Amid a tightening rental market, Latchel launches opt-in resident benefits to help rental managers boost revenue
Latchel’s opt-in resident benefits allow property managers to add new services to residents while increasing revenues, offering an innovative business strategy amid a challenging real estate market where rent prices have stalled and new laws make it tougher to increase mandatory fees.
Seattle, WA. February 14, 2024. Latchel, a maintenance and resident benefits provider, announced a new product offering empowering property managers with the ability to offer a resident benefits package as an optional extra for lease renewals and new lease signings. In the past, property managers found it challenging to integrate resident benefit packages into their offerings because mandatory fees may conflict with state and county rental laws. Even recent junk fee legislation makes mandatory benefits packages more complex.
Latchel’s latest innovative solution allows property management companies to add its benefits package as an optional choice for residents. This consumer-centered approach ensures residents can choose whether they want to add Latchel’s benefits for an additional $14.99/month.
“We believe in providing flexibility while simultaneously creating additional revenues for our partners,” said Ethan Lieber, the CEO of Latchel. “This new product offering enables property management companies to increase their revenue without any upfront investment, making this a risk-free and profitable proposition for them. At the same time, our benefits help renters get more money back from their deposits and keep their units in great condition.”
This new offering has already demonstrated its potential. Excalibur Homes, a premier Latchel customer who manages thousands of homes in Atlanta, has generated an entirely new line of ancillary revenue and increased positive reviews from renters. “We are constantly seeking innovative ways to add value for our clients and our renters. Tenants have a much higher level of responsibility for maintaining their single-family rental home. Their response to Latchel’s optional benefits package has been overwhelming with over a third of new residents choosing to add the service. This has greatly boosted our value proposition, proving it’s a win-win situation for both landlords and residents,” affirmed Mike Nelson, President of Excalibur Homes, LLC.
Many management companies with pre-existing mandatory benefit packages have also added Latchel’s optional benefits as an extra option for residents. Latchel’s COO, Will Gordon, says, “Many management companies may already have a mandatory benefit fee, but pricing a benefit at $40/month can make it impossible to add new products, like Latchel. By adding Latchel as an optional product for residents, management companies are able to maintain their current mandatory fees, while adding new opportunities to add value to residents and new revenues to their bottom line.”
Latchel’s profitable and people-first approach is set to transform the property management landscape, offering value for both property managers and residents through these optional benefits.
About Latchel: Latchel is a venture-backed Proptech startup company that was founded in 2017 to help property managers streamline the maintenance operations – the most time and cost consuming aspect of the business. Latchel has since added a myriad of resident benefits and perks to its offerings that further streamline and elevate the rental experience for all parties involved. Latchel now serves over 100k units nationwide.
