Benefits of Installing a Coin Laundry
Reading Time: 3 minutes One of the most common questions that we get asked as a landlord is, “I don’t have laundry in my building or I have normal laundry that isn’t coin-op, should I switch or install coin-op laundry?” In every single building that we manage, we always switch to coin-op laundry and we’ll tell you why….
One of the most common questions that we get asked as a landlord is, “I don’t have laundry in my building or I have normal laundry that isn’t coin-op, should I switch or install coin-op laundry?” In every single building that we manage, we always switch to coin-op laundry and we’ll tell you why.
Table of Contents
Benefits of Installing a Coin Laundry
#1 Normal laundry increases your bill
When you have laundry that isn’t coin-op, what will end up happening is that your water bills will skyrocket.
#2 Normal laundry is costly
In addition, it’s just additional appliances that you’re going to have to repair, so if we have a two or a three family home instead of having one laundry in the basement that’s a coin-op that we will take care of, what will end up happening is that we might have one in each unit. That means we have three sets of washers and dryers to fix or replace if and when these things break down.
#3 Normal laundry in higher floor is prone to floods
Since it’s a wash or in a dryer, there’s a lot of water that’s going to be transitioning through these machines when laundry is being done. What does that mean? Potential floods especially when you have them on higher floors. Imagine a waterline bursting which is what insurance companies hate, flooding down into your other units. Just causing damage. making sure that your tenants have to move. We want to try to avoid that. again, if we have it in the basement, we have it on a platform you have been in an area that even if they did burst or we have water issues it’s just in the basement. you don’t have to worry about it as much so that’s another big reason.
Why Switch to Coin-Op?
It’s an income stream if you have a coin-op laundry. instead of the water bills just being paid for out of your pocket, you’re going to help offset that. Most machines will limit between $2-2.50 cents per load, that means about $4-5 loads it with a washer and dryer. But if you have some of the Speed Queens higher end models of these coin-op laundry, you can digitally set them out that you want. It’s depending upon the distance of where your other laundromats are, your competition. You can set that amount higher or lower.
We personally will always switch the coin-op to be able to help offset our costs. Make additional income, minimize the actual issues of repairing, and replacing machines that might break as well as minimizing or eliminating the ability for water to sit down in the case of an issue.
If you or anyone else you know is looking for a proactive property manager, that can help guide you through the steps of obtaining and installing a coin-op laundry set, please think of Green Ocean Property Management where you get more than a property manager, you get peace of mind.
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