Coin Laundry Services for Multi-Family Properties
Does anyone use a coin laundry service for a Multi-family property in Memphis, TN? We are currently using a company and have been extremely disappointed with the service. We can never get them to come fix their machines. We have been with them for four months and have yet to receive our portion of the profit sharing. Any advice would be greatly appreciated.
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Hi @Micah Bell, I recently purchased an apartment complex in Memphis that came with an existing contract for laundry services. It is with MacGray, the same company mentioned above by @Douglas Skipworth. So far, it seems to be going fine, after working through the initial paperwork. However, they of course do take a significant portion of the income for their services.
At another property I own outside of Memphis, I have directly handled all of the laundry services directly through my property management firm. They just stop by each month to collect the quarters. When a problem is reported by a tenant regarding one of the machines, they just submit a work order request to the best local appliance repair company.
Both approaches have actually worked fine for me. So it really depends upon where you want to be regarding "hands off / auto-pilot" or a bit more hands-on. There is also some increased "insurance" in going with a contract, since they take care of all the upkeep and expenses on the machines. New commercial grade laundry machines are pricey compared to residential models.
I will likely go with self-management after the laundry contract expires at my Memphis apartment community, but both approaches have their pros and cons.
Scott