Turnover costs and unexpected vacancies can significantly affect your bottom line. To maintain the profitability of your rental property, landlords should make sure that their current tenants are happy and loyal. Show appreciation to tenants. From simple gestures to attractive incentives, here are tenant appreciation ideas that you can try.
Why Do You Need to Show Appreciation to Tenants?
Good tenants are hard to find. If you are lucky enough to have good tenants, it is in your best interest to have them stay longer in your rental property.
Even if you don’t have them yet, showing appreciation to tenants can encourage them to become good tenants. Here are a few reasons why you need to show appreciation to tenants.
- Good tenants pay their rent on time. Thus, you can expect rental income to come in on the expected date each month.
- They take care of your property. Thus, you spend less on maintenance costs and insurance.
- Good tenants get along with the landlord and other tenants. Thus, you can avoid legal expenses caused by tenant conflicts.
- They follow the rules. Thus, you won’t have to worry about safety risks or fines that come with breaking the rules.
8 Ways Landlords Can Show Appreciation to Their Tenants
Now that you know the benefits of having happy and loyal tenants, here are eight tenant appreciation ideas that you can use for your rental property.
1. Move-In Day Extras
Landlords can show appreciation for their tenants right from the start. On the first day, landlords can provide their new tenants with move-in day extras such as a welcome basket or a free meal. With this simple gesture, your tenants will already have a good impression of you. In turn, it will be easier to develop and maintain a landlord-relationship for the entire lease period.
2. Attend Maintenance Requests Quickly
Maintenance and repairs are part of a landlord’s legal obligations to their tenants. Nevertheless, there are some landlords who take a long time to fulfill their tenants’ maintenance requests.
Legally, landlords have about 30 days to fix maintenance issues. If you want to show appreciation to tenants, though, make sure that you attend to their maintenance requests quickly.
Aim for three to seven days for more minor issues. If the problem is large-scale, provide your tenants with updates so that they know that you are working on the solution.
3. Regular Check-Ins with Tenants
A lot of renters feel like the only thing their landlords care about is money. This could be because they only see their landlords during rent collection or emergencies.
To avoid having a transactional relationship with tenants, you can conduct regular check-ins. Engage in casual conversations and ask them how their day is going. You might even discover some common interests with your tenants.
These check-ins can be daily, weekly, or bi-monthly, depending on your schedule. What matters is that renters see that you are making an effort to get to know them. Even if you have to maintain some professional boundaries, these personal connections will show that you appreciate your tenants.
4. Remember Birthdays and Special Events
Another way to show tenant appreciation is by remembering their birthdays and other significant dates. Make sure to greet them on their special day. If you cannot be on the property that day, you can send a text message or email as well. Greeting tenants on their special day is a simple gesture but it shows them that you care. You can even send a greeting card or a small gift.
Landlords can also do this during the holiday season. Some tenant gift ideas include a gift card to a nearby restaurant or free subscriptions for media services. You may even want to throw in a rent discount to spread the holiday cheer. It doesn’t have to be a significant discount. Even $50 will be greatly appreciated by your tenants.
5. Mid-Lease Unit Upgrades
Most landlords will wait until the end of the lease to make changes in their units. Thus, it’s only the new tenants who will benefit from these upgrades. If you have long-time tenants, though, consider making mid-lease upgrades.
Since you still have tenants in the unit, these could be minor cosmetic upgrades such as new blinds or light fixtures. If you are planning to upgrade appliances, why not do it mid-lease? These upgrades not only show that you appreciate your tenants, but they might even encourage your current tenants to stay longer.
6. Consult Tenants on Minor Property Changes
You can show your appreciation to tenants by including them in property-related decisions. For instance, you can ask them if they have recommendations for a new maintenance company or cleaning service. When repainting the areas of the property, conduct a survey to see which color they prefer.
Even though tenants are only living in your property temporarily, including them in these decisions fosters a sense of ownership. The more they have a say on these things, the more at home they will feel. Thus, they will be more likely to stay on your property for a longer time.
7. Incentives for Consistent, On-Time Rent Payments
Landlords should also provide incentives for tenants who consistently pay their rent on time. For example, you can offer a discount for tenants who pay ahead of the due date.
You can also set up a rent rebate program wherein tenants can get some of their money back at the end of the lease — provided that they were able to pay rent on time for 12 months.
Rent is a major expense so most renters will take advantage of any opportunity that allows them to reduce that amount. At the same time, having an incentive program allows you to reward good tenant behavior.
8. Perks for Long-Time Renters
Any landlord is lucky to have long-term tenants. In order to show appreciation to loyal tenants, you can provide certain perks. For example, treat loyal tenants to a free professional cleaning of their unit.
If they have been there for a while, it’s likely that there are already stubborn stains. You can also provide gifts such as a new appliance for lease renewal. Since they are loyal tenants, you will want them to stay longer. It also saves you from
Should You Spend More to Show Appreciation to Tenants?
Landlords don’t have to spend a lot of money to show appreciation to tenants. Simple gestures will already go a long way when it comes to tenant appreciation.
However, given all the benefits and conveniences that come with having happy and loyal tenants, spending money on gifts or upgrades can be very worthwhile. You can also balance these additional expenses with the money you’ll be able to save with reduced turnovers and on-time rent payments. If you want to treat your loyal tenants, make sure to consider these seven tenant appreciation ideas.
Looking for an HOA management company, property management company, or a real estate agent in Florida? Feel free to browse our online directory to find the best company for your needs.
RELATED ARTICLES: