Decisions, Decisions: Amenities, Events and Third-Party Convenience
Image

3 minute read

The amenities arms race continues. With more new communities coming online than ever before, keeping pace as an owner and operator feels impossible.

But a little creativity and the use of unique third-party services can go a long way to staying ahead of the curve whether the developer is involved in new communities or is an owner or operator of older communities in suburban markets.

“Think of it in terms of what can’t residents do in their apartments and provide them with that,” says Mary Herrold, Vice President of Marketing and Innovation at JVM Realty, an Oak Brook, Ill.-based owner/operator of communities throughout the Midwest. “That’s future-proofing.”

Among the creative amenities shared during the Amenities, Events and Third-Party Convenience session at the 2016 MAXIMIZE: Multifamily Asset Management Conference that fits Herrold’s mold was a maker room an AMLI Residential community.

The maker room is a space where do-it-yourselfers can complete projects that only homeowners are generally able to do while at home, such as building and painting furniture.

Additional spaces that empower apartment residents to do what they traditionally haven’t been able to do at home include bike stations with tools to fix bikes, washing pets in pet spas and outdoor theaters. That’s not to mention unique additions to existing spaces, such as fitness on demand systems that allow residents to participate in popular fitness courses virtually rather than with an instructor who hosts them on site.

“Some of it is wow factor and some of it is about basic needs,” says Maria Banks, Ssenior Vice President at AMLI Residential, a developer and operator of apartment communities throughout the United States. “There are a lot of different factors that go into our decisions on amenities.”

One big factor is whether those amenities are going to be used by residents and for how long. Many of the amenities that were developed for communities some decades ago such as racquetball courts, theater rooms and even tennis courts no longer are being used.

New communities today are replacing those amenities with indoor game rooms, golf simulators and outdoor theaters. Despite the popularity of these newer amenities, some developers are asking about the return on investment (ROI).

“When people ask me what’s the ROI on that amenity space, I sort of cringe,” Banks says. “I will not throw out a number. It’s just not possible to know what the return is.”

Yet, the amenities race continues and is going beyond just physical spaces to events and services that improve the resident and prospective renter experience.

“We look at the amenity space and the building as a whole,” Banks says. “Part of what offsets the building shell is the people. What’s the customer service? That fits into the value equation.”

Customer service is being expanded to include convenient services, such as helping new residents update their contact info with multiple service providers, discounts to local retailers and package management.

“Think about the last time you moved,” says Ash Bell, V vice Ppresident and Eexecutive Ddirector of Updater, a service that updates contact information for new residents. “At first, you feel a little excitement because you’re moving into a new place. But then reality sets in and you have to update all of your information with your service providers. That’s painful and it creates a little nausea.”

By removing pain points through customer service and third-party providers and implementing amenities that empower residents to do things they normally wouldn’t be able to do, the amenities arms race becomes a little easier to manage.


Linnell Taylor Marketing