Owning an apartment building is, in many ways, like being a community leader. You set the tone for the entire apartment building or complex in your management policies, and how you handle apartment community events.
Many apartment landlords feel that events are an optional expense. But done correctly, community events can become a source of revenue for upkeep and renovations. By hosting apartment community events in a revenue-positive way, you can bring your community together, offer a warm family environment, and fund future improvement.
Today, we’re here to offer a few helpful ideas and tips on building revenue through apartment community events.
Creating Revenue from Apartment Community Events
There are several reasons why apartment owners or managers choose to host community events. Not only do residents love a good holiday party, but these events can also be turned into revenue-generating opportunities. People in a celebrating mood often don’t hesitate to put down a few dollars to multiply their enjoyment. Host a movie and sell popcorn or host a summer fair and sell face painting. These methods are a time-honored tradition of community events.
Determine what your community will enjoy paying for. Party games, raffle tickets, fun holiday contests, DIY catering stations; anything they can get excited about and might reasonably cost a little to play or enjoy. You can also hold revenue-generating events like community bake sales or garage sales and take a fair percentage of the profits as “the venue” in the usual event equation.
Not only will you be building revenue to improve the building and host future events, but the apartment community events you host will bring residents together and make the community more fun to live in.
Holiday parties
Everyone knows an apartment that hosts holiday parties makes a warmer community environment. Turn your pool, grounds, or office lobby into a party location for the residents to gather and celebrate a few favorite annual apartment community events. Halloween parties are always a hit, especially for local parents of small children. A celebration of The Holidays is also often a draw when everyone is in a celebrating mood. Easter egg hunts are sometimes a smart addition for the right resident population.
Most residents enjoy a big 4th of July BBQ, and Easter egg hunts are sometimes the right addition to the annual schedule.
These parties can be turned toward revenue by including contests, raffles, and ticketed sub-events that residents will happily join in.
Prize raffles
Prize raffles at your apartment community events are a great way to turn any party into a revenue source. The trick is to balance the price of the prize with the number of tickets you’re likely to sell. So the more involved your community becomes in building events, the more revenue you raise. Consider novelty prizes that are fun to win but not high cost, like giant stuffed giraffe or even apartment-prizes like a bonus parking spot for a year.
Raffles are, of course, not your only option. Contests, face painting, photo booths, and other ticket-worthy activities can also be turned into a fun source of party revenue.
Community classes
You can also start hosting monthly or weekly classes for your community. Consider things that local gyms or community centers offer. You can host yoga classes, cooking classes, arts & crafts, car repair… anything your community is interested in. Set out a schedule and sign-up sheets then invite your residents to participate in close-to-home shared classes for a small fee. Or invite them to book your lobby or grounds for their own self-hosted community classes.
Community garage sales
Living in an apartment can make it difficult to hold a garage sale at practical intervals. A great way to change this is to hold an annual garage sale for the entire community. Pick a warm weekend and invite everyone to use the apartment parking lot or grounds to list all their spare items for sale to each other and drivers. Then take a percentage of the profits as a venue tax while providing refreshments and music to create an annual community market.
Interest & activity groups
Your residents might also be interested in forming activity groups like book clubs or child care networks. If you act as the host and provide a meeting venue, you can also charge a small dues fee for each resident who joins the club. Interest and activity groups can be a great way for your community to come together in smaller recurring events based on their natural affinities.
Neighborhood decorations
Some apartment communities get enthusiastic about seasonal decorations, from door wreaths to coordinated Halloween lights. If you coordinate a decoration theme that everyone can get behind, then revenue and holiday cheer can be built by selling decoration kits to tenants. The trick, of course, is to buy decor in bulk for a discount.
Then put together convenient package kits so busy residents can join the community decor plan without having to shop for matching pieces on their own.
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Building revenue for community upkeep and future apartment community events is surprisingly easy with an engaged resident population. Get your apartment tenants involved in seasonal events, holiday parties, and shared activities. You’ll see a stronger community and revenue-generating opportunities both on the rise. For more smart landlord and investment tips, contact us today!
Learn more:
The Hottest Trends in Tenant Events
How to Attract and Keep Happy Residents
3 Creative Ways to Hold a Multifamily Open House
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