In a fiercely competitive industry like property management, you need to do everything you can to stay relevant and set yourself apart. Resident benefit packages undeniably provide that opportunity. When implemented and incorporated into leases, they offer your residents several opportunities to capitalize on higher levels of service and sought-after amenities, while also serving as a major revenue generator for your business.
So, what exactly is a resident benefit package?
Resident benefit packages are a compilation of services and added amenities that residents can access—via their property management company—by paying an additional monthly fee. One of the greatest advantages of incorporating resident benefit packages into your business plan is that they aren’t one size fits all; you can curate these offerings based on your industry and the needs of your residents.
These incentives are gaining traction in the single and multifamily industries and offer a significant selling point to prospects. Businesses can include renting essentials and extras in their packages such as:
- Flexible online payments
- A mobile app where residents can pay rent, submit service issues, schedule amenities, and communicate with their property manager
- Credit reporting
- Late-fee waiver
- 24/7 maintenance support call center
- Access to innovative smart home features
- Renter’s insurance
- Package management
- Air filters sent directly to the resident’s door
Participating and paying for a resident benefit package saves the tenant ample time as well. Rather than searching for necessities like renter’s insurance and air filters, the work is already completed for them. According to Latchel—a provider of maintenance and virtual resident concierge services—most resident benefit packages don’t exceed $50 per month, but that figure is subject to change based on the market and the variety of additional amenities available to the resident.
Where should I start?
Implementing a brand-new program can be daunting, but it’s an excellent opportunity for growth after an unexpectedly tumultuous year. Resources exist to help you launch your resident benefit package. Second Nature—a Rent Manager integration and provider of a high-quality HVAC filters—assists property management companies with creating their packages using well-received recommendations, suggested pricing, and sample documentation.
The possibilities are nearly endless when you choose to build a package from scratch. There are a number of Rent Manager Integrations available to you that streamline this process. You can source fundamental elements like online payments from Zego, unparalleled credit reporting from RentTrack, renter’s insurance from ePremium, and so much more.
Gain resident support by asking for their input
You can even gauge interest from current residents and find out which added amenities and benefits they would be most excited about receiving. Once you’ve narrowed down your final options, create a poll in Rent Manager that residents can respond to in their Tenant Web Access (TWA) portal. Firsthand input from renters will help ensure your resident benefit package is a success.
This trend is only going to grow in popularity, to the point where bundled services like this will be an expectation from incoming residents. Seize this moment and secure your resident benefit package now to roll out in 2021.