Resident Benefit Packages are the hot topic in the property management industry. With a resident benefit package, you can market your business, increase your revenue per unit, and pad your margins overall.
If you are still not clear on what a resident benefit package is, you’ve come to the right place.
What is a Resident Benefit 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, property managers are able to improve tenant satisfaction and retention, while also making properties more appealing to prospective residents.
At Latchel, we’ve sat down and listened to what residents, owners, and property managers want. Based on these most important needs, we’ve developed a one-of-a-kind platform that enables property managers to deliver a better tenant experience AND improve their bottom line.
Latchel Benefits give residents a centralized hub of curated lifestyle and financial perks that they won’t want to live without.
Here’s what you can find on Latchel’s Benefits Hub:
Latchel Exclusive Benefits
1. Free Drain Packs
Residents and property managers alike know how valuable preventative maintenance is to make rental homes more livable, but never before have residents been given drain snakes to help prevent the one of the most common maintenance requests – clogged and slow drains.
Whenever your residents are dealing with clogged or slow drain issues, we will send them preventative supplies to clear their drain. This way they can fix their issue quickly without the hassle of waiting for a plumber.
2. Lockout reimbursement
Lockouts happen to everyone, usually at the most inconvenient times. Latchel is here to help you with the cost burden of calling a locksmith.
Most PM’s consider lockouts to be a resident responsible chore. With Latchel Benefits, your residents can apply to have this expense reimbursed once per lease cycle.
All the resident needs to do is submit their paid receipt through the benefit form through their Benefits Dashboard.
3. Missed Appointment Fee Reimbursement
Latchel’s scheduling platform is built to make sure that residents know when maintenance appointments are happening. However, everyone has unexpected emergencies every once in a while and that is why Latchel promises to reimburse residents for missed appointments.
If residents get charged a trip fee because they miss a maintenance appointment, Latchel will share the financial burden and cover 50% of the cost to protect the resident’s finances.
This way, what used to be a tough conversation between resident and property manager has transformed into a seamless process where residents can claim missed appointment reimbursements by just clicking a tile on their Benefits hub.
4. Move-in Promise
Renters are often stuck dealing with prolonged maintenance issues after move-in because turnover crews missed repairs, and these can often take multiple weeks to wrap up.
This Latchel Benefit guarantees move-in maintenance completion in a 2-week time period after Property Manager approval of the work order submitted within the first 30 days after move-in. If Latchel fails to accomplish this timeline, the resident receives a $50 giftcard to Doordash. Dinner is on us!
5. Overnight Stay Reimbursement
Residents receive a free night of a hotel stay if Latchel doesn’t resolve their overnight emergencies fast enough. If it is between 11pm-5am and we don’t have a confirmed vendor in 2 hours, then we’ll give residents up to $250 to spend on a hotel.
Property Managers love this benefit because it reduces the amount of owner spend when habitability issues arise which helps their client retention.
Latchel launches a new exclusive benefit for residents that pays for the resident’s hotel stay if Latchel can’t dispatch a service provider in 2 hours during overnight emergencies.
Residents across America are rejoicing as they remember long cold nights, locked out of their apartments, when their property manager refused to pay for a hotel. Finally, renters can sleep well on a 1-night staycation while Latchel sorts out their emergency maintenance.
6. Free Security Deposit Review
Latchel launches a new proprietary benefit to Residents that leverages their maintenance experience and industry knowledge to provide Residents a free security deposit review that ensures a higher degree of financial security for renters.
Similar independent reviews typically cost $200 (or more) and won’t even have access to all the maintenance information that Latchel has on file for the home. Residents with Latchel are moving out confidently knowing that their property manager treated them fairly and that all deductions are market-rate.
This benefit is equally beneficial to property managers because it reduces disputes and friction around security deposit deductions. Especially considering that if a deposit dispute ends up in a lawsuit, property managers spend hours of time and potentially thousands of dollars to ensure they don’t break landlord-renter laws.
7. Damage Reimbursement
We know that residents hate losing money because of accidental maintenance damage. With Latchel, residents can request up to $5,000 reimbursement for accidental damages. ($250/incident allowances) ex: drain backup, jammed garbage disposals.
This benefit provides peace of mind for unseen circumstances for both residents and property managers, as it encourages residents to address any property damage sooner.
The best Resident Benefit Package will elevate your residents’ rental experience by combining top-tier lifestyle, and financial perks with wallet-friendly costs.
Latchel Benefits can save your residents up to $5,000 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, all while your property management company earns additional revenue.
Don’t miss out on The Best Resident Benefit Package in the Market! If you’d like to learn more about how to implement resident benefits packages, you can schedule a consultation call with our team.