What are the top roadblocks to building wealth through your business? For over 92% of property owners and managers, maintenance is high on the list. Not only is it a huge time suck and stressor, but emergency maintenance situations can also directly affect your bottom line if they lead to property damage.
So the question becomes, is it possible to eliminate the headache and time commitment of maintenance while ALSO increasing your profit streams? The answer is yes.
Traditional solutions (like call centers) that reduce your maintenance burden tend to have high costs and usually don’t provide higher service levels to your tenants.
Until now. Finally, there is a solution that allows you to:
- Reduce 80% of your time spent on maintenance
- Offer incredible customer service to residents
- Earn new profit streams – creating $657.80/month in new profits for every 100 units under management. (national average in new profit per 100 units)
How Does It Work?
Latchel. If you haven’t heard of Latchel, it’s a prop-tech company, backed by Y Combinator and Bain Capital Ventures, designed to take 80% of maintenance coordination off your plate while adding new profit streams to your bottom line.
Latchel provides a 24/7 Home Assistant to your residents. Each time there is a maintenance issue, the residents will call or text into a dedicated 24/7 Home Assistant number where Latchel’s team of experienced property managers will be on the other end of the line to help troubleshoot their maintenance problem.
This expert team on the other end of the phone troubleshoots around 30% of the maintenance calls that come through saving the time and cost of dispatching a service provider.
If the issue cannot be solved over the phone, then Latchel dispatch a provider to complete the job. It is an end to end solution that removes the maintenance burden from your plate while providing concierge level service to your residents.
Can you use your own network of preferred contractors?
Yes! Latchel partners with you to augment your operation. That means you can set up your own preferred contractors in the Latchel software, or you can tap into Latchel’s nationwide network of vetted contractors.
Can you still maintain executive control of your maintenance operations?
Yes! Latchel is built around augmenting your team to enhance the resident experience while creating new profit streams for your company. Residents love the 24/7 Home Assistant and the incredible customer service that it brings. With Latchel’s software built for transparency, managers can see, track, and make any necessary changes to all of the work orders in the system.
Great! So how am I actually making new profit streams from this?
Latchel is completely turnkey. They provide you with the addendums and offer letters that get sent to your residents. Your residents can choose to opt-out of receiving the 24/7 Home Assistant if they want and on average upwards of 75% of current residents will keep the service. This means your residents pay for the Home Assistant benefit. With this included you’ll get:
- $6.50/unit per month per unit in new profit (based on national average)
- 3% cash back on maintenance invoices as new profit
- Freedom from maintenance calls, including emergencies
- Reprieve from following up on work order coordination and scheduling
For every 100 units, you can increase your profit by $657/month and reduce your admin costs by $850/month for a total profit increase of over $18,000 per year. That’s only on a 100 unit portfolio. The new profits as you scale and grow your company grows with you.
While residents have the ability to opt-out, the majority choose to keep Latchel, which drives profit to you. Latchel provides huge value to the resident. Here’s a bulleted list of what your resident gets with their 24/7 Home Assistant:
- Less than 4 second hold times to get a human on the phone to troubleshoot maintenance or help with home service questions
- Instant responses to SMS replies for any resident question or help request
- Convenient scheduling based on the residents calendar and availability windows
- Proactive communication with appointment reminders, work order followups, and feedback responses
Beyond the 24/7 Home Assistant, your resident gets extra security deposit protection to help them care for the unit and maintain their deposit. Your residents can even opt-in to get additional accidental damage assurance so that they’re covered in case they actually break something or clog a toilet.
How can I give it a try?
If you’re looking to add new profit streams to your business while reducing your maintenance burden, schedule a call with Latchel. They’d love to help you turn your maintenance operations into a profit center.
About the Author:
Ethan Lieber is the CEO of Latchel. Ethan uses a customer obsessed approach to create services that improve the experiences behind home maintenance. You can see Latchel featured by the Wall Street Journal, Techcrunch, and Inc. Mag for their innovative approach to improving the maintenance game for property management companies.