What is an Amenity
An amenity is a feature of a property that makes it more valuable to potential buyers or tenants. The term can refer to features of a single-family home that homeowners include in a real estate listing to attract potential buyers or renters. In a commercial setting, amenities can be part of a more sophisticated marketing strategy to attract tenants or other users of the property.
BREAKING DOWN Amenity
Amenities of a residential property typically appear in a multiple listing service (MLS) listing. Realtors upload a set of parameters ranging from the most basic variables to the less essential but attractive features that may catch the eye of a potential buyer. For most buyers, location is the most important amenity of any property. Beyond location, variables such as construction style, floor space and the number of bedrooms or bathrooms can determine whether a buyer looks further into a property.
Many buyers may not think of the variables described above as amenities, instead reserving the term for features that may be less essential than size and location. These amenities typically appear in the four most important rooms of a house: the kitchen, the master bedroom, the dining room and the bathrooms. Kitchen appliances are a particularly effective selling device. Homeowners who invest in these four rooms tend to enjoy the highest return on those investments when selling a home. Beyond those primary areas, buyers look for amenities such as specialized rooms. These can include an entertainment room, home office or a workout room, and can include countless conveniences to attract buyers.
Strategic Amenities in Commercial Properties
In recent years, developers of commercial properties have increasingly devoted precious floor space to amenities that they feel will differentiate a property from otherwise similar buildings. Industry research has shown that these improvements tend to fall into one of four categories. First are fitness and health options such as gyms or an on-site training staff. Another category contains amenities that can serve as distractions from everyday routines such as game rooms, rooftop lounges or socializing space. A third type of amenity is that which provides workers with a flexible, comfortable workspace. This can be an open floor plan, noise control or other technological infrastructure. Finally, many developers have discovered that firms and employees appreciate a worksite that allows access to a natural environment. This can be a green terrace outside of an office or walking paths among or adjacent to buildings. These principles have expanded beyond office developments to other projects such as hospitals or universities seeking to market themselves in increasingly competitive environments.