Good Tenants and Holiday Gifts

How many landlords here have good tenants that they ‘reward’ at the end of the year with a gift?

I have made it a practice of rewarding good tenants (right now, knock on wood, ALL of my tenants fall into that category!) with a small gift. This year I sent a Christmas card and included gift certificates to the Outback Steakhouse.

My wife balked at first but if I have a good tenant looking out for my property and mailing me over $10,000 of their hard-earned money during the year, a $50 or $100 gift certificate to take the family out to eat is money well spent, in my estimation!

What do other landlords do?

Keith

We do Christmas cards and GCs too!

We’re experimenting now with a welcome package that includes a $25 gift card to Target. Hopefully that will generate some instant good will.

J

I do $25 Gift Cert to local rest. that is family owned. It has been well received.

I think it is a very good idea as I have similar practices. If you have “good” tenants why not give them a small token to show your appreciation. Like you stated, what is $50 compared to the thousands they give you.

There are an endless list of reasons why you want to keep these “good” tenants happy.

While we are on the topic I read about a reward system for your tenants. If you were a tenant how would you like to have a FREE DVD Player or 19" TV? Heck, I am not a tenant and I would like those things!! What if you set up a reward program for your tenants that stated if they pay rent 12 months in a row on time, they will receive a free DVD Player. 24 months with no late rents wins them a TV and so. This may keep a tenant around longer and for sure gives them a motive to pay on time outside of a late fee.