Published May 12, 2022. Updated March 16, 2023.
As a property owner, you may be wondering what resident benefits packages are and how they can benefit you. Resident packages are a great way to provide extra value for your residents and set yourself apart from the competition.
However, they're not only good for tenants, they're good for your rental property ROI!
How is that possible? Today, we talk about the different aspects of resident packages and how they can benefit property owners. As one of the best property management companies Delaware County offers, we've seen how these packages help property owners improve tenant retention and boost returns!
What Are Resident Benefits Packages?
Resident benefits packages are extra services or amenities that property owners offer their residents. These packages can include anything from free parking to discounted gym memberships.
The goal of these packages is to provide extra value for your renters and make their living experience more enjoyable (while improving renter retention and ROI).
Many packages are factored into the monthly rent and directly influence the question, "How much can I rent my house for." As a property owner, it's vital to assess needs and wants correctly vs. the bottom line when creating these packages so you are not overpaying for something that residents will not use.
What Are Some Popular Things to Include in a Benefit Package?
What you include in your benefits package for renters will vary depending on your goals, what's available in the neighborhood, and property type. Some packages include the following elements.
Offering Online Rent Payments
Renters have various preferences when it comes to paying rent; some opt for traditional methods like cash or check, while others prefer digital options.
However, while offering multiple payment methods can be customer-friendly, it can also create challenges for property owners in tracking payments efficiently. A disorganized system can lead to errors, late payment tracking, and even financial loss over time.
To address this, implementing an online renters portal can be a game-changer. Such portals provide a centralized platform where tenants can easily make payments, and landlords can effortlessly monitor on-time and late payments.
Not only does this digital solution for online rent collection enhance the convenience for renters, but it also streamlines the administrative process for property owners. By adopting a unified payment system, you can simplify rent collection, improve financial tracking, and potentially increase tenant satisfaction, all of which are crucial for the long-term success of your rental property business.
Offering a Residents Portal
An online residents portal is a secure location where renters can access important information about their lease agreement, pay rent, or submit a maintenance request. Having this info at hand will make it easy for renters to find answers to their questions, refer to the lease, or stay current on rental payments.
This type of portal also helps property owners track maintenance requests, issues, and repairs for residential properties!
Reporting to Credit Bureaus
Offering to report a tenant's payment history to credit agencies can be an excellent incentive that sets you apart as a caring and responsible property owner. This practice not only helps tenants establish or improve their credit scores but also fosters a sense of mutual respect and trust.
By incorporating this into a benefits package, you show that you are invested in your residents' financial well-being, which can encourage on-time payments and longer lease terms. This ultimately creates a positive living environment and can lead to better tenant retention, word-of-mouth referrals, and even potential for rent increases in the future.
Such an approach underscores that you're not just a landlord but a community builder.
Maintenance Availability 24/7
For renters, peace of mind is priceless, and knowing that assistance is available around the clock can significantly improve their living experience.
Offering 24/7 maintenance services demonstrates your commitment as a responsible landlord and adds value to the property itself. This service ensures that emergencies like leaks, electrical issues, or HVAC failures are addressed promptly, minimizing the potential for more extensive, costly damages.
It also enhances tenant satisfaction, leading to longer lease terms and positive reviews, which are invaluable for attracting future tenants. In this competitive rental market, such added services can make your property stand out, ultimately contributing to better financial outcomes for your investment.
Waiving Common Fees
Even the most responsible renters can face unexpected challenges that result in late payments. As a property owner, having the flexibility to waive late fees or other charges during such times can go a long way in building trust and goodwill.
Incorporating this option into a benefits package signals that you're not just about strict rules but are willing to work with your tenants in difficult situations. This compassionate approach can lead to higher tenant satisfaction, increased retention rates, and positive reviews.
In the long term, it could even translate into more stable income from your property, as satisfied tenants are more likely to renew their leases. Your understanding and flexibility can thus have far-reaching, positive implications for your rental business.
Offering a Utility Cost Reduction Program
To include a cost reduction plan in a benefits package, property owners can strike deals with utility and maintenance providers to lower their rates. The benefit is then transferred to tenants through lower utility bills—saving renters a significant amount of money each month.
This benefit also helps property owners retain more residents in their rental properties!
Having a Self-Inspection Policy
Inspections are a critical step when renting out a property. Offering a self-inspection option means that tenants can inspect their units before moving in and after moving out—without scheduling time with you to tackle this task—saving you time and money.
However, renters must still submit a walk-through report and connect with the property owner about any issues they notice. Self-inspections don't take the place of agreeing on the condition of a property at the start of a lease term.
Providing Access to Renters Insurance
Providing an easy way for renters to maintain a renters insurance policy is convenient for renters. Making it part of this package helps property owners with peace of mind that tenants have a critical policy to protect their belongings.
While rental property owners can't purchase these policies on behalf of a renter, making it easy for tenants to start and maintain a policy is an attractive perk for potential or existing renters.
Investment property owners who offer the services we've mentioned today as part of a resident benefits package often find that their property experiences better ROI than those that don't!
We Help Owners Offer Resident Benefit Packages for Better Rental Property ROI
Resident benefit packages are a great way to improve your property's bottom line. However, keeping track of the different benefits and ensuring they are used appropriately can be challenging. That's where the best Delaware County property management company comes in.
Among many other things, Rentwell's property management services include creating and maintaining resident benefit packages and managing renters. We'll make sure your property utilizes this strategy in a way that maximizes returns! Reach out soon to learn more about how we can help.
Get more ROI-boosting tips in our free resource, "10 Things You Should Do to Increase the ROI for Your Rental Property!"
