, revenue-producing ideas. And we immediately pass along that information to those who have purchased the audio course — at no additional cost.”
The PowerHour® Ancillary Income 15-point audio course can be found at here