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The Eagle's Nest Effect

Writer's picture: Joani SchumakerJoani Schumaker

What do a Bald Eagle’s Nest and Increased Revenue Have in Common? Everything!


In rental housing, amenities play a crucial role in helping prospective residents make their decisions. While broad property-level amenities like pools, gyms, and clubhouses are important, there’s immense value in digging deeper to assess unit-level amenities. This approach not only helps create a more personalized resident experience but also eases leasing efforts, particularly for units that are historically harder to rent. A recent discussion with one of our clients highlighted just how effective this can be.


The client had five buildings located at the back of the property, isolated from the main amenities and proving difficult to lease. This issue kept coming up during our weekly strategy calls because most of the available units were in these buildings. As we dug into the problem, we discovered that the buildings' location created a perception challenge. Tucked away in the back corner, they felt disconnected from the rest of the community, and the team had labeled them "problem buildings."


However, a surprising discovery changed the narrative: the buildings were near a Bald Eagle's nest on the property! The site team shared stories about how the nest was discovered during the development phase, prompting a redesign of the site plan to protect the eagles. While only some units had a direct view of the nest, residents over the years have captured some incredible photos of the eagles and their babies.


We realized this unique feature needed to be highlighted. Instead of focusing on the buildings' isolation from the main amenities, we decided to leverage their proximity to this natural wonder. Working with the property and operations teams, we revamped the way the units were described and priced. Rather than describing them as "at the back of the property,” we came up with more attractive labels like “North of the Eagles Nest” and “South of the Eagles Nest.” This shift in language, paired with a strategic price adjustment (-$100 premium for the units north of the nest), helped create new demand for these buildings. Within days, those units began leasing more easily.


We didn’t stop there. During our Amenity Optimization Review, we made further adjustments to boost the appeal of units across the property. We enhanced the premium for Courtyard and Pool Views, added new amenities like “Tree View” and “Bald Eagle Preserve View,” and introduced a negative premium for units with less desirable features, such as proximity to the Boulevard.


The results were significant. By the end of the process, the property’s Gross Potential Revenue (GPR) had increased by 4%, nearly $23,000 annually. This clear improvement demonstrated the power of thorough amenity optimization.


At The Revenue Method®, our team of talented advisors is dedicated to uncovering unique opportunities that may have been overlooked. Just like the discovery of the Bald Eagle’s nest at our client’s property, we often find hidden features that can transform the leasing experience and contribute to top-line revenue growth. These elements might go unnoticed due to familiarity, but with fresh eyes and a thorough approach, our advisors help identify ways to maximize value and improve leasing outcomes.


During our Amenity Optimization Reviews, we assess both what’s working and what could be leveraged more effectively. Whether it’s a scenic view, proximity to a unique feature, or subtle differences in unit layouts, our advisors work closely with your team to uncover opportunities that drive demand and enhance leasing strategies.


If you’ve been operating under the same assumptions for years, now is the perfect time to take a fresh look. Our advisors will partner with you to ensure no opportunity is missed, helping you uncover hidden potential and achieve sustained revenue growth.


Remember folks, where there's a preference, there's a premium!

Until next time,

J Schu



🔗 Check out therevenuemethod.com for more details, or book a consult at calendly.com/therevenuemethod.

 

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