2A — June 2024 — M id A tlantic Real Estate Journal
www.marej.com
M id A tlantic Real Estate Journal
M id A tlantic R eal E state J ournal Publisher, Conference Producer ..............Linda Christman VP, Conference Producer .............................Lea Christman Editor/Graphic Artist ......................................Karen Vachon Contributing Columnists ........Carlo Batts, MAI, Rittenhouse Appraisals; Jonathan Treble, WithMe Mid Atlantic R eal E state J ournal ~ Published Monthly Periodicals postage paid at Hingham, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal 117 HMS Halsted Dr., Hingham, MA 02043 USPS #22-358 | Vol. 36, Issue 6 Subscription rates: 1 year $99.00, 2 years $148.50, 3 years $247.50 & $4.00 single issue - plus postage REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Phone: 781-740-2900 www.marej.com
Jonathan Treble
Choosing the Right Amenities for Your Communities
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s a multifamily prop- erty manager, owner, or developer, selecting
amenities that benefit your residents and staff while not hurting the bottom line is an ongoing balancing act. The amenities decision can’t be taken lightly—the wrong of- ferings are wasted expenses, while the right ones elevate the resident experience and the community’s perceived — and real — value. Maximizing Value for Residents and Staff To create a desirable living environment, it’s essential to focus on amenities that bring convenience and a touch of luxury. Wireless printing ser- vices and high-quality coffee makers are prime examples. Despite the prevalence of digi- tal solutions, the demand for occasional printing remains strong, making it a crucial ame- nity. Let’s face it, few people want to own their own printers, especially renters. Similarly,
with a significant portion of the population enjoying coffee daily, offering a premium coffee experience can significantly enhance resident satisfaction. But the value proposition of amenities isn’t just about delighting residents. The best offerings also streamline op- erations for on-site teams. A turnkey printing program, for instance, eliminates countless hours of troubleshooting tech- nology issues or keeping track of ink and paper inventory. Self-service coffee solutions allow staff to focus on other priorities instead of restocking and cleaning up after tradition- al coffee bars. By eliminating these to-dos, property manag- ers can spend more time build- ing relationships with current
and prospective residents. Weighing the Return on Investment To ensure amenities are truly beneficial, it’s vital to measure their usage and im- pact. Automated usage reports provided by vendors offer valuable insights into how often these services are uti- lized. When such reports are unavailable, property manag- ers can request data on an ad hoc basis to evaluate the ef- fectiveness of their amenities. Financially, certain amenities consistently demonstrate a positive return on investment. For instance, well-managed technological amenities can be cost-effective. Another key strategy is continued on page 22A
Firmly Rooted in the Law and in the Community We are well grounded in every facet of real estate law, from acquisition to construction. We are committed to serving the needs of our clients and our communities.
Contact: NEIL A. STEIN • nstein@kaplaw.com 910 Harvest Drive, Blue Bell, PA 19422-0765 • 610-941-2469 • kaplaw.com Other Offices: • Cherry Hill, NJ 856-675-1550 • Philadelphia, PA 215-567-3120 Kaplin Stewart Attorneys at Law
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