👋 Join us for a special webinar Thursday, January 11th
Learn More

How To Increase Revenue With A Resident Benefits Package

ethan-lieber-ceo-latchel
Ethan Lieber
•
May 8, 2023
latchel-resident-benefits

If you haven’t implemented a resident benefits package already, you might have heard the term being discussed more often as more companies are starting to implement them into their leases and business models.

As they grow in popularity, they’re becoming a standard in running and growing a property management company. It’s something that large multifamily companies (like GreyStar) have been implementing for years because they know that residents are willing to pay for higher levels of service and various added amenities.

Now, many in the single family space are offering flat fees or lower rates to bring more value through ancillary services in their resident benefits package. This increases revenue per unit for the property manager and increases the overall living experience for the resident.

What is a Resident Benefits Package?

A Residents Benefit Package is an additional charge to the resident included on new leases that will give the resident added services. It is designed to elevate your tenant’s living experience to create a competitive advantage for property managers. 

It is essentially a collection of value-added services, amenities, and perks offered to residents in addition to their rental agreement. By offering these benefits, we aim to improve tenant satisfaction and retention, while also making properties more appealing to prospective residents.

These added services vary from company to company, but they can include things like:

  • Rental Insurance
  • 24/7 emergency maintenance lines
  • Filter delivery services
  • Online portal access & mobile app access
  • A virtual concierge for resident responsible home requests
  • Smart home add-ons and features
  • Credit Reporting
  • Utility Set Up
  • And more…

At Latchel, we’ve made it easy to set up your package with a growing list of curated partners offering tangible financial value to the resident. All you need to do is turn them on.

How To Increase Revenue With A Resident Benefits Package

In addition to programs like cash-back on rent and insurance policies, Latchel also includes a series of exclusive benefits:

  • Up to $1,000 in damage reimbursements for resident caused damages
  • Free drain pack delivery
  • Lockout reimbursement
  • Missed appointment fee reimbursement
  • Move-in promise compensation
  • Overnight stay reimbursement
  • Security deposit review

Latchel’s benefits can save your residents up to $3000 per lease cycle. When you implement these benefits, your residents know that they’ll be getting more value than what they’re paying for in their monthly fee.

What is the typical monthly fee & how much can I increase revenue per unit?

This is something that can also vary from company to company depending on the market, property class type, and the amount of additional amenities included.

To learn more about the different types of services property managers typically add in their resident benefit packages, we recommend tuning into the below podcasts packed with great info:

Insuretech Solutions for Better Customer Experience, Retention, & RPU with Scott Phillips and Brett Bennet

Latchel: Resident Benefits 101 with Jen Sells

What the Fast Expansion of Build For Rent Means for the Future of Property Management with Lee Hoffman

How Does Implementation Work?

Most Property Management companies who have rolled out a resident benefits package include the package as a lease addendum in new leases and lease renewals, making it a mandatory resident charge.

Some companies who would like to implement the package on current leases to see more immediate results send out a notice to current residents noting the details of the added services and fees. They note that it will be added to their lease upon renewal or within a specific time frame (30, 60, or 90 days) depending on your state laws for changes in lease agreements. For all new residents, the benefits package is included in the lease at signing.

Property Management companies prefer to have a web page dedicated to the offerings of their specific resident benefits package. We teach you how you can set it up for your company. 

You can view an example here.

When you implement your Resident Benefits Package with Latchel, you’ll be provided with all of the templates and guidance needed for implementation:

  • Lease Addendum Template
  • Resident Notification & Resident Welcome Packet
  • Owner Notification & Owner Benefits Materials
  • And more!

How can Property Managers also eliminate costs with a Residents Benefit Package?

Latchel helps you pad your margins, we’ve packaged our typical maintenance coordination services into a resident benefits package that property managers are using to eliminate their on-call maintenance costs and generate additional monthly revenue through profit sharing.

We call this the Home Assistant Program.

With this, residents have access to an online portal and a personalized phone number that they can call into 24/7/365 to fulfill any in home need like: home cleanings, furniture assembly, tv mounting, dog walking, and more.

This includes any and all maintenance requests (including emergencies), as well as any other in-home need normally responsible to the resident. They also have a few other added benefits like:

  • Latchel Exclusive Benefits.
  • A hub of extra benefits like cash back on rent payments, insurance policies, and bills, all available through their online dashboard and completely customizable by .
  • Video-based troubleshooting features to easily resolve emergency issues.

With Latchel handling the requests coming in from residents, Property Managers can shift their focus away from maintenance, but still keep an eye on any repairs taking place inside the home.

Latchel’s transparent software portal gives property managers a look into all the work orders in progress and handles end-to-end maintenance. Property Managers get the benefit of:

  • Real time email notifications.
  • Prioritization of your preferred vendors.
  • A portal that syncs with most Property Management software, streamlining operational efficiency.

If you’d like to learn more about how to implement resident benefits packages, you can schedule a consultation call with our team.

Share this
Related Posts

See why property managers love using Latchel

Unlock the Potential of Digital Insurance
Launch a tailored renter's insurance program

Sure provides tailored renter’s insurance that enables property managers, owners, and residents to protect their property, minimize risk, and experience the peace of mind that comes with the protection of your assets and business.

Most leases require renters insurance. So, we’ve partnered with Sure to provide that option for your residents. While residents aren’t required to use Sure to meet the renter’s insurance requirement, this is still a convenient option you can offer to your tenants. 

All services and products are provided by Sure, not Latchel subject to Sure’s terms and conditions.

Property Inspection Platform
Automate and Organize Inspections with RentCheck
check-mark-icon

Make Inspections Easier
RentCheck saves time by enabling residents to complete inspections on their own. Customization and automation ensure the job gets done.

check-mark-icon

Stop Wasting Time
Schedule inspections for all stages of the lease cycle at any cadence you choose. RentCheck handles the reminders.

check-mark-icon

Instantly Submit Work Orders
Take advantage of Latchel's integration with RentCheck to instantly submit a work order for any maintenance issues that pop up on an inspection.

check-mark-icon

Modernize Your Process
Easily compare new and existing inspection reports, side-by-side, and avoid security deposit disputes.

check-mark-icon

Prompt Routine Filter Changes and Resident Tasks
Schedule resident reminders to replace filters and other upkeep tasks over the course of the lease lifecycle.

To learn more about RentCheck, talk with a Latchel benefits expert today. All services and products are provided by RentCheck, not Latchel, and subject to RentCheck’s terms and conditions.

Affordable Pest Control

Access world class pest control for a fraction of the normal price. No need for new software or a complicated setup.

check-mark-icon

Easy Pest Control
Residents simply reach out to Cover Pest if there is a pest issue, and Cover Pest takes it from there.

check-mark-icon

Clarity on Who Pays the Bill
No more awkward conversations about who is responsible for the bill! With Cover Pest as a resident benefit, residents get pest control for covered pests without an additional cost.

check-mark-icon

Vendor Sourcing
No more sourcing for vendors! Cover Pest will source and coordinate with vendors for each pest control request

To learn more about Cover Pest, talk to a Latchel benefits specialist today.  All services and products are provided by Cover Pest, not Latchel, and subject to Cover Pest’s terms and conditions.

Air Filter Delivery Subscription

FilterTime is an air filter delivery service that makes it easy and convenient for residents to replace their air filters. FilterTime customers can protect their HVAC system, reduce dust and pollen, save money on energy costs, and more by leveraging this delivery service.

check-mark-icon

Reduce Labor for HVAC Issues
Filter delivery service results in a 38% reduction of total HVAC ticket requests.

check-mark-icon

Cost Savings on HVAC Repairs
Average HVAC repair costs have increased by 48.7% year over year. an air filter delivery subscription can cut costs up to $250-300 per property per year.

check-mark-icon

Energy Reduction
Filter delivery is saving residents $14.82 per month in energy costs.

How it works:

Choose from almost every size and type of air filter including custom-made sizes

Choose how often you want your filters delivered

smile-icon

 A box of brand new air filters delivered to your resident’s front door

To learn more about FilterTime, talk with a Latchel benefits specialist today. All services and products are provided by FilterTime, not Latchel subject to FilterTime’s terms and conditions.

Boost resident satisfaction and drive good resident behavior through a rewards, incentives, and credit building program
check-mark-icon

Drive On-Time Rent Payments
Piñata rewards renters for on-time rent payments through Piñata cash, and boosts renter's credit scores for online payments.

check-mark-icon

Boost Resident Satisfaction
$30 gift card to use at select brands and businesses, $25 restaurant card, 720 annual Piñata Cash to use on rewards, Early lease renewal gift.

check-mark-icon

Attract and Retain Renters
2 out of 3 renters prefer properties with rent reporting. Plus, residents get incentives for early lease renewals.

check-mark-icon

Rewards Residents Love
Residents can use Piñata Cash on brands they know and love, such as: Starbucks, Amazon, Sephora, Lego, Target, Walmart, Home Depot, Lowes, Doordash, Best Buy, and many more!

Piñata Cash

Residents easily earn Piñata Cash any day of the month by doing things like taking surveys, referring friends, or trying out new products.

Residents also get access to big-ticket giveaways, limited drops and super surges!

And, with exclusive access to our marketplace with over 300,000 deals, residents can squirrel away up to $4,500 annually.

To learn more about Piñata, talk with a member of our benefits team today. All services and products are provided by Piñata, not Latchel subject to Piñata’s terms and conditions.

Master Liability Insurance

Now you have one less thing to worry about with a Master Liability Policy through Obie.

check-mark-icon

Affordable Coverage
Affordable policies available with liability coverage starting at $100,000 and up to $300,000 to meet any property manager insurance requirements.

check-mark-icon

Stay 100% Compliant
Master policy provides $100,000 for management companies and owners by ensuring 100% of occupied homes and units are covered for property damage liability issues relating to resident negligence.

check-mark-icon

Peace of Mind
Liability coverages include perils such as fire, smoke, water, explosion, overflow of sewer, and many others that provide coverage for damages you (the resident) may cause to your unit or home

check-mark-icon

Personal Liability
Personal liability coverage is automatically include to protect you against claims where you may be considered legally liable. (Bodily injury claims, dog bite claims, and more)

check-mark-icon

Additional Coverages
Additional/expanded coverages are also available. (Pet damage, identity fraud, theft/vandalism, and more are available!)

All services and products are provided through Obie and are subject to Obie’s terms and conditions.

👋 Join us for a special webinar Thursday, January 11th