Published October 28, 2021. Updated May 25, 2023.
As a rental property owner dealing with daily property management tasks, it's essential to do all you can to make your residents happy. This might be easier with some renters than it is with others. However, happy renters are more likely to renew their lease for another team (which boosts your ROI)!
One way to increase happiness for renters is to offer a resident benefit package. While it might seem like this type of package adds more costs to your budget, in our experience as expert property managers, most investors find that a carefully planned benefit package "benefits" them as well as their residents.
Read here to learn more about what the best property management Seattle offers says about the ten aspects of a benefits package for tenants that can benefit you, too!
1. Provide 24/7 Maintenance
Even though this may sound like it will cost you more, doing this saves money for rental property owners in the end.
When you can ensure that any emergency maintenance request, whether day or night, is taken care of ASAP, you nip problems in the bud before they become more costly. The potential cost savings of taking care of a repair right away vs. waiting for "working hours" can be significant.
A 24/7 maintenance package is a selling point for tenants, too. They are more likely to choose your property over another similar property that doesn't offer round-the-clock maintenance availability for the added peace of mind that comes with your services.
Additionally, some tenants may expect that level of service anyway, so offering this as part of your Seattle property management services is a win-win.
2. Online Rental Payments
With the way most renters already use the internet to pay bills, it makes sense to offer online payment options to simplify the rent collection process for you and your residents.
Offering online rent collection provides an easy way for tenants to stay on track with paying their rent. If they forget to mail the payment, they have a quick, safe way to send in their payment from the comfort of their home.
Plus, with online rent payments, property owners streamline rent collection every month and improve returns!
3. An Online Resident Portal
Make your tenant's life easier with an online resident portal.
When logging in, they can check the status of their monthly rental payments, make or schedule their payments, request maintenance, and more.
You'll save money as you can transition more of your administrative tasks online and experience fewer manual tasks. Plus, residents will appreciate the convenience offered by an online portal.
4. Credit Reporting
Offering credit reporting for tenant rental payments can be a significant benefit for residents trying to build their credit.
Timely rent payments are a win-win for both tenants and property owners. As a property owner, when your tenants consistently make their payments on time, it significantly improves your cash flow, enabling you to meet your financial obligations and possibly reinvest in the property.
For tenants, punctual payments can be a pathway to better credit scores, especially if property owners report this positive behavior to credit bureaus. This symbiotic relationship encourages a cycle of timely payments and fosters a stable, long-term rental situation.
As you report rent payments and tenants see the tangible benefits of their good financial behavior, they are more likely to continue paying on time, contributing to a harmonious and financially secure rental environment.
5. NSF or Late Payment Waivers
Some places and rental property owners charge exorbitant late fees and NSF (non-sufficient funds) fees. Your first thought might be to do the same when renters don't pay the rent on time.
However, with a resident benefit package, waiving these fees the first time is a sign of good faith and can help a property owner build a better relationship with residents by showing grace.
Be careful, though. If a renter continues with a pattern of insufficient funds or late rental payments, they could take advantage of your generosity if they never pay a fee for this issue. Late payment waivers should apply to first-time or rare offenses, not tenants who continue to have these issues.
6. A Utility and Maintenance Reduction Program
This program ensures tenants change the air filters regularly — a task they often forget to do.
The program delivers filters to the rental home when it's time to change it. This serves as a reminder to change the filter and saves time and money for your resident.
Property owners also deal with fewer maintenance requests when renters stay on top of this crucial task.
7. Hassle-Free Move-In With Self-Inspection
When your new renter is ready to move into their new home, they will appreciate a hassle-free process.
Property owners can facilitate this process by offering a self-inspection option versus an in-person move-in inspection. This allows them to complete the necessary inspection in the comfort of their new home and then deliver the inspection report to you electronically.
This is more convenient for your new residents and also eliminates the time and expense for you to meet tenants at their new home and walk the property with them.
8. No Upfront Fees For Move-In or Lease Preparation
Offer your tenants the reward of no upfront move-in or lease preparation fees.
When other owners sneak in hidden fees and costs, new renters will be glad to know they only need to deliver the first month's rent and security deposit to secure their new rental home and move in.
9. A Moving Concierge Program
Moving into a property can be a hectic experience, so why not make the process more stress-free with a moving concierge program for new residents?
This feature ensures that all the utilities are transferred over and switched on just in time for your new renters to move in, making that task one less thing for them to do.
10. A Renters Insurance Program
Offering renters insurance coverage helps residents and owners in the event of a problem. Making this type of coverage a requirement for living in your rentals is a smart idea.
Our experienced property managers recommend offering a connection to a good policy through your resident benefits package. This makes it easy for renters to meet this requirement, protect your investments, and improve your returns.
The Best Property Management Seattle Offers Is an Additional Benefit
The perks of a resident benefit package help streamline your full-service property management services and help residents enjoy living in your rental properties! Additionally, partnering with a property manager can be an extra benefit for you and your residents when everyone enjoys expert services to help tenants feel at home, and help owners experience better revenue.
If you're not sure how to set up any of these programs, Real Property Associates is here to help! We are a Seattle property management company that helps investors implement programs like these and works with residents to encourage more renewals to maximize returns.
Learn more about boosting ROI with a free copy of our free checklist, "10 Things You Should Do To Increase the ROI for Your Investment Property."