I own 11 Single family homes and manage four of them myself. The four I manage are by far the most profitable and have the fewest maintenance calls. One of my secrets is using lottery tickets and thank you notes. Each month that a tenant is on-time with their rent check I send a thank you note with three lottery tickets. I thank them for being on time and wish them a great month. If they are late I still thank them for the check and let them know I won't charge them the late fee of 5% this time and I re-state when the rent is due. I also use these monthly notes to communicate any issues, such as past due trash bills, or any city notices for not mowing a lawn. In the month of December I send each tenant a $50 Target gift card (rents are a $1000-$1200/mo). Every tenant I have had has told me I am the best landlord they have had. This has worked out well, because most of my tenants take care of their own maintenance issues, except if the heater stops working. One tenant who was moving out to get a bigger place with his girlfriend made due with a bad garbage disposal for a month because he knew it would save time and money if I could replace it when I performed the turn-around after he moved out rather than having to call a plumber. Trust me, having tenants who respect me and work with me eases a lot of my landlording stress. Take care, Ed
Welcome to BP @Edward Ross .
Interesting story for sure and it is always cool hearing how landlords develop a mutual respect between themselves and their tenants.
I think these type of gestures can work with higher priced rentals like you have, do you find that your kind gestures have any direct impact on tenants staying longer in your rentals?
Thanks for sharing your story @Edward Ross
I do like the idea of giving the tenant a gift card once in a while to say thanks. In regards to the lottery tickets, I personally despise those things but it's a nice thought. I actually give the tenant a discount for paying on time, but if they are a day late, they owe the full rent.
That's what works for me.
You do seem kind and generous, giving back $ to the tenants in form of monetary gifts.
But wouldnt lottery tickets likely offend persons of an anti-gambling faith? Guess you got to know them well enough to make that call, though.
I don't think giving out the lottery ticks and thank you card makes tenants stay longer, they are just more cooperative and willing to work with me. The tenants have had that moved out moved out due to a car accident (going on disability), moving to a larger house with girlfriend, moving to a safer area where the house won't get broken into, and losing their job and not being able to afford the house. I am sure if I were a jerk they may move out earlier and in that case the kind gesture could make a difference.
I had one couple tell me that they race to the mailbox about five days after they pay their rent because they want to be the person who gets the lottery tickets. I do think about if the lottery tickets could offend someone or be against their beliefs. If they say they don't want them I would immediately stop. So far I have not received any negative feedback, only positive.
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