1,000’s of Laundry Leases Hit with New Fees
In a recent article in Habitat Magazine, news broke that the largest laundry vendor in the country was adding new fees to all their existing laundry leases. The new fees, designed to cover vandalism, administrative costs, and taxes, total 9.75% of gross collections. According to David Baron, President of Queens, NY based Metro Management, this was costing some of his properties more than $600 per month. “The bottom line is that they’ve underpaid what’s in the contract. This is a money grab.”
What can negatively impacted properties do?
If your property has been negatively impacted by these new fees, you should do a thorough review your current laundry lease before deciding your next steps. First, check to see that it does not allow for hidden fees. While the legality of the new fees will ultimately be contested in court, many property and community managers unhappy with the new fees have already started requesting laundry lease proposals from other providers.
Laundry Leases Are Not All Created Equal!
When you are ready to explore a new laundry lease for your property, it is important to examine your new lease closely. While most leases look the same, they are not all created equal. Since your laundry lease will run 7 to 10 years, it is important that it contains no hidden fees or clauses. Make sure you are comfortable with the terms and the service provider. At FMB Laundry, our leases are clear cut and always include:
- No administrative fees
- No hidden costs or clauses
- A clearly stated division of revenue
- All vandalism repairs at no additional cost
- All service and repair calls at no additional cost
- Who controls the vend price for residents
- Additional laundry room supplies (smart cards, carts, bill breakers, etc.)
Ready to request a laundry lease proposal? Contact FMB Laundry for a free no obligation proposal and never worry about hidden laundry room fees again!