Did you know you can unlock great extra income opportunities beyond the traditional services of a property management business – all of them possible by leveraging existing skills and resources, and even your existing client book?
Diversifying your business not only generates more revenue, but also helps provide resilience against rental market downturns. So why not give any of these side hustles a spin?
Landscaping and outdoor services
Adding landscaping to your service offerings can be a great way to boost income, especially when managing single-family rentals with yards.
Property owners will pay a monthly or seasonal fee for regular landscape maintenance services like lawn care, tree and shrub pruning, weeding, and snow removal. You may even want to consider offering pressure washing, gutter cleaning, or window cleaning.
You can accomplish this great extra income opportunity by either building an in-house team or partnering with external landscaping professionals. It pays for itself!
Consulting services
Make the most of your deep local industry knowledge by offering paid investment or property management advice and guidance to absent or otherwise hands-off property owners, future investors, or even other property managers.
Property owners – both current clients and prospects – may be looking to expand their rental portfolio or sweating their existing assets, and they’d be willing to pay for your valuable market insights and analysis that informs better investment decisions. They might also need your help in navigating changing regulations and compliance requirements.
Going the business-to-business route is another option for seasoned property professionals. Armed with hard-won knowledge, you can offer fellow property managers advice on how to enhance efficiency, save costs, make better use of technology, and more.
Online education resources
Like the gift that keeps on giving, your consulting services and resources can have ongoing value and returns.
Developing and selling educational resources for property owners or aspiring property managers is a valuable way to share your expertise, establish authority in the industry, and generate passive revenue.
Invest the time (or enlist help) in creating comprehensive materials such as e-books, how-to guides, or video tutorials on subjects including property investment, management best practices, and legal compliance. Have a watertight lease that’s served you well over the years? Make it available as a template.
You can then repurpose this content into online courses, a webinar series, live workshops or seminars – and charge for admission!
Furniture rentals
Furnished rental properties command higher rents than unfurnished ones – but did you know you can rent furniture separately for a whole new income stream?
Whether you have furniture in storage or wish to invest in a new collection specifically for this purpose, you can provide renters with a more affordable, flexible, and convenient alternative to purchasing new.
Include essential furniture items for living spaces, bedrooms, and kitchens, and perhaps some decor in various styles to cater to the diverse preferences of the customers you may attract.
Go the extra mile and offer delivery, setup, and removal services. By managing logistics and installations yourself, you can ensure a hassle-free experience for tenants and landlords – and boost your business’s income through the extra fees.
You can also extend your furniture rental services to real estate professionals for property staging.
Photography services
Speaking of staging, there’s potentially even more to gain in the creative side of real estate.
If you or a staff member has experience in real estate photography and editing, consider offering photography and video services to brokers, property managers, and even independent landlords looking to elevate their property listings.
In today's digital age, there is a high demand for visual content, ranging from professional listing images to interactive virtual tours and short-form videos for social media. These are particularly valuable when the market favors tenants or buyers, and housing providers seek a competitive edge.
If you’ve got a knack for crafting compelling listing descriptions, why not expand your services to include professional copywriting as well?
Invest in rental properties yourself
Few are more qualified to be property owners than a seasoned property manager. Buying rental properties outright allows your business to build equity, enjoy tax benefits, and generate passive income.
