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Ways Property Managers Can Pad Their Margins

Ethan Lieber
January 31, 2023
How Property Managers Can Pad Their Margins

In order for any property management company to be successful and lucrative, you must be profitable. With already tight margins, property managers can only afford so much to exceed, let alone just meet, resident expectations. This often leads to property managers to have to choose: Do you want to exceed expectations but make less money? Or protect your margins but sacrifice your reputation?

At Latchel, we don’t think you should have to choose between happy tenants and a healthy bottom line. Our pricing is structured to pad your margins and make your business profitable.

How do we achieve this? Service-enhancing fees.

Regardless of the economic state, implementing resident paid programs hasn’t come without hesitation. Though, we know that people, in any circumstance, are willing to pay more money for a better experience.

In a blind taste test between McDonalds and Starbucks coffee, Consumer Reports results showed that McDonalds coffee beat out Starbucks in terms of quality.


This came as a surprise knowing that people pay much more for a coffee at Starbucks than they do at McDonalds.

The conclusion to draw here is that people are willing to pay more for a better experience. Starbucks creates a better overall experience than McDonalds for the avid coffee-drinker, regardless of quality.

Additionally, 86% of consumers are willing to pay more for a better experience, according to the 2021 Consumer Insights Report. What service level enhancements can you offer to residents and owners that they’d be willing to pay extra for?

What’s eating your margins?

In order to increase your profitability, it is crucial to understand what’s eating your margins. For many property managers, it could be:

  • Overhead costs spent on processes that aren’t yet automated. Team members are likely spending too much time on manual tasks whether it’s rent collection, resident screening, maintenance requests, etc. These are all tasks that can, and should be automated.
  • Double data entry with platforms that aren’t integrated. When you leverage multiple platforms that don’t integrate, you’re wasting more time manually updating too many systems, which also creates a huge mess.
  • Hiked costs of service provider labor.
  • Unnecessary dispatching of vendors for maintenance that can be resolved remotely. At Latchel, we provide 24/7/365 video troubleshooting where we can resolve or de-escalate 30% of maintenance issues, saving you money on unnecessary site visits.
  • Low resident retention and high turnover costs. Latchel helps property managers increase their resident retention by offering an unbeatable rental experience through service-level enhancements and unparalleled 24/7 maintenance support.


When you identify the things that are eating your margins, eliminate those time-consuming manual tasks, and focus on revenue-generating services that will help improve your tenants’ experience, you’ll be able to thrive and grow through any economic climate.

Latchel can help you pad your margins

Latchel is a software platform that enables property managers to be more responsive and offer better perks while also creating a new revenue stream so they don’t have to choose between happy tenants and a healthy bottom line.

If you’re ready to start increasing your profitability while improving your resident experience, click here to request a demo and learn more about how Latchel can help you achieve this.

Want to learn more about how you can create an anti-fragile property management business and thrive through the unknown? Click here to download our Free Ebook!

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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

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


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


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.


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


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.


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


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.


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.


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


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.


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


 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

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.


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.


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


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.


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


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.


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


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)


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.

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