Rewarding Good Tenants Is Just Good Business
It’s no secret that if you have bad tenants in your property, you sometimes have no choice but to make an example of them. Legal action, up to and including eviction, is an unfortunate but all-too-frequent reality when certain tenants decide that the rules don’t apply to them.
But if you’ve got to punish the bad ones, what about the flip side? What about rewarding the good ones? If you’ve got tenants that always pay their rent on time, go out of their way to keep things clean and tidy, and are generally an asset to the property, consider letting them know that you appreciate everything they do. Here are a few ideas.
Rental bonuses. Good people tend to know good people, so if your good tenants recommend other tenants who are just as good, consider offering the existing tenants a free month’s rent or some sort of other monetary bonus.
Gift cards. These are reasonably cheap — but much appreciated — ways of showing your gratitude for your tenants’ positive contributions. Gift cards for local restaurants, supermarkets, or home furnishing stores can go a long way toward spreading the love.
Priority service. This one can be a little tricky. It can’t come across as overt favoritism, but it can send a message to your not-so-great tenants that if they shape up, they might get faster notifications about package deliveries, a little more hustle on their maintenance requests, and so forth.
Good tenants can sometimes be hard to come by, so when you get them, do what you can to hold on to them. It will make your property management so much more pleasant!
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