Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
Last year we tried something new. In early December, we sent both our tenants (we only had two units at the time) a Christmas card saying thank you and enclosing a $50 gift card. We did it mainly to say thank-you to people who are paying their rent and bless them during the Christmas season. Theoretically they might see it as a small perk of renting from us and stay longer, but that isn't the point.
Are there any more experienced investors out there (more years and more units) who given back to their tenants? Money? Gift Cards? Cookies?
Investor · Newburgh, IN · Member since 2014 · 63 posts · 47 votes
11y
One thing I've seen a local apartment complex do that I hope to employ one day (once I make it to a buy and hold status), is provide a move in goody bag. It's just left in the apartment prior to the move in date.
Essentially, it's a gift bag with a roll of toilet paper, roll of paper towels, some granola bars and candy, a trash bag, a small gift card for a local restaurant, and some bottled water.
It's all very useful stuff to have when you're going through that initial moving phase that can be a little stressful. I thought it was a great idea..and all for probably less than $20!
Real Estate Investor · Central, TX · Member since 2012 · 479 posts · 165 votes
12y
I frequently look for opportunities to give gifts to my tenants.
It's a rough world out there and much of the clientele served by investors haven't been blessed with the wisdom or opportunities that we investors benefit from.
It's not the gift, but the act of generosity and thought that are appreciated by the recipients; coincidentally these gifts always seem to be providentially timed.
Rental Property Investor · Brookline, MA · Member since 2013 · 1k+ posts · 777 votes
12y
All of my tenants in good standing get $25 gift certificates to the local grocery store around Christmas time. Each gets a hand written note thanking them for their current residency.
Investor · Colorado Springs, CO · Member since 2013 · 643 posts · 280 votes
12y
@Roy N. I appreciate the idea of giving Gift cards to local businesses. That is a great way to support local businesses while being generous towards your tenants.
@George C. There is a tension between business and friendship when you're are the landlord and depend on the rent to cover your bills. I think it is a fine line that we often stumble across, making mistakes on both sides.
@Ryan R. I think it is a reality that many Real Estate investors are serving tenants who often haven't been given the same opportunities as we have. Hence there is a place for generosity. As I build a larger portfolio, I would like to explore ways to impart life skills. Perhaps, offer a free month of rent at the completion of a financial management class. I'm just thinking about it now. By background is international development, so I think in this way and am interested in business that would have a bigger bottom line than just profit.
Thanks for all of the input. As far a marketing goes, I really like the idea of giving the tenant a discount at the renewal of their lease. As far as being generous goes, I'm going to stick with my Christmas cards and gift cards for the time being. Maybe I'll look for opportunities to support local businesses through this and be open to doing in sporadically throughout the year.
I know some renters that take out there tenants to eat the first day. Nothing to expensive but its nice to establish a business relationship as well as personal so the tenant understands your there for them at 4 AM if they need help or something breaks. Which in return normally tenants take care of the property better.
Investor · Newburgh, IN · Member since 2014 · 63 posts · 47 votes
11y
One thing I've seen a local apartment complex do that I hope to employ one day (once I make it to a buy and hold status), is provide a move in goody bag. It's just left in the apartment prior to the move in date.
Essentially, it's a gift bag with a roll of toilet paper, roll of paper towels, some granola bars and candy, a trash bag, a small gift card for a local restaurant, and some bottled water.
It's all very useful stuff to have when you're going through that initial moving phase that can be a little stressful. I thought it was a great idea..and all for probably less than $20!
Property Manager · Bixby, OK · Member since 2015 · 52 posts · 13 votes
11y
In multifamily and commercial, we always try to budget as part of our expenses a seasonal gift or renewal incentive (thank you). In SFH, generally like to something more personal like birthdays, birth of a child, etc. We're about to give a new washer dryer to a tenant buying one of our SFH rentals.
I like the idea of a welcome bag. As we grow and get our systems in place, we will have to add this to the mix. It is nice touch without a big expense.
We are trying to organize a discount of $100 to $200 every time a tenant renews a 12-month lease. It is a nice bonus for the tenant and way cheaper than us flipping the house or unit.
We are also organizing a Christmas gift including a gift card that would go to all of our tenants in December.
The long-term dream is to actually offer a scholarship fund that would be available to our tenants and their children. That is a bit down the road. I need to figure out the logistics of it.
One thing I've seen a local apartment complex do that I hope to employ one day (once I make it to a buy and hold status), is provide a move in goody bag. It's just left in the apartment prior to the move in date.
Essentially, it's a gift bag with a roll of toilet paper, roll of paper towels, some granola bars and candy, a trash bag, a small gift card for a local restaurant, and some bottled water.
It's all very useful stuff to have when you're going through that initial moving phase that can be a little stressful. I thought it was a great idea..and all for probably less than $20!
Just wanted to share that!
I do something like this for my new tenants. I make sure there is a full roll of toilet paper in each bathroom, a roll of paper towels on the kitchen counter, and a pack of bottled water in the fridge. Because you know it is hot and tiring to move! Everyone has always been surprised by the water and they seem to find it thoughtful. A $4 investment for some immediate goodwill.
Rental Property Investor · Whittier, CA · Member since 2014 · 324 posts · 268 votes
10y
We give holiday cards with a gift card to all tenants, a larger one to long term. At one point we did $100 bills, which bought some real tenant goodwill but didn't guarantee longevity.
I also have good experience with random "Thanks for paying on time! Have a Starbucks on us!".
Rental Property Investor · San Jose, CA · Member since 2013 · 188 posts · 228 votes
8y
We have 16 units, & each year we give all our tenants a good sized Thanksgiving turkey (or alternate if they prefer). It has had a noticeable "good will" effect with some of the tenants, though it's naturally difficult to quantify the effect. Either way, it feels good to give back, & sets a good example to our sons.