Branded Amenities and Lifestyle Services: Monetizing All Aspects of the Real Estate IndustryWritten By: Bob Caputo
As the real estate industry becomes more competitive, and as agents and developers seek to attract a global clientele, every square foot of residential or commercial space will assume greater importance. Which is to say, every room or floor that does not generate consistent income is a candidate for conversion not into something else, because of its added worth in terms of social status or brand appeal. Take, for example, a fitness center in a high-end apartment building or a communal area at a luxury resort.
In either scenario, the space may be a necessity: It often is a loss-leader for an owner, though it is an amenity tenants or guests expect to see, regardless of whether they intend to use the space at all. A gym, then, becomes a showroom rather than a room that agents can showcase and owners can transform into a source that makes money instead of losing it.
The best way to achieve this goal - the only solution to ensuring expensive equipment does not gather dust and an entire floor of otherwise very expensive real estate does not go to waste, where there is neither a vacancy in lieu of valuable rent nor an empty space when there are groups with deep pockets - the sole means of realizing this idea is through partnering with the very experts and personalities who have an established and positive identity in their respective fields.
I write these words from experience, as I am the namesake of my own brand, Bob Caputo Living Well, which includes everything from fitness and nutrition advice to exercise training and live cooking >Hence the shift toward private amenities, by which I mean exclusive to residents only, such as branded gyms and trainers in uniforms bearing the name and logo of the company they represent, and guest speakers, too. These amenities then become part of a tenants rent, a charge they absorb independent of their usage of a specific space.
Chances are they will use the space - they will make more frequent use of their gym - if the brand affiliated with that space elicits praise or enjoys prestige among the right audience. The same is true for experts whose sessions on everything from health to wealth draw a crowd, based on the reputation of each spokesperson and the fees each individual commands in the market.
This amenity goes into the cost of rent, proving building owners with a way to recoup any initial losses and thereafter receive the equivalent of a monthly annuity from all of their tenants. So long as the amenity provides genuine value, and provided the amenity matches or exceeds its perceived value, it will be a winner.
Real estate agents can use these amenities to satisfy the demands of an increasingly exacting number of clients, while every amenity is accountable for contributing to a propertys earnings.
Welcome to the world of branded amenities and life>
Bob Caputo is the Founder and Host of Bob Caputo Living Well, a health and life
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