If you haven’t implemented a resident benefit package already, you might have been hearing the term being discussed more often as more and 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 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:
- Identity theft protection
- Emergency maintenance lines
- A virtual concierge for resident requests
- Filter delivery services
- Online portal access & mobile app access
- Smart home add ons and features
- 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.
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.