Good Tenants and Holiday Gifts

Rehabbing, Fix and Flip, Rental Properties
1

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

2

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

3

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

4

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.