CHICAGO—The risk of "leaving money on the table" is forcing operators to think twice and use creativity to uncover new channels to boost revenue. Tactics on how to charge resident fees and to build services into the rent were among the ways panelists discussed how to improve the bottom line during a session Tuesday at National Apartment Association's Apartmentalize Conference in Chicago.

Residents are willing to pay fees, "but only when they see the value," Rick Ellis, Broker and Owner, ELLIS HomeSource Property Management, AMO, said. "But, if you are not doing all the basics in terms of maintenance and management, it's going to be hard to charge more. You've got to be working in a 'clean garden.'

Ellis cautioned against rising fees to levels the resident profile cannot afford. "Turnover is evil," he said. "It costs more to turnover a home than you'll get back in ancillary income from some fees."