Posted by By Oretta Croushore, Property Manager for Home Rental Services
In business, you have to adapt and evolve or risk extinction. I can say I remember renting videos at Blockbuster and living with the fear of a fee for not rewinding. I recall getting regular deliveries of the phone book and I know what a Kodak moment is. I once even had a DVD from Netflix for an entire year. Man on Fire with Denzel Washington. To this day, I’ve never seen it.
Kids today don’t know what it means to make it a Blockbuster night, and I pity them for that.
They enjoy the new fangled streaming services brought to us by everyone from Netflix to Peacock. Yellow Pages finally realized at some point, there was no need to send out the giant books anymore and they have digitized their business. I don’t know what kids sit on at the big table at Grandma’s house now because I don’t think a smart phone is going to bring them up to the right level for the table.
I just learned that the beloved LEGO company was on the verge of bankruptcy in 2003. By changing the way they managed innovation, they found they could recycle the old products into something new. Collaborations with everything from Harry Potter to the the apartments of Friends has seen a rocket in company profits. If you don’t think that’s possible, check out the price of a LEGO set sometime. This isn’t just child’s play and making a tower with bricks anymore. You have to have “big kid” money to dive into these things. Add the addiction factor and the Pokemon desire to “collect them all” and LEGO is printing money.
In property management, we have to get creative too.
We want to set ourselves apart, not only by being the best at what we do, but also by offering more. One of the ways HRS is doing this in 2024 is by introducing a Resident Benefit Package (RBP).
I first heard about an RBP when I went to a conference a few years ago. I sat in on a session given by Second Nature, the company that many people know as Filter Easy. These are the people who came up with the genius idea of the furnace filter subscription service. Talk about innovating! The thing everyone needs delivered right to their door when they need it! We have used this company in my house for a few years now. One of the coolest things I have seen from them, was the way they changed the way they ship the filters. We know the size of a furnace filter, right? They used to come in a flat box that size. A few years ago, they changed the technology of the filter frame so it can be folded down into a box about ¼ the size. You take it out, and twist it a little then it pops open like one of those sunshades for your car. Go on and build that better mouse trap!
Second Nature has set up a program to work with property managers and landlords so we can ensure renters are regularly changing their furnace filters. There is no better reminder than getting one delivered to your doorstep. Most of us know the dangers of not changing a furnace filter regularly. I can say, I see it first hand all the time. It’s probably the number one cause of maintenance chargebacks to renters I see. I recently saw one where the filter was actually dated 6/2022. 🤮 Not only is your house probably covered in a layer of dust and dirt but your system is working overtime.
No big surprise, the system failed and this resulted in a very large cost back to the renter. I promise, it’s always cheaper to buy the new filter. The filters that Second Nature delivers to the renter’s door actually have the date printed on them. I think that is another very clever feature. The proof is right there in the dusty pudding for everyone to see if it’s not being changed out. It’s a win for the renter, the owner, and the property manager. (I don’t enjoy charging renters back for maintenance. It does not make me very popular with people.)
The filter delivery is the biggest piece of the resident benefit package.
But wait! If you order now, you also get so much more… 😁
Resident Rewards Program:
Renters get rewarded for paying their rent on time. Say what? This is my dream come true. Reward points for adulting. They can use those points to exchange for cash, giftcards, and discounts.
Credit Building:
Rent payments get reported back to the credit bureaus. Most of our renters are adults who already have good, established credit. We have renters who have just turned 18 or have just finished college and this is their first time on a lease. Let’s help them establish some good credit. We also have people who are recently divorced that might need a little help rebuilding their credit.
Identity Protection:
$1m identity protection that includes monitoring and restoration in the event something happens. With the cleverness of those looking to do bad things, everyone needs indentity protection.
Renters Insurance:
This is the other big benefit to renters and to owners. This policy covers the renter’s personal belongings in the event of an incident in the house like flooding or fire. In addition, it offers liability coverage for certain types of accidents that can occur in a home. We can actually file a claim on behalf of the renter. I had cause to do this recently for a renter. I was able to file the claim online, send the estimate for repairs, and pictures. We received a response back in a few days with a clear explanation. However, if a renter would prefer to use a retail individual policy instead of being added to this master policy, they can do that. Second Nature gathers the renters insurance information and verifies it’s from an A-rated carrier, the coverage meets the lease requirements, and the additional interest on the policy is HRS. Since rental insurance is something I’ve had to verify in the past, I especially like this feature. It takes something off my plate and puts it into the hands of people who know better what to look for.
All new leases now include the Resident Benefit Package.
Any leases renewing after July 1st, 2024 will also include the RBP. We did send out the offer to renters who are mid-lease to add this great benefit if they would like to. We are excited to be working with Second Nature and to be able to add an additional benefit to our renters. Happy renters means happy owners, and that means everyone is winning.
I read something that said “if it ain’t broke, break it…when you’re finished changing, you’re finished.” I’m always up for breaking something to make it better. I love innovation and clever ideas and ways to make life easier. We’re always looking for ways to improve everything we do at HRS!
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