Tenant compliance can be tricky. In my experience, getting tenants to adhere to all compliance needs is a significant challenge, especially when it is at the tenant’s expense. For example, renter’s insurance is the main culprit. Costs of insurance for tenants can vary depending on the provider. Second Nature - a company whose mission is to benefit tenants, property managers, and investors - offers a Resident Benefits Package (RBP). This package is designed as a “Triple Threat” meant to help all parties of property management.
The RBP is completely tailored by the property manager and included in the lease agreement. At Sin City Real Estate and Management, the RBP is an optional service that tenants can opt into. Most people prefer the option to choose, especially tenants because it has to do with their home. Determining if the RBP is right for your management company is dependent on the resources you want to offer to tenants. This can contribute greatly to attracting and retaining residents through better experiences.
The RBP we offer to our tenants could be beneficial for tenants who are amid trying to build their credit. Positive credit reporting is an extra bonus of renting with us, allowing you to build your credit passively with on-time rental payments. We have had tenants opt into this service when they were below our minimum credit requirement, doing this to improve their credit for their eventual buying journey. As mentioned earlier, renter’s insurance is tricky to be in full compliance with, as it relies on the tenant to sign up and manage monthly payments outside of their rent. With the RBP, renters’ insurance is included at a flat rate monthly, that is included in and paid with the rent amount.
Resident Benefit Packages also include AC filter delivery, benefiting the tenant and investor. According to Second Nature, one of the most common causes of HVAC maintenance requests is due to a failure to change the air filters. Providing air filters saves maintenance costs for investors and provides a tangible product of value for tenants, increasing tenant satisfaction.
Beyond protecting assets through HVAC longevity, benefits for investors include more “financially minded” tenants who are more likely to pay rent on time and renew their leases. The RBP enforcing or offering renters’ insurance to tenants also directly benefit the investor, protecting the owner’s asset against tenant-caused damage (e.g., accidental fire or water overflows).
Ultimately, here at Sin City Real Estate and Management, we utilize Second Nature’s Resident Benefit Package for the advantages they offer to tenants, investors, and ourselves as the property management company.
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