Resident Rewards Package
Creating BIG PROFITS while serving residents and owners
How to Build a Resident Rewards Package
that is Safe and Profitable
Free Training Videos
There is one specific principle that makes the Resident Rewards program work. It’s a marketing strategy that is used in the business community by many companies but few recognize it when it’s used on them.
Trainers and vendors don't always understand the liability they expose their students and customers to when building a Resident Rewards Package. We've watched them evolve over the years and have had to litigate them so we know the tripping points. With the help of national trainer Robert Locke RMP, MPM we've put together a series of 12 training videos to alert managers of the hazards of a badly crafted Resident Rewards Package.
Watch a series of 12 short videos in the Exposing the Hazards series by attorney Monica Gilroy and national trainer Robert Locke RMP, MPM.
When managers hear the words “waive fees” they often pull back thinking they are actually going to lose money. The opposite is true. This video will explain why waiving fees in a Resident Rewards Package is a great strategy.
For three decades the ability to improve or diminish a tenants credit score has been withheld from the property management industry. Some managers report to Experian but that can’t diminish the tenants credit score so tenants don’t really care. In 2019 a new service came into the market that allows managers with 50 properties or 5,000 to easily report everyone to Transunion and Equifax and affect tenants credit scores. It’s a huge profit center for the manager and gives you a new tool to collect both during and after an occupancy.
What managers don’t understand is “most of the benefits they put in their Resident Rewards program won’t cost them anything.” The bulk of the services they can list they are already doing. Watch this video and see how cheap and easy it can be.
Caution: The goal with a Resident Rewards Package is “to make money” not create activity. There are things you should include in your package and things you should NOT include. Listening to vendors might be a good way to figure this out, maybe not.
If you keep your costs down you’ll make a ton of money. If you load up your package with costly products and pay outside vendors for expensive services, you’ll end up simply laundering money and little will stay in your pocket. You need to be selective about what you put in your package. This video by Robert Locke RMP, MPM will help you figure this out.
Many managers provide a years supply of furnace filters to their tenants. Some have figured out how to pay nothing while others pay a lot to have filters delivered by an outside vendor. Here’s one way to deliver a years supply of furnace filters to every tenant for nothing.
The biggest mistake we see managers making in their Resident Rewards documents is adding an outside vendor. This strategy adds substantial liability to the manager and is strongly discouraged. The lease should be between the manager and tenant, not between vendors, managers and tenants. You can tell the tenant everything they need to know about a benefit without naming the vendor underwriting the service. Add their name and you’ll pay dearly for it down the road when things go badly. Never add a vendors name to your lease, exhibit, addendum or your Resident Rewards Package
This document has all you need to know to build and manage a safe and profitable Resident Rewards Package. We’ll address the legal issues, lay out 50 benefits you could use in your package, describe dating and pricing strategies and assigning values to each benefit. We’ll address the four categories of benefits and how each one will affect your bottom line profit. This download is free and comes with a library of training videos to help you develop a safe and profitable Resident Rewards strategy. Gain access to this package FREE by completing the form below. We will email you a link to the document.
We will build a customized rewards document designed with the benefits YOU choose and provide multiple designs for you to choose from. This document will be yours to tweak and modify over time as your rewards and benefits evolve. It’s totally free to you. Watch the video on the right side of this page to discover WHY it’s free and how to get your. If you’d like to see more, complete the questionnaire.
As a litigation attorney I understand better than most the hazards of a poorly crafted Resident Rewards document and offer the language and strategies to address the liabilities that come with such a package. You’ll get the disclosures you need for your management agreement, website, application, lease and resident rewards document to protect yourself from the inevitable pushback from unhappy owners, vendors and tenants when they feel let down on promised benefits. We also address why you NEVER want to add an outside 3rd party vendor in any of your documents especially the Resident Rewards Package.
This is a Body Armor document for engaging a Resident Rewards Package without it coming back to bite you down the road. Cost is $245
When you make promises to tenants and they don’t go as expected the tenant will often voice their displeasure with you on the web, hurting your company and costing you future business.
This document has eliminated bad internet reviews for 150 managers in 22 states and changed one of our clients BBB rating from C- to an A+ in 18 months. Drafted in 2010 for Crown Management in Atlanta this document has ended bad online reviews for every manager who has embraced it. Cost $195
How to Get Your Free Customized Resident Rewards Package
If you are interested in a FREE Customized Resident Rewards Package, click the button below and answer the questionnaire.
Why you should engage Monica Gilroy
Testimony from Todd Barton