POSTED ON Oct 28, 2021 10:15:00 AM / by Real Property Associates

10 Things For a Resident Benefits Package That Benefits Investors

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, 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 following items that can benefit both you and your residents.

1. Provide 24/7 Maintenance

Even though this may sound like it will cost you more, it saves 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. Some tenants may expect that level of service, so it's a win-win when you offer this as part of your Seattle property management services.

2. Online Rental Payments

With the way most renters already use the internet to pay bills, it makes sense to offer online payment options. This 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 the rent collection process 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 payments, make 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 it offers.

4. Credit Reporting

As tenants make their payments on time, they can earn positive credit reporting from property owners. This encourages them to keep making their payments on time, which improves your cash flow! 

5. NSF or Late Payment Waivers

Some places 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. 

Person removing an old dirty air filter from a ceiling intake vent of a home HVAC system (R) (S)

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 inspection. This allows them to complete the necessary inspection in the comfort of their new home, then deliver the inspection to you electronically. 

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. 

Couple carrying chair together, placing furniture moving in new (R) (S)

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 it, 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. A property manager recommends offering a good policy through your resident benefits package makes it easy for renters to meet this requirement and protect your investments. 

Connect With Property Management Seattle

The perks of a resident benefit package help streamline your full-service property management services and help residents enjoy living in your rental properties! If you're not sure how to set up any of these programs, Real Property Associates is here to help! We are a property management company that helps investors implement programs like these and work 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."