Coin Laundry questions! I am considering coin laundry in a multi-unit I am closing on . . . i have several questions I thought I'd source here in one post rather than rummaging thru the forums!
New or Used?
Buy outright or lease? Do you in turn sublease?
How much do you charge per wash and per dry? I am not trying to make money on this but pass on water and electric costs.
How often can you negotiate terms of leased units?
What else may I be missing here?
@Maria Bocanegra I just recently decided to buy brand new to replace perfectly good, but used machines in one of my Berwyn buildings. I am using pay range to collect and will not have any coins. I have been watching this company for a while, and finally decided to take the plunge. They are charging me 3% of the collected revenue, but I never touch a single quarter!
I would not lease machines for a small building as the companies that do this tend to not be the most reputable.
@Dave Madoch has more experience than me with pay range since he took the plunge before me.
I have been using Payrange since Nov 2019. My machines are new (SpeedQueen) and are in a 6 unit building. I feel people spend more when payment is not in a physical form.
The software is pretty basic but gives you what you need; total coin revenue, total app revenue and # of transactions. They also give the ability to offer a basic loyalty program.
We did have a tenant that was requesting a refund each week from payrange for no reason. When I noticed 2 months later I did let payrange know and they notified the tenant and warned them. They would not tell me which tenant due to privacy issues.
@John Warren installed machines without the ability to accept quarters so I am curious how that goes. I go to the building every 3 months to empty quarters, although I could probably get away with every 5 or 6 months.
I bought a set (coin) from best appliances on south Ashland for $600 including install. Seems to be working well
4916 S Ashland Ave, Chicago, IL 60609
If you are buying new machines, then I think this set up is a no brainer. If you are on a budget, you can get a used set for 25% of what this setup costs so it may not make sense day one. I like that I will have zero headaches for 5 years with this as the used stuff I bought kept breaking down all the time which ended up killing my revenue.
I second what John Warren said. The previous owner had pay range along with coin operated laundry and it has worked really really well.