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How To Increase Revenue With A Resident Benefits Package

ethan-lieber-ceo-latchel
The Latchel Team
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.

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