Maximizing Revenue: A Deep Dive into Resident Benefits Packages and Their Benefits

In today’s experience-driven marketplace, where convenience and anticipation of needs are foremost, property managers face the challenge of exceeding resident expectations. In this scenario, Resident Benefit Packages (RBPs) have emerged as a powerful strategy to address residents’ demands, offering them value-added services and amenities. This strategy can help enhance resident satisfaction and contribute to building a thriving and sought after property. 

In this article, we’ll discuss what a resident benefits package is, how it can boost revenue, and how to implement one to benefit your residents, investors, and business.

What is a Resident Benefits Package (RBP)?

A resident benefits package (RBP) is a curated collection of services provided by property managers to enhance the living experience of their residents. RBP proactively addresses the needs and desires of residents by providing several benefits that can simplify their lives. It is one of the key strategies top property managers implement to differentiate themselves from competitors. 

RBP is a unique offering that allows property managers to improve their services and offer residents various services, such as filter delivery, help with building credit, and much more.

Why Offer a Resident Benefits Package?

While resident benefits packages undoubtedly ease the lives of residents, they also offer significant advantages for property managers. 

Below are the benefits of RBP for property managers:

1. Increased Revenue

RBPs allow property managers to generate additional revenue by offering valuable services to their residents. If required, you can partner with external service providers, by incorporating your offerings into the RBP. Further, you can charge a nominal fee to cover the cost and earn profit.

2. Reduced Workload & Staff

Some benefit options can decrease the workload for your staff. For instance, online resident portals centralize all communication and maintenance requests in one location. It means your staff won’t have to indulge in sorting through emails or answering the phones as often. Additionally, your maintenance team won’t need to deal with much paperwork.

3. Increased Resident Retention and Reduced Vacancy Times

Benefits packages range from everyday conveniences to services safeguarding residents’ financial well-being. You can provide valuable services like HVAC filter replacement or utility that encourages residents to stay.

You can also include your benefits in your property listings and marketing materials. A good benefits package can help attract more applicants, expand your pool of potential tenants and reduce the time the property is vacant.

What Should You Offer in Your Resident Benefits Package?

Resident benefits packages (RBPs) offer a flexible framework for property managers to showcase their creativity and commitment to resident satisfaction. While staying within the capabilities of your firm and aligning with the needs and expectations of your residents, you can tailor your RBP to become unique. 

Common Benefits Included in Packages

Some of the common benefits that property managers can include in their packages are: 

1. HVAC Filter Delivery and Installation

You can provide your residents regular HVAC filter maintenance by partnering with an HVAC delivery service. You can also offer optional filter change assistance at an affordable cost.

2. Refrigerator Filter Delivery

Similar to HVAC filters, some services also offer automatic delivery of filters for refrigerator water systems. You can include these services in your package and consider the added value and convenience they bring to residents when determining fees. 

3. Virtual Concierge

Enhance your residents’ living experience with a virtual concierge that offers a seamless array of services, including keyless entry, restaurant & event bookings, package receipts, and reservations for on-site amenities like pools and gyms.

4. Resident Portal

Provide residents with a centralized portal for managing their tenancy, including payments, resident-related document storage, communication, and access to essential community information.

5. 24/7 Maintenance Requests

Streamline maintenance communications and improve resident satisfaction with a 24/7 online maintenance request portal that can be accessed  easily. 

6. Utility Management and Payment

Simplify the move-in process for residents by offering them a single-source utility activation portal that seamlessly connects them to all essential utilities. 

7. Renters Insurance

Incorporating renters insurance ensures that residents are financially protected in the case of unexpected damages or liabilities. It will also shield you from damage-related responsibilities.

Which Resident Benefits Should You Include?

There are various options for benefits packages. You can keep your package simple, covering only insurance and HVAC, or it can be extensive, offering extras like dog walking or dry cleaning. 

Your choice of benefits should entirely be according to the resident group you have. To determine the most suitable benefits, you can start with the research. 

Check out the packages offered by property management firms with similar properties and resident demographics. Additionally, ask your current residents for input to understand what benefits they value most.

After compiling the list of benefits, conduct a cost-benefit analysis to identify the benefits that will yield the highest profit. Then, you can assess your existing service offerings to identify candidates for inclusion in a benefits package.

How to Implement a Resident Benefits Package?

Whether you are introducing a new resident benefits package or adding new features to an existing one, communication and timing are crucial. You should keep the current residents informed throughout the entire implementation process. 

After gathering their input on preferred benefits, maintain regular communication. You should inform them about the services you are considering, their implementation timeline, the availability of services, the associated fees, and if the participation is mandatory.

You can decide if the current residents will access the benefits package upon lease renewal or after a specified waiting period (e.g., 30, 60, or 90 days) and notify the same through text or email.

For new residents, clearly describe the benefits package in your rental listings and during the move-in process.

Implementing Resident Benefits Packages with BFPM

Our property managers at BFPM have extensive knowledge and experience in crafting and implementing RBPs that meet the unique needs of the residents. We have a network of trusted vendors who offer a wide range of services that you can incorporate into RBPs. 

Also, we at BFPM help identify the most relevant benefits, determine the structures, and ensure that the benefits package aligns well with the overall property brand and marketing strategy.  

You can contact us to maximize the impact of RBPs and enhance resident satisfaction.