As the possibility of a recession becomes more and more probable, you might (and should) be strategizing on how to build new profit streams within your property management business. You might also be wondering how to do that while still having a semblance of free time to focus on the important day-to-day operations.
As an entrepreneur, you probably know that more free time doesn’t usually coincide with more profit. But, the two don’t have to be mutually exclusive. Property Management companies are starting to use a model that cuts down time spent on maintenance by 80% while increasing annual profit by up to an average of $48,000/year for every 100 units managed.
This brings to life two very exciting questions:
- How much could my business grow this year with this much new profit?
- What do I get to do with all of my extra free time?
How To Create New Profit Streams & Never Take a Maintenance Call Again
How’s it done? Watch the video below:
Staying Ahead of the Industry Trends:
Latchel’s 24/7 Home Assistant Program uses the same strategy some of the largest multi-family property management companies have been using for years. By implementing the program’s resident benefit package, residents can have the experience that typically only residents of high-end, luxury buildings get the perks of, for only a small cost to the resident. As a property manager, you implement the service that turns a profit while spending significantly LESS time dealing with around-the-clock maintenance calls, submitting work orders, sourcing vendors, scheduling jobs, following up, and dealing with invoicing.
What Exactly Does the Resident Get?
Residents who leverage Latchel’s 24/7 Home Assistant program have premium on-demand access to any of their needs for their home. Any time they have an issue, they call into a dedicated Latchel line where they’ll reach someone in 60 seconds guaranteed. And, not just anyone – one thing that makes Latchel’s maintenance call center different from most is that it’s compiled of a team of former property managers who understand how to troubleshoot maintenance issues, and are able to resolve or de-escalate 30% of all maintenance requests, saving you the time and cost of unnecessarily dispatching a service provide.
Sharpen your competitive edge with Latchel’s resident benefit package that also connects your residents with pros who can tackle home chores such as house cleaning, lawn care, furniture assembly, dog walking, junk/furniture removal, and so much more.
Residents also get automatically enrolled in Latchel’s Security Deposit Protection Plan where we offer $1,000 cash back on resident-caused damages. As a part of this plan, the resident is protected from unnecessary deductions from their deposit at the end of their lease terms. This plan also protects the property manager from being fined in court for misusing deduction funds.
Last, the resident has access to a 100% customizable dashboard filled with dozens of perks from cash back on insurance policies and credit-building payment options to rent protection and filter delivery services. Property managers have the option to add additional perks that make sense to your market, elevating your residents’ experience, which in turn, increases resident retention.
Improve Your Online Reputation
With Latchel, residents are sent a quick survey via text message where they are encouraged to leave a review once a work order is complete. This increases your number of reviews while significantly improving your online reputation as we automatically push all 5-star reviews to your website, giving your marketing a boost. Latchel averages a 4.8 out of 5-star rating for resident satisfaction, so we are confident your residents will receive that top-notch, white-glove care they deserve.
Unmatched Transparency In the Process
Many times, outsourcing a portion of your business to a third-party company can come with reservations. However, Latchel gives you full control to make any changes you feel necessary in the process of your maintenance operations. You’re also given email and SMS updates through all parts of the process so you can always know what’s going on in your properties.
Ready to learn more about the process? Schedule a meeting with the team by clicking here.