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How to Increase NOI With Experiential Amenities

February 27, 2024
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The available amenities in a multifamily community draw families together and create strong bonds between residents. Sharing a pool or recreation room allows residents to interact and creates a comfortable atmosphere. Basic amenities are a wonderful addition to your communities, but sometimes they need some extra services. Experiential amenities provide residents with a more enjoyable and full experience and can increase your net operating income (NOI).

Luxury Perks

Residents enjoy being taken care of and treated with special attention. To accomplish this with experiential amenities, you can add special services to your already available amenities. While costing the resident a higher fee, these amenities will provide an upper class feel to your community.

These perks can be as simple or complex as you’d like, from a poolside drink menu to a fully equipped spa. No matter what services your property management team decides to implement, they should increase your resident’s quality of life and create a stronger community. With the right organizational system, amenity management can be made simple, even with bonus services.

Additional Activities

One of the best ways to keep your residents engaged and excited about using the amenities offered in your multifamily community is to offer new and intriguing activities like classes that teach residents a new skill. This type of experiential amenity allows residents to stay active in the community while enjoying themselves.

Allowing access into a private party room or a secret tap room increases residents' feeling of exclusivity and creates intrigue that will keep them coming back. Adding a new golf lounge or flex space can also be a great way to engage residents, bringing a heightened level of excitement and fun to your current amenities.

Intuitive Amenity Management Software

Even with new and exciting experiential amenities, if residents find the booking process to be slow or difficult, they may never use them. Finding the best amenity management software can be challenging, as it must meet a variety of concerns.

Something that is simple and intuitive for residents to use at all times of the day is a necessity. Ease of access is also required for your property management team, so your team can organize and attend to all amenity requests.

With our amenity reservation software, your residents and management team will have constant access to your amenity booking system. The system makes amenity management simple and efficient and could increase your NOI by three to five times your current amount.

Creating Real Value

Increasing NOI is a primary concern for any property management team. By creating experiential amenities, you can engage your residents and increase your NOI. New activities or additional services to your existing amenities add a new level of interest and participation. With the right amenity management system, your residents will be able to book amenities quickly and efficiently, further boosting your NOI. With these upgrades in place, your communities will be an enjoyable place for residents to relax while creating a high NOI.

To learn more about amenity management, visit Elevated Living.