3 Steps To Effectively Capitalize On Your Community Amenities
One of the most significant advantages of living in a managed community is the wide array of amenities residents can enjoy. But, these amenities can offer much more than recreation to residents— they can also add value to the community in surprising ways if you extend access to local groups, clubs and organizations. Many communities have generated additional funds for their community by successfully giving non-community residents controlled access to on-premise pools, sporting facilities, club rooms and more. Here are the three steps to follow to get more for your community amenities.
1. Identify Untapped Wells of Revenue
Think about how your amenities offer solutions for your residents’ needs and about how you could turn those amenities into paid solutions for people inside and even outside of the community. Notice the specific ways your residents use your pool, clubhouse, or tennis court. Do they reserve the clubhouse for meetings or events? Do they host birthday parties at your pool? If your community offers a beautiful backdrop – like the beaches and waterfalls found near some of our Hawaiian communities – is it frequently used for special occasions? While people are used to receiving things for free, there’s no reason your community shouldn’t get value for giving value.
2. Ensure Compliance and Limit Liability
Now that your board has identified the best ways to capitalize on your amenities, before implementing your plan, it’s important to ensure your ideas are feasible. Review the governing documents to make sure your plans are in compliance. If they’re not, you’ll have to go through the documented process to change them. Next, double-check your insurance, especially if your board is considering renting amenities to people outside the community, because many policies won’t cover third parties. After you’ve completed those processes, communicate the details to residents and explain how the new revenue streams from your pool area, hospitality suite, event space, sports facilities, or other amenities will benefit the community. To maximize your return, consider pairing complementary amenities and to make sure what you’re offering stands out from other amenities in the area.
3. Keep It Simple
It could be tempting to leverage all of your community’s assets in every way, but remember that less is more. Choose one or two amenities to focus on and do them well. By taking this approach, your board will still bring in additional revenue while maintaining the lifestyle that your residents expect of your community. Put another way, it’s better to be a master of one and succeed than to be a jack of all and miss the mark.
The role of board members and community professionals alike is to make life easier for our communities. If we can find a way to make the most of the resources we’ve been given while ensuring that our residents still enjoy their full benefits, we’ve done our part in making our communities places worth living. Contact your community manager to help your board recognize opportunities to get more from community amenities.