How to Drive Profits with a Resident Benefits Package

Resident benefits packages have become all the rage in the past few years.

These packages offer your tenants incredible benefits like maintenance concierge services, renter’s insurance, credit reporting, and more, all bundled into one simple package. Resident benefits packages aren’t just about “extras”; they’re a strategic tool for increasing tenant satisfaction and reducing turnover. Even better, when utilized correctly, a resident benefits package can lead to impressive ROI for your property management business.

Think about it: in a competitive rental market, tenants want more than just a place to live. They want a home with perks that make their lives easier and more secure. And here’s where benefits packages come in—they turn your rentals into attractive, value-packed properties that tenants love. When you offer these premium services, tenants stay longer, handle their payments responsibly, and take pride in where they live.

In this article, we’re diving deep into how resident benefits packages can transform your ROI, build goodwill with tenants, and reduce the workload on your shoulders.

Benefits of Resident Benefit Packages for Property Managers

Resident benefit packages are an upsell for tenants, but they actually can be very advantageous for property managers. By offering your residents the opportunity to upgrade to take advantage of one of these packages, you’ll experience a number of significant benefits.

Reduce Vacancy Rates & Build Better Tenant Relationships

Improving tenant relationships and reducing vacancy rates starts with delivering real value, and a resident benefits package is a game-changer here. By offering perks like on-demand maintenance requests, renter’s insurance, credit reporting, and other value-add services, you create an environment that tenants truly appreciate and want to stay in. These benefits don’t just make tenants’ lives easier; they foster a sense of loyalty and satisfaction, building stronger, long-term relationships.

A resident benefits package shows tenants that you care about their experience and wellbeing, making them more likely to renew their lease. When tenants feel valued and receive services that simplify their lives, they’re less inclined to search for alternatives. This, in turn, keeps vacancy rates low and ensures stable, predictable income.

Ultimately, a well-designed resident benefits package can set your property apart, creating an experience that tenants love and that keeps them coming back year after year.

Improve Operations in Your Company

A resident benefits package doesn’t just enhance tenant satisfaction; it also transforms your workload, reducing admin work and freeing up that time for other priorities. Think about it: by bundling essential services like renter’s insurance, credit reporting, and move-in support into one package, you reduce time-consuming admin tasks and centralize processes that usually require multiple steps.

By automating and bundling these critical services, you’re collapsing your to-do list and focusing on what really matters—growing your business. A resident benefits package takes the “work” out of tenant management, letting you achieve more with less effort and get the consistent results you need.

Drive Additional Revenue

Implementing a resident benefits package is a powerful income generator for your property management company. To offer a resident benefits package, you can add a small, monthly fee that tenants will happily to pay for the added convenience and peace of mind. This fee becomes an additional revenue stream that doesn’t require extra properties, new units, or complicated resources. It’s pure, incremental income.

What’s more, offering these types of benefits as a package increases the perceived value of your rentals, allowing you to stand out from competitors and even command higher rent rates. Many tenants see the convenience and security of a benefits package as worth the slight uptick in costs—especially when it enhances their rental experience.

And all of this is without mentioning how a resident benefits package can save you on costs related to vacancy. When tenants renew their leases, you keep turnover low and keeps your units filled longer. That means no marketing costs, property turnover, and leasing to figure out.

In essence, this package serves as a two-fold income booster: generating direct revenue through monthly fees and protecting income by lowering vacancy. It’s a smart, sustainable way to drive profits with every lease renewal.

Benefits of Resident Benefits Packages for Property Owners

Resident benefits packages have undeniable benefits for property managers, but they also pay off handsomely for property investors. Using benefit packages can boost net operating income, as tenants stay put longer. Implementing a resident benefits package is also a simple way to differentiate a rental from its neighbors, all without the big ticket cost of renovations.

Additionally, using resident benefits packages can safeguard a rental home against damage and neglect. Features like comprehensive insurance protection provide unbeatable peace of mind, and monthly services like new HVAC filters can help keep the property’s existing infrastructure well maintained. Property managers can highlight these benefits for investors as a key selling point during the sales process.

How to Offer a Resident Benefits Package

Getting started with a resident benefits package is simpler than you might think. First, consider the services your tenants will truly value—these could include renter’s insurance, maintenance concierge services, credit reporting, package handling, or even wellness discounts. Next, reach out to vendors or third-party providers specializing in these services, as many offer packages tailored for property managers that are easy to integrate into your operations.

Once you’ve selected the benefits, calculate the cost and determine a reasonable monthly fee for tenants. Typically, tenants are open to paying a small fee in exchange for added value and convenience, especially if they see the package enhancing their rental experience. Be transparent with tenants about the benefits included, clearly explaining how each element improves their living situation. For example, credit reporting helps them build credit, while renter’s insurance protects their belongings.

After you’re set up, roll out the package to new tenants as part of your standard lease terms. For existing tenants, introduce it as an optional add-on and highlight its perks.

Alternative Options: Working with a Resident Benefits Package Partner

Partnering with a third-party provider to offer a resident benefits package can be a total game-changer. Why? Because it takes the hard work off your plate! When you go solo, you have to research, vet, and negotiate with multiple vendors—each with its own requirements, pricing structures, and integration challenges. But with a third-party provider, everything is bundled together for you, eliminating the hassle and making things as easy as possible.

Companies like Second Nature have already done the legwork, securing partnerships with top-notch vendors and creating a seamless integration system that plugs right into your current operations. This means no complex setup, no need to overhaul your processes, and no extra workload for your team. Instead, you get a ready-made solution that you can implement immediately, allowing you to focus on what you do best—managing your properties and keeping tenants happy.

DoorGrow customers can take advantage of our special offer for new Second Nature customers: pay ZERO implementation fees AND waive the initial deposit by signing up using this link.

Looking for More Ways to Grow Your Property Management Business?

Ultimately, resident benefits packages are just one of the many tools available to property managers eager to grow and scale their businesses.

At DoorGrow, we’ve successfully helped hundreds of property managers across North America to get impressive results for their businesses. Whether you’re a big property manager with several locations or a small startup just getting your feet wet, we have consulting and coaching programs designed with your unique needs in mind.

What if you could triple your door count in four months, like Jeff?

What if you could double your income in the next year, just like Jon?

Schedule a no-obligation call today to learn how we could help you do the same!

Book a free consultation to learn how we can help