Implementing an off-site package management solution at your community can be a great way for Owners/Operators to streamline the package delivery process, improve efficiency, and boost Net Operating Income (NOI). Here are four ways an off-site package management solution can help improve your community’s NOI and why property managers are implementing direct-to-door delivery for residents:
1. Increased Efficiency
Managing packages on-site often requires multifamily staff to handle resident deliveries and ensure security themselves, even though it may not be a part of their job description. By outsourcing package management to an off-site provider like Fetch, multifamily properties can reallocate staff time, which can improve NOI. Off-site package management can reduce the amount of time and resources needed to manage packages on-site at the ground level. Taking packages off-site means your on-site staff have no investment in handling resident deliveries day-to-day. This can result in increased efficiency and productivity across the team, which will positively impact your community’s NOI potential.
2. Improved Resident Experience
According to Apartment Data, “each resident on average will receive 9.41 packages each month in 2022, with that number going up to 10.65 in 2023.” As delivery rates skyrocket each year, an effective package system can improve the overall resident experience, which can increase resident satisfaction and retention rates. Additionally, Rent Intelligent reports that one in five residents say package management systems were one of the most essential amenities, and one in five residents were not happy with the way their property currently handles package management. Happy residents are more likely to renew their leases and recommend your multifamily community to others, which will positively impact NOI in the long run.
3. Additional Revenue Stream
Off-site package management may offer revenue-sharing options, which can provide an additional income stream for multifamily communities. With off-site package management, communities have the opportunity to include direct-to-door delivery as a premium amenity offered at the community. There is value added to the community for both residents and Owners/Operators. Residents have a unique amenity that smoothly delivers all of their packages directly to their door, while Owners/Operators remove all of the package burden from their community.
4. Differentiation
Offering a unique package management experience can be a valuable differentiator in amenities for multifamily properties in a competitive rental market. By offering a service based, resident-convenient and secure package management solution, properties can attract and retain high-quality residents, positively impacting NOI. With a variety of service based amenities that property owners can choose from, off-site package management is future-forward and easy to implement, not changing any of the physical community space. See a full comparison guide of different multifamily service based amenities here.
