It’s a common myth that owning your own laundry equipment is much more profitable than using a vendor. The truth is that, in a condominium or apartment building setting, the financial benefits of owning your own machines may be much less than perceived, especially over time.
1. You Won’t Make That Much More Money Owning Your Own
It sounds like a good idea to own your own machines. After all, if Commercial Equipment Company is successful at it, then it should be lucrative for you, too, right? But the reason why a laundry company makes money is due to “economies of scale.” That is, when you specialize in certain tasks, you can do those tasks more quickly and inexpensively. Commercial Equipment Company has specialized staff, specialized equipment, and expensive technology. We receive quantity discounts on purchasing machines, parts and labor that a single, multi-housing property does not.
2. Lots of Time for Little Pay
You must research which machines to buy, and be present at installation. You must collect, count and deposit the money. You must deal with resident problems, and repair the machines or hire technicians. You will want to keep track of changes in the income of your laundry rooms.
3. Revenue-Sharing Plans
These plans provide an income stream for qualified properties without any effort on your part.
4. A More Attractive Laundry Room For Free
A Premium Laundry Provider may offer you benefits to make your laundry room a more attractive amenity to your residents – Free! These may include fresh paint, new light fixtures, new water valves, new electrical outlets, fans, light timers, or even flooring. A bright, clean laundry room will make residents more likely to use it, and maximize profits.
5. New Machines for Free
A Premium Laundry Provider will deliver and install new, Energy Efficient machines as well as remove those tired, worn out machines.
6. Cost of Depositing Coins
Yes, many banks will charge you to deposit coins. You may have to roll your own coins to save money.
7. Many Costly Repairs Are Not Under Warranty
Some think that when you buy a new machine, technical service is free because new machines have a manufacturer’s warranty. Most warranties are limited to parts, and don’t cover labor, coin boxes, or coin slides. You must pay out-of-pocket for coin slide jams, stuck money boxes, off-balance machines, etc.
8. Free On Call Laundry Technician
When you own the machines, you must pay to fix them. Service calls average $200 per repair, including diagnosis, parts and labor. You must also be available at all times. Alternately, you can attempt to fix the machines yourself, which can be challenging, stressful, and time-consuming. Commercial Equipment Company will include repair and maintenance as free services .
9. Repairs Add Up
Many laundry equipment owners underestimate their annual repair bill, which can easily be hundreds of dollars per machine annually.
10. Free Diagnosis of Problems and Safety Hazards
A Premium Laundry Provider uses factory trained technicians to diagnose and alert you to plumbing and electrical hazards and problems in your laundry room, for free.
11. A Premium Laundry Provider Absorbs Machine Replacement Costs
If your machine cannot be repaired, a Premium Laundry Provider’s free machine exchange means continuous use and income, no shopping, and no cash outlay for you.
12. A Premium Laundry Provider Knows Where Hidden Losses Are, and Acts on Them
A Premium Laundry Provider can spot and repair machines rigged for free use and hidden theft. It audits constantly to make sure that the machines are producing well, and income is consistent and it takes timely action to remedy problems.
13. Go on Vacation without Worrying about Loss of Income or Machine Complaints
If you don’t collect money from coin laundry machines regularly, the coin boxes can jam. Then no one can use the machines until collection, resulting in lost income, complaints, and possible damage to the machines as residents try to force them to work. Would you prefer to come home from your vacation to find these problems, or a check in your mailbox?
14. Who Can You Really Trust With Your Money?
If you don’t collect the money yourself, how can you keep your proxy collector honest? Laundry company collectors are employees, and they can be fired immediately and replaced. Commercial Equipment Company performs extensive background checks and requires regular Polygraph testing to insure collection accuracy.
15. Hi-tech SmartCard Technology is Expensive
New SmartCard Technology or direct credit card operated equipment insures complete revenue accuracy. A Premium Laundry Provider pays for this equipment, while you receive the benefit of this technology for free.
16. A Premium Laundry Provider Will Handle Tenant Problems
A Premium Laundry Provider happily takes refund requests, service requests, and clothing damage claims off your hands and handles them efficiently and directly.
17. A Premium Laundry Provider Absorbs the Cost of Liability Insurance
If the machines damage resident property, you’ll be glad a laundry company’s paying, not you.
18. Collection Risks
If your building is in a high-risk neighborhood, you may not want to carry around your bags of quarters. Regular laundry-room collection may make you a robbery target.
19. Free Price Changes
Unless you know how to take apart the coin slides, you’ll need to pay to raise or lower vend prices. A Premium Laundry Provider will do this for free.
Choosing Commercial Equipment Company to run your laundry rooms will save you time, money, and headaches. You will find that it is like having free business income insurance. A Premium Laundry Provider will ensure that your laundry room income remains steady, and not be placed at risk by equipment, repair, and maintenance costs.