How You Can Make Extra Income by Renting Out Your Offices
There are a lot of things newspaper trend pieces get wrong about millennials, but one thing they’ve gotten right is this: Millennials are choosing a different path than the generations before them.
Millennials are putting a higher value on career flexibility and work-life balance, even if that means sacrificing pay - but who says you can’t have both? The rapidly evolving career market offers plenty of opportunities to make extra income on the side with minimal effort. One great way to do this? Diving into the rental market without buying a single property yourself.
For James Murphy, CEO of Opulent Living and Property Scale-Up Accelerator, creative property rentals have become a life-changing adventure. Their business grew more quickly than they could have ever imagined. He and his wife Stephanie, who started off their property business without purchasing a single new property, are a contented symbol of what kind of success is possible outside of the traditional workforce.
All of a sudden, we're earning more than our entire combined household income. We've done it in three months...So this was sort of a massive wake up call for us. Then we took that principle and we just scaled it. From those first eleven apartments to 100 in the first twelve months. Then we started hiring staff in the second part of the year, and we grew 100 to 200.
Dipping into the rental market doesn’t need to be a huge commitment, especially when you’re first getting started. One of the most accessible ways to dabble in the field - and make a decent chunk of extra income in the process - is to upgrade and rent out your offices.
Thriving in the rental market is all about having a sharp eye and a willingness to take a bit of calculated risk. You don’t even need to own your offices to get started! But what you do need is an open mind. Here’s how to get started.
1) Make sure your office is right for the role.
If you are renting your office, you can start what’s called rent to rent setup. This is when, with your landlord’s permission, you spiff up the property and rent out parts of the space individually for a much higher revenue than your own personal rent payments.
The key to hitting the ground running is to make sure that your office is a good candidate for this situation. Has your landlord given the okay? Are there a few quick facelifts you could give to the office to ramp up its rental appeal? Even tiny changes like fresh coats of paint or revamped furniture can make a major difference.
2) Make upgrades - and get creative!
Now’s the time to uplift your office into the kind of atmosphere a renter will actually want to work in. This is your chance to be creative, so think about what you’d most like to dream up!
What do your favorite co-working spaces look like? Which aesthetics have you been loving on Pinterest? Your office is now your canvas. Whether you’re just glamming up the decor or taking things a step further (think flooring changes or new break room appliances), the key is to make things chic and functional without breaking the bank. Remember, you want to offer quality while making a return on your investment as quickly as possible.
3) Find your dream renters.
Once your office glow-up is complete, it’s time to find your renters. Because you’re looking for workplace renters (as opposed to travelers or occupants booking vacation rentals), your best bet is to list through office rental websites or communities in your local professional circuit.
An important step here is to make sure you’re very upfront in your property description about what you’re offering, because you want to attract the kind of people who vibe best with you. When people know what they’re getting up front, they’re a lot more likely to be happy with the space.
4) Use your profits to build opportunity.
When the cash starts coming in, it can serve as a building block for your greatest goals. Whether that means funneling it back into your rental spaces or applying toward whatever your main business hustle may be, use those funds wisely.
5) Scale your success.
Once your rentals start taking off, you can easily reapply some of your profits into launching more rentals, and perhaps even staff to help you manage it all. Soon, you’ll have a side business that thrives with relatively little maintenance on your part. The more it grows, the more cash you’ll have to grow your dreams.
The best part? You get to connect like-minded workers with vibrant, functional offices that help them to the work of their dreams, too. After all, when one professional thrives, we all thrive!
Lynda Buckley is an Account Manager at Victorious PR.
James Murphy is the CEO of Opulent Living and Property Scale-Up Accelerator. He has helped his clients scale from 0-20 properties in 3 months, without owning any property themselves. To learn how to start or scale your own property management business, click here.
Have more questions? Follow up with the expert herself.
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