Unit-level amenities are one of the most important ingredients in the recipe of revenue management.
What is an amenity?
An amenity is any unique feature that differentiates a unit.
Amenities tell the story of the unit.
The mode explicit you are, the better the story will be.
The add or detract incremental value.
If every unit has it, it's considered a standard, not an amenity.
Why Amenity Pricing Matters
Amenities can contribute to up to 15% of a property's revenue.
Over-priced amenities increase the risk of vacancy loss.
Missing or mis-aligned amenities are common and can impact both revenue and occupancy.
Effective Amenity Pricing Strategies
Use the Goldilocks Method to find the optimal pricing.
Read the market response to understand how much customers are willing to pay.
Lower amenity premiums and reduce available units to strategically increase revenue.
Amenity Best Practices
Avoid arbitrary negative amenities.
If there is a legitimate reason for a negative amenity, be descriptive.
Address leasing issues at their root, not through quick-fix amenities.
Utilize descriptors to aid prospect decision-making, even if they're $0 value.
Where There's A Preference There's A Premium
Every amenity, feature, or service your prospective residents perceive as desirable presents an opportunity to charge a premium. Capitalize on desirability to maximize revenue potential.
Need Amenity Advice?
Our Amenity Optimization Review offers a comprehensive assessment to help you maximize revenue through effective amenity pricing strategies. Schedule your Amenity Optimization Review today and unlock the full potential of your property's amenities!
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