One way rental property owners can boost returns is by adding more value to their services. If you’re looking for a new way to improve ROI, a benefits package for tenants is worth looking into.
At first glance, it might seem like a resident benefits package is just another expense that might or might not attract new renters or encourage current tenants to renew. However, if you take the time to understand how it works, you'll realize you're making an investment that increases retention and ROI. Keep reading to learn more about how a resident benefits package can benefit you with help from a top Logan, UT property management company.
What Is a Benefits Package For Tenants?
Simply put, a resident benefit package is a way to make your tenants' lives more convenient. A typical package bundles various services together and can include some or all of the following features:
- A 24/7 resident portal. To accommodate tech-savvy renters, a round-the-clock tenant portal enables payment-related activities and transactions. Renters also have 24/7 access to report maintenance requests in case of after-hours emergency repairs.
- Online payment options. Adopting flexible rent collection methods, including online payments, makes it easy and quick for tenants to pay on time every month.
- Free credit reporting. When renters see that making rental payments on time helps improve their credit score, they become more motivated to keep up a good track record.
- A self-check-in option. Installing lockboxes and providing a move-in checklist means new residents can now move in on a schedule that works for them.
- Fee waivers. Tenants appreciate it when landlords are understanding enough to waive fees in specific circumstances. For instance, you can eliminate late payment fees or lease preparation fees for renters who typically have a good habit of paying on time but miss one month's payment.
- Renter insurance program. Offering a renters insurance policy as part of the resident benefit package helps tenants protect themselves if anything goes wrong. Doing this also protects property owners from tenants who might think that landlords are responsible for their personal belongings.
In addition to those ideas, you can always include more features to provide more value to tenants. From filter delivery services to a virtual concierge, adding value for renters can help your properties stand out!
How Can Property Owners Benefit From A Resident Benefits Package?
As mentioned, a resident benefits package isn't only beneficial to your tenants. It can also provide value to property owners!
Reduce Operating Costs
Instead of adding more costs to your budget, this type of program can reduce your overall costs. For instance, if you include a 24/7 maintenance service package, renters can report repairs quickly so property owners can fix them before they become expensive.
A resident benefit package can also minimize lost rental income by lowering vacancy rates and reducing instances of renters not paying rent. Offering online payment options makes the rent collection process more efficient. In addition, other features of the package, such as free credit reporting, promote on-time payments. Overall, residents are more likely to renew leases when they enjoy the conveniences offered through a resident benefits package.
Property management can be time-consuming, especially when operating multiple rental properties. However, a resident benefit package helps you eliminate some of the pesky administrative tasks that can take up time. For instance, by offering new tenants a self-check-in option with a move-in checklist, you don’t have to meet with new renters to deliver the keys or walk them through the move-in process.
This is undoubtedly one of the most significant benefits of offering a resident benefits package. When looking to boost revenue, one of the common questions landlords ask is, "how much can I rent my house for?" When offering this type of benefit to residents, property owners either offer it as an additional fee or include it in a higher rental amount.
Many renters are willing to pay more for exceptional service and the type of perks found in these packages. In addition, it’s often easier to attract new residents and retain existing renters when your properties offer a benefits package that many other properties don’t offer!
Choose the Right Logan Property Management Company To Offer a Benefit Package
A resident benefit package is a win-win solution that keeps residents happy and enables you to get maximum value from your rental properties. If you're wondering how to set up and implement a package with the right perks, the good news is it doesn't have to be a hassle with the right company that offers residential property management services.
Partnering with Reeder Asset Management is the best way to review rental properties and services, then deliver an experience that attracts quality renters and helps more tenants renew! We help real estate investors maximize ROI through full-service property management strategies. Reach out today to learn more about how the right tenant benefit package can boost your bottom line!
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