If you’ve been a property manager for long, you know that maintenance can easily be one of the biggest stressors of the business. Working through the impacts of Coronavirus may trump that right now, but there are many ways to turn both of these stressors into an opportunity. Property management companies are beginning to utilize a new model that reduces time spent on maintenance by 80% and is not only run at zero cost, but can actually generate new revenues of $4/unit/month.
This model not only helps reallocate time spent on maintenance to other areas of the business, but it also helps create a security blanket for property managers and landlords dealing with tenants unable to pay rent right now. While property managers and landlords are busy navigating these times, maintenance coordination can be one stress area you can easily remove and turn around into a breath of relief.
Creating Efficiencies in Maintenance Coordination
Many property managers and landlords utilize a third party service to handle maintenance coordination. Whether it’s a software, or call center, or a mix of both, these tools are meant to help ease the maintenance process. A fee is involved when you want to use a call center to handle your maintenance calls, whether it be only after hours or 24/7. There’s also a fee for utilizing a software service for scheduling, tracking, and invoicing all maintenance requests. Latchel is a maintenance coordination service that uses both software and a US based call center to operate across over 55,000 units nationwide.
Being that now is a time of unprecedented economic struggle, Latchel has implemented a model for customers that gives maintenance coordination at zero cost to customers and generates new revenues. How is this done?
Removing the Cost of Maintenance Coordination with a Resident Benefit Package
Latchel packages its maintenance coordination services into a resident benefit package, called the 24/7 Home Assistant. This gives residents a concierge-like maintenance service along with a few other benefits. These benefits include:
- A dedicated phone line available 24/7/365 for in-home needs and proactive troubleshooting.
- Easy scheduling via SMS or Online Portal.
- Expedited scheduling and dispatching of vendors with 2-hour repair windows.
- Move out repair assistance and $50 reimbursements of tenant caused damages.
- Cancellation fee reimbursements.
Similar to many resident benefit packages already out there, residents pay a small monthly fee for these enhanced and added services. Residents do have the ability to opt-out, and Latchel will still run maintenance coordination at zero cost. Being that there are many residents unable to pay rent right now, there are also more residents who are able to pay rent and who are willing to pay for higher levels of service. Latchel has seen an 80-90% opt-in rate from those already utilizing this model.
Creating a Profit Stream from Maintenance Coordination
Property managers and landlords currently using this model see immediate profits of $4/unit/month. A few other benefits for the property manager include:
- Improvement Online Reputation
- Latchel maintains a 4.7/5 star rating for tenant satisfaction, reviews are automatically pushed to the PMs website.
- Save Time
- 80% more time to relocate to other parts of the business operations with transparent software to keep an eye on properties’ maintenance needs.
You can learn more about the 24/7 Home Assistant here, or schedule a call with the Latchel team. We’d love to hear about your current maintenance operations process, and chat with you about how we can help you create more efficiency and growth in your business.