If you haven’t implemented a resident benefit 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.

In a time when residents are spending more and more time at home, an enhanced living experience is in high demand.

What is a Resident Benefits Package?

A Residents Benefit Package is an additional charge to the tenant included on new leases that will give the resident added services. These added services vary from company to company, but they can include things like:

  • Rental Insurance
  • Emergency maintenance lines
  • Filter delivery services
  • Online portal access & mobile app access
  • A virtual concierge for resident requests
  • Smart home add ons and features
  • Credit Reporting
  • And more…

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

This is something that can also vary company to company depending on the market, property class type, and amount of additional amenities included. Though, most resident benefit packages do not exceed a $50 monthly fee added to the lease at signing.

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:

25 Income Streams for Your PM Business with Marc Cunningham

Increasing RPU with Air Filter Delivery Services with Second Nature CEO, Thad Tarkington

How To Reach 25% Profitability and Beyond in 2021 with PM Profit Coach, Daniel Craig

How Does Implementation Work?

Most Property Management companies who have rolled out a resident benefits package 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. At Latchel, we typically offer it as an option for current residents with the ability to opt-out during the current lease cycle before it becomes effective in lease renewal.

For all new residents, the benefits package is included in the lease at signing.

Most Property Management companies have a web page dedicated to the offerings of their specific resident benefits package. You can view an example here.

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

At Latchel, we’ve packaged our typical maintenance coordination services into a type of resident benefits package that our customers are using to eliminate their on-call maintenance costs, and generate additional monthly revenue through profit sharing.

We call this the 24/7 Home Assistant.

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 tenant. They also have a few other added benefits like:

  • $50 reimbursements on resident caused damages
  • Zero cancellation fees for schedule changes
  • Video based troubleshooting features

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 softwares, streamlining operational efficiency.

If you’d like to learn more about how to implement resident benefits packages, you can schedule a one-on-one consultation with us here. If you’d like to book a demo of the 24/7 Home Assistant amenity, you can schedule a demo with us below:

About Latchel

At Latchel, we offer a virtual concierge to residents that helps property managers truly grow and scale their business at no cost to the property manager.

We do this in 3 main ways:

  1. Increasing Your Annual Revenue: Management companies create a new revenue stream of $6/unit per month by partnering with Latchel.
  2. Increasing Your Resident Retention: Management companies see a 40% reduction in resident attrition within a year of implementing Latchel. (and)
  3. Increasing Your 5-star Resident Reviews Online: Management companies see 5-Star reviews increase by 10x after partnering with Latchel.

By including our maintenance coordination services at no cost, property managers also save up to 80% of the time they normally spend on maintenance.

Book a demo with us to learn more.

Interested in booking a demo? Schedule a meeting with us below:

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