Uncover hidden potential with our NEW Amenity Mapping service! In this quick read, we will walk you through how we reveal your asset’s untapped value. Don’t miss the included case study at the end for real-world insights.
What is Amenity Mapping?
Our Amenity Mapping service is a comprehensive yet granular approach to evaluating and optimizing a community’s amenities, resulting in:
Accurate Unit-Specific Amenity Assignments: We ensure that each unit’s amenities are accurately labeled and allocated. This can improve how units are advertised online, described in quotes given to prospects, and how multistage renovations are tracked.
Revenue Optimization: By identifying and correcting amenity assignments that are either overvaluing or undervaluing units, we help you optimize revenue. Overvalued units can deter potential residents, while undervalued units leave money on the table. Amenity Mapping helps identify any imbalances to ensure your community performs to its potential.
The Process
It all begins with a meeting, typically including Asset Management, Regional Managers, and Community Managers, to discuss specific concerns and goals. Based on this initial discussion, we determine the appropriate level of evaluation needed to meet your needs. Many properties will simply need a holistic audit, however, most will opt to receive our integrated revisions.
Discovery: We start by gathering the essential reports needed from your Property Management System (PMS) and Revenue Management System (RMS), along with site maps and floor plan images. These are used to create a visual model of your community in REBA Amenities™.
Evaluation: With site plans, floor plans, satellite imaging, and a visual model of your community, we begin the dig. This includes combing through each floor plan image and cross-referencing it with existing amenity assignments in your PMS; identifying any duplicated, potentially overvalued, or undiscovered amenities.
Scenario Testing: One of the unique features of this service is the ability to test different scenarios, allowing you to visualize the overall impact of each suggested change, down to individual units.
Review and Implementation: After the evaluation, we will deliver a report detailing our revisions and their overall impact. A follow-up meeting will be held to review the report, address any final adjustments, and provide guidance on the next steps. This facilitates cross-team communication and ensures the revenue impact is understood, thereby giving you confidence when making changes within your PMS.
Who Can Benefit from Amenity Mapping?
While standard amenity auditing should be a best practice for every community, our Amenity Mapping service is particularly beneficial for:
Due diligence during acquisitions
Communities completed in multiple phases
Communities that have undergone renovations
Communities experiencing shifts in their market's demographic or physical landscape
Any community seeking to enhance revenue through strategic amenity management
Our service provides a holistic yet unit-by-unit approach to amenity auditing, offering a level of precision that traditional methods may overlook. With Amenity Mapping, you can confidently make informed decisions that drive marketability and revenue growth.
Earlier this year, we completed our Amenity Mapping service on a portfolio of 5 communities throughout Texas and Colorado, totaling 1,567 units. The results were remarkable: the total recommended change in amenity value amounted to $66,970. One of the largest assets saw an average recommended value increase of $85 per unit. That’s a significant amount of untapped value.
If you would like to explore the process further, click the button below to review Subject D’s actual case study.
