How to Offer Resident Benefits Packages in 2024

Offering a resident benefits package to attract and retain renters can help property management firms minimize vacancies. Learn how to use these benefits to your advantage in the coming year.

Resident benefits packages are gaining traction as a method of attracting new renters to a particular property or community. Property managers are always looking for a leg up on the competition, and these packages could be a viable way to take your business to the next level in 2024.

This topic can be confusing, though, because there isn’t a singular way to develop and offer benefits packages. In short, a benefits package can be any special amenities or services a property manager provides for renters, so some market research is vital as you determine what your desired renters are looking for and what’s going to keep them in the properties you manage long-term.

In many scenarios, finding a service provider to deliver resident benefits packages for you is the best path forward because creating these packages for all your residents would be incredibly time-consuming. This also helps you avoid legal issues because dedicated service providers understand the restrictions local legislation can put on this practice.

The Strategic PM team recently sat down with Andrew Smallwood, Chief Customer Officer at resident benefits package provider Second Nature, to discuss the best practices for building a competitive package that reduces risks and creates a positive customer experience.

An Explainer on Resident Benefits Packages

First and foremost, you need to know what a typical resident benefits package is and how it will benefit you.

The gist is that a resident benefits package is any incentive you offer renters to move into and stay in your properties.