REaaS takes modernizing amenities a step further, asking you to rethink your operations to focus on data and services, rather than occupancy and square footage. You can transform your space into a value-adding role as a service provider, which may help future-proof your business.
REaaS can provide a competitive edge—plus insights and income
Because REaaS is an emerging business model, properties that anticipate clients' needs and provide onsite services to meet them—especially early on—can gain a competitive advantage over those that don't. Other benefits include:
- Multiple income streams: Vendors that offer services at your property provide income to supplement rent payments. That could help lessen the sting of lost revenue while you repair or upgrade units.
- Flexibility for you and your occupants: Whether it's dry cleaning or groceries, occupants can easily access services they need, when they need them—all without leaving the building. Meanwhile, owners can adjust the cost of short-term subscription-based services and leases more frequently to account for market changes.
- Data-driven insights: By implementing technology as part of your business model, you can obtain key data on occupants' service usage. For example, you can use an app to determine which residents use different onsite services the most and when. You can then compare the findings with your other properties to help create performance metrics and increase occupancy rates.
REaaS building amenities can benefit all asset classes
While REaaS will look different from building to building in practice, properties across asset classes can implement the business model.
- Multifamily: Apartments and other multifamily properties can implement amenities that make working from home easier, such as meeting rooms, computer labs and office space that can be reserved online. Even older and smaller apartment buildings can attract tenants by implementing REaaS with amenities such as smart home technology. Data from this technology can help inform decision-making. For example, if smart thermostats establish roughly the same schedule in each unit, you can adjust temperatures in shared building areas to correspond and save energy.
- Office: Adding comprehensive amenities to an office building may help increase attendance. With childcare, plus other onsite offerings such as a medical clinic, café, gym or private outdoor space, the office could become a destination—not just a workplace.
- Retail: While the impact of e-commerce has grown, maintaining a physical retail presence is still critical. That's especially true for experiential retail, which delivers a unique, in-person experience for shoppers. Meanwhile, adding phone- and car-charging stations, an ATM, mobile checkout, touchscreens and coffee shops can improve the customer experience at neighborhood brick-and-mortar locations.
- Industrial: Warehouses and other industrial properties can use REaaS to introduce amenities typically reserved for offices, such as mothers rooms, employee gyms and catering. These modern amenities may also pave the way for consolidating operations by adding showrooms and offices to industrial space.
The bottom line
Property owners and operators across asset classes can take modern amenities a step further by adopting an REaaS business model, which can help them reap more benefits and stand out from the competition.