I've 3 good tenants as they've maintained my property very well for 2 years. I've heard somewhere that rewarding tenants encourage them to keep the property more well-maintained. Do you think this is a good idea? If yes, how they should be rewarded? or any other way to say thank you?
It's uncommon, but not a bad idea- investing IS a business transaction, but we're still human elements. I think you're effectively asking about offering some form of appreciation to the tenants, a few ideas could be: - Small gift (chocolate, wine, movie tickets, something personal to the tenant). - Happy Birthday or Christmas cards. - Rent waiver (this one is unlikely to be popular- ha!) - Below market rent. - Improvement to the house. It's up to you what you think the situation warrants, and if you feel that the relationship would benefit from your token of appreciation.
Leasing a property should be treated as a business. It's a contractual arrangement, and as long as both parties (LL & Tenant) treat each other with respect, and follow the contract, things should be good. A $5 chocolate, or a movie ticket isn't going to make anybody change the way they live, good, or bad, and is unnecessary, however if that's what floats your boat, go ahead & do it.
Tenants are NOT a spreadsheet, and property is a ppl business. The things I do for my tenants include promptly dealing with anything, letting them know they are valued, making sure they can ask if anything needed. We inspected and discussed rent in rising market, but have left rent as is until tenants are more secure ( covid affects tenant jobs). Installed kitchen for one ( which was on agenda anyway ), installed new cooker for another. Have some other things on agenda when Xmas rolls around. Show em u care!!
Was discussed earlier in this thread: Gifts/Incentives for good tenants? Anyone do this? Some posters seemed to baulk at the idea, the more balanced view I think was that while not expected it certainly wouldn't cause any harm.
If your bank gives you a gift or whatever for being a good borrower, you could just pass that gift on to the tenants for being good tenants.
One lot of my tennants got a good deal on rent. They left when it suited them with minimal notice. The other tenants got free gradening. They too left when it suited them with minimal notice
That's great mate. I really liked the idea that you already have an agenda for Xmas. I can follow the same and discuss with my tenants about their requirements. When they'll see that I care for them, they'll definitely feel valued.
Exactly Tom. And I think wine or movie tickets could be more suitable as a small gift for my tenants. Thanks for the ideas.
Hi Skater, thanks for sharing your thoughts on this. I agree with you to some extent but they are already maintaining my property well. I just want them to continue and they will for sure. I just want to appreciate them for what they are already doing
Thanks for sharing the link, it's useful. And I agree with you. No doubt, it's their responsibility to maintain the property and they are doing well. So, thanking them in this way will never gonna hurt. Infact, they will feel valued and they'll stay for a longer time. I've had some bad experiences with a previous tenant so I understand the value of good tenants and would love to have a good bond with them.
To be sure. Even if it doesn't translate directly to a longer tenancy it may create a more benefical relationship in other ways. They may give you advance notice of intending to vacate prior to giving formal notice rather than providing just providing minimum notice, they may be more accommodating of opens prior to vacate, they may take extra care to have the place presentable for opens, they may recommend a like minded future tenant, they may even make an effort to sort minor problems out themselves at thier own expense. Those are things I've done for landlords I've appreciated in one way or the other. Not everything can be valued in Excel.