Resident Benefit Package

General Landlording & Rental Properties
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Resident Benefit Package

Madison Guran
Canada · Member since 2020 · 15 posts · 1 vote

Hi there! As a Property Manager or Landlord, have you implemented a Resident Benefit Package?

1) On average, how much do you charge tenants for it per month?
2) What services/options do you include in your Resident Benefit Package?
3) What are the reactions you have gotten from tenants and owners by implementing it?
4) Would you recommend implementing one? What are some changes you made or would like to make to it?
5) Since implementing one, have you noticed you or your company has a greater competitive advantage over other companies in your area?

Any tips helps! I am looking for recommendations, and am just wanting to learn more. 

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    5y

    Yes, I implemented one earlier this year. I mandated renters insurance and the benefit package covers that cost. If the renter provides their own insurance, then I reduce the cost of my benefit package. The price I charge and the benefits provided are on my website if you care to look.

    Does it provide me a competitive edge? Not really,but only because I'm the only professional property manager in the area so I don't technically have any competition to start with. It does help with owners because I'm able to show the mandatory renters insurance and a couple other features that help protect the property, the landlord, and the renter.

    I've signed up almost 300 of my 400 rentals and so far nobody has left because of this change though quite a few have complained about it. When they complain, I simply tell them that is our policy and they can accept it or find a rental through someone else.

    Is it worth implementing? only if you have a large number of rentals or plan to grow to a large number of rentals. My "profit" is only $9 a month. However, That comes to about $3,600 a month because I manage 400 rentals. If I had 50 rentals, I probably wouldn't bother.

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  • Duane Halliburton
    Member since 2015 · 1 post · 0 votes
    3y

    Thank you for this valuable information. Where can I buy the resident benefits package so I can offer to my tenant?

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