David Shulick is an entrepreneur with a background in commercial real estate. Now in the vended laundry industry, David Shulick discusses how property owners can and should provide vended laundry services for tenants, not only for the convenience of residents, but for additional revenue.
Vended laundry is self-service, commercial-grade laundry equipment provided in a community space, such as a multi-family housing unit. Otherwise known as laundromats, coin-op laundries, or coin laundries, they’re a pretty low-maintenance business opportunity for housing unit owners.
Out-dated washing machines in multi-family housing units don’t provide the high level of service or accessibility many residents expect and crave. David Shulick says that by adding on-site vended laundry systems, building owners (and their tenants) receive many benefits.
From decreased expenses to improved property value to tenant satisfaction, such provisions are an asset to any modern multi-family housing unit.
Vended Laundry and The Benefits it Brings Multi-Family Housing Unit Owners
All building owners hope to find a beautiful balance between increasing their overall property value and decreasing expenses. And while many individuals overlook vended laundry, it’s one of the lowest maintenance ways to achieve that all-important balance.
David Shulick explains that these systems add a constant stream of income to owners’ toolbelts.
Tenants always have laundry, making vended washing machines and dryers a reliable source of income. Plus, its profitability becomes even greater thanks to the low level of work required to keep it running. Thus, adding resale value to the apartment complex and decreasing expenses.
On top of the resale value, David Shulick says that multi-family unit owners who invest in vended laundry provisions benefit from boosted net operating income, improving their properties’ capitalization rate.
Moreover, well-appointed apartment blocks experience better tenant retention and find it easier to attract new long-term residents.
Vended Laundry and The Benefits it Brings Multi-Family Housing Unit Tenants
While many people may believe that vended laundry systems have gone out of style due to technological advancements, they actually remain a popular way to provide functional clothes-washing facilities to residents explains David Shulick.
A public laundry room is wonderfully convenient for tenants since they don’t need to worry about investing in their own personal washing machine or dryer, saving them money, and maintenance. Plus, these tenants can stay within their own building for laundry services without having to leave during inclement weather to get their laundry done.
David Shulick says that this type of laundry system is easy to use and has a simple payment system, ensuring residents can complete their washing chores without stress or hassle.
Vended Laundry for Business
Most complex buyers, particularly first-timers, fail to think about the revenue opportunities that exist beyond lease payments. But vended laundry is an incredibly successful business opportunity.
The majority of tenants tend to run four to five laundry cycles every month, if not more, utilizing both washing machines and dryers. By installing vended laundry units, David Shulick says that owners can generate substantial revenue that could equal or exceed the cost of an entire unit each month.
Building owners tend to partner with a laundry company to ensure that:
- capital expenditure and other calculations are dealt with upfront.
- they receive help choosing the correct number of washers and dryers for their buildings. Most professionals suggest one set of vended machines for every eight to twelve units in the multi-family property.
- they get expert machine installation, services, and maintenance.
By collaborating with vended laundry system providers, building owners don’t have to put in mind-blowing amounts of capital or hands-on work. Instead, all they need to do is pay utility bills when necessary and collect their revenue.
The Benefits Outweigh the Downsides
David Shulick explains that there are a few potential disadvantages to installing vended laundry systems in multi-family housing units, such as:
- Employing somebody to empty the coins, or doing it yourself
- Maintenance (Although partnering with a proper property management company negates this problem.)
However, both issues are mitigated by the tenant-satisfying and revenue-inducing benefits.
Vended Laundry Is the Key to Unlocking Improved Multi-Family Housing Units
Historically, vended laundry has provided exceptional benefits — and it remains the same today, even with all the world’s technological advancements explains David Shulick.
It’s an underappreciated and overlooked investment for multi-family housing units that benefits both the tenants and the landlord.
Vended laundry creates an additional income stream, increases the property’s resale value, and improves capitalization rates for building owners. And tenants receive unparalleled convenience and ease of use, especially if they’re already au fait with the style of washing machines and dryers installed.
All multi-family housing building owners strive toward decreasing expenses and vended laundry is certainly a low-maintenance solution to their ongoing efforts. They just need to ensure they partner with a passionate laundry company for the best overall service, commission, and installation.
