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Monday, 03 October 2022 23:31

How a Resident Benefits Package Helps Property Owners

As a property owner in Asheville, NC, competition is tight. The market is constantly changing, and it is essential to stay on top of all property management trends. Keeping your renters happy is an important way to keep your good tenants for longer terms, further boosting your return on investment.


How a Resident Benefits Package Helps Property Owners 

One way to keep renters happy is to offer some sort of resident benefit package. These benefit packages can add massive value to your properties and show your tenants that you care. 

Additionally, many items in a benefits package can also help the property owner at the same time. A carefully planned benefit package can help you as a property owner boost tenant morale, and increase ROI. 

What Is a Resident Benefits Package?

Simply put,  a resident benefits package is a compilation of added amenities and services that residents can add to their monthly rent. These packages can range from online payments to renters insurance and everything in between. By putting together a resident benefit package, you can help your tenants save time, and money, giving them a better rental experience. 

Putting together a program like this may seem like a big deal, but at the end of the day, it is a great opportunity for growth and can add marketing opportunities to promote your properties for rent. 

Just imagine having a property for rent for $1500 a month with no amenities or benefits going against a property that rents for $1550 a month but includes services such as HVAC service, rental insurance, and more! Which one would you choose?

Benefit Package Ideas

If you are looking for ideas on what to include in your resident's benefits package, we have put together a great list of things that you can start with today! 

1. Online Portal 

A great way to add value to your property is by setting up an online portal for tenants to log on to. An online tenant portal not only helps your tenant by providing them with vital information about their property, but also helps property owners who are managing multiple properties. 

The way an online tenant portal works is they are given a unique username and password that allows them access to their renter information. From the portal, they can send any requests or pay bills. It is very important that an online tenant portal be digitally secure and updated frequently.

2. Online Payments

Most bills can be paid online, and at this point, it makes the most sense to offer some form of online payment. (Bonus points if you can include auto-pay.) 

By providing online payments, it makes it easy for tenants to quickly and effortlessly pay their bills. This streamlines payments, and cash goes straight to the property owner's bank.

3. Round the Clock Maintenance

24/7 maintenance is a great incentive that can easily be set up. This allows a tenant access in case of an emergency, day or night. Regardless of what the issue is, it can be taken care of immediately, which in some cases, can save your property from disaster. 

While this can be an expensive piece of the puzzle, it can save you plenty of money in the long run.  Major issues that are left untouched can cause serious damage. 

4. Credit Reporting

This may seem complicated, but when included in a resident benefit package can be a big help to your best tenants. When tenants pay their payments on time, they can earn positive credit reporting. Not only does this help with cash flow for your rental business, but it also helps your tenants by helping increase their credit rating.

5. Renters Insurance

A renters insurance program can help both residents and property managers in case of an emergency. Renters' insurance covers a variety of things, including:

  • Electronics and appliances
  • Furniture
  • Clothing
  • Extra expenses due to uninhabitable property
  • Accidental damage to property
  • Medical expenses or legal fees are incurred if someone is injured at a rental property

In many cases, rental insurance can cost as low as $10-$15 a month and can be customized to fit the needs of your renter. Including renters insurance in your resident benefits package can not only show you care, but also give you increased coverage on your property. 

6. Maintenance Program

In addition to 24/7 emergency maintenance, a utility and maintenance reduction program can ensure that your property is well taken care of regardless of how good a tenant is at maintaining your property. A program like this can be built around things such as:

  • Changing air filters
  • Changing water filters
  • Quarterly pressure washing
  • Gutter cleanouts

Anything that needs to happen to ensure that your property is well taken care of. Putting together a solid maintenance program saves not only your tenant's time but also your property's longevity.

Asheville Phoenix Properties Can Help Build the Ideal Resident Benefits Package

You can avoid a lot of the difficulties involved with renting out your properties with the help of Asheville Phoenix Properties. We act as a go-between for you and prospective tenants, taking care to thoroughly screen and pick only the best applicants for your rental properties. We can assist you in executing tactics to maintain tenants while increasing ROI over the long run, in addition to marketing your property.

Thanks to our more than 20 years of real estate management experience, we can help owners and tenants by managing every aspect of a rental property. For more information on how we can help you build the perfect resident benefit package, contact us today!