What Are Resident Benefits Packages, Should You Use Them?
Date Written: 12/05/2022
Last Updated: 12/05/2022
Resident benefits packages are a way for property managers and staff to show appreciation to tenants for their business. It can also be seen as attracting new tenants and keeping old ones. While resident benefits packages come in many different forms, the most common gifts are gift cards, discounts on rent, or even free rent for a period of time.
A resident benefits package is a goodwill gesture to build better relationships with your tenants and can also be seen as an investment. To make the most out of resident benefits packages, property owners, managers, and staff need to understand what gifts will appeal to tenants and what will not. For example, a resident who just moved into a new apartment is not likely to appreciate a discount on their rent since they have yet to experience any savings. However, they may appreciate receiving a gift card that can be used at local businesses.
It’s also vital that resident benefits packages are tailored to each tenant. One size does not fit all regarding these types of gifts. Ask them if you’re unsure what kind of gift suits a particular tenant! Most people love getting something special from their landlord or property manager, so don’t be afraid to put your resident benefits package program into full swing.
Types of Resident Benefits Packages
There are many different types of resident benefits packages that property managers can offer to tenants. The most important thing is to ensure that the gifts are tailored to each tenant and their specific needs.
Some standard resident benefits packages include:
- Gift cards to local businesses
- Discounts on rent
- Free rent for some time
- Complimentary housekeeping services
- Access to exclusive events
- 24/7 maintenance
- VIP treatment at the property office
Regardless of what type of resident benefits package you choose, remember that it’s the thought that counts! Tenants will appreciate your taking the time to consider them when selecting a gift.
When Should Property Owners, Managers, and Staff Use Resident Benefits Packages?
Resident benefits packages can be used in a variety of different situations. The most important thing is to ensure that the gifts are given at the right time and for the right reasons.
Some typical times when resident benefits packages are used include:
- After a tenant renews their lease
- After a tenant refers a friend or family member
- When a tenant has been a resident for a certain amount of time
- When a tenant shows exemplary behavior
- As a holiday gift
Pros and Cons of Using Resident Benefits Packages
There are a few pros and cons associated with using resident benefits packages. As with anything, there are always two sides to every story. Consider the following before implementing a resident benefits package program at your property.
1. Showing Appreciation to Tenants
Resident benefits packages are a great way to show appreciation to tenants for their business. They can also be used to attract new tenants and keep old ones. When used correctly, resident benefits packages can positively impact your property in several ways.
2. Increasing Tenant Retention Rates
Tenant benefits packages can help increase tenant retention rates. If tenants feel appreciated and valued, they are more likely to renew their lease. This can save you time and money in the long run by avoiding the process of finding new tenants every year.
3. Improving Tenant Satisfaction Levels
It can also improve tenant satisfaction levels. When tenants are happy, they are more likely to take care of your property and pay their rent on time. This can create a better living environment for everyone involved.
4. Enhancing Your Professional Image
By offering resident benefits packages, you can enhance your professional image. This is especially important if you manage a large property or a luxury building. Resident benefits packages can make you look more refined and polished, attracting higher-quality tenants.
5. Boosting Your Marketing Efforts
By offering gifts for tenants or discounts, you can attract attention to your property and generate buzz. This can increase traffic and ultimately lead to more leases.
1. Can Be Costly
One of the most significant drawbacks of resident benefits packages is that they can be costly. If you’re not careful, you could spend more money than you make. To avoid this, set a budget and stick to it. Tenant benefits packages can still be effective even if they’re not extravagant.
2. Might Not Be Necessary
Tenant benefits packages might not be necessary. If your property is already running smoothly and tenants are happy, there might not be a need for them. Resident benefits packages are typically used to solve problems or improve weak areas.
3. Can Create Unhappy Tenants
Resident benefits packages can also create unhappy tenants. If you offer a resident benefits package to one tenant, you might have to provide it to all tenants. This could lead to jealousy and envy, the last thing you want on your property.
4. Might Not Be Appreciated
Another potential downside of resident benefits packages is that they might not be appreciated. Some tenants might not see their value and view them as a waste of money. Resident benefits packages might do more harm than good if this is the case.
5. Can Be Time-Consuming
Finally, resident benefits packages can be time-consuming. From planning to implementation, a lot goes into resident benefits packages. If you’re short on time, resident benefits packages might not best use your time and resources.
Resident benefits packages can be a great way to show appreciation to tenants and attract new ones. However, there are also a few drawbacks to using them. Consider the pros and cons before deciding if resident benefits packages suit your property.
ExactEstate Property Management Software for Any Situation
For property management software that can help you plan and implement resident benefits packages with ease, ExactEstate is the answer. ExactEstate is versatile and can be used for properties of any size, from single-family homes to large multifamily complexes. With ExactEstate, you’ll have everything you need to track gifts for tenants, budget for resident benefits packages, and more.
We understand that no two properties are the same, which is why we offer a variety of features to choose from. We have you covered whether you need resident portals for accessible communication or online payments for convenience. If you have any questions, our team is always here to help.
Get started with ExactEstate today and see how easy it is to manage resident benefits packages. With our user-friendly interface, you’ll be up and running in no time. Contact us today to set up a demo.
You can also visit our blog for tips and helpful articles to make your property management job more manageable.
Resident benefits packages are great ways to show your tenants that you appreciate them. Not only do they provide a little something extra for your tenants, but they can also help build tenant loyalty and encourage word-of-mouth marketing. To get the most out of resident benefits packages, property owners and managers should consider what type of gifts their tenants will most appreciate and design a package that offers something for everyone.
Staff in the rental industry should also be encouraged to use resident benefits packages as an opportunity to connect with tenants on a personal level and strengthen relationships.