great topic....
I think you hit the nail on the head.
Rentals are one area where the little guy can still compete with the mega corps and large apt complexes, often winning over some choice tenants with personal service, flexible terms, and small touches...
Just a few ways, off the top of my head, that I think we can gain a competitive advantage over more rigidly run large complexes (though all markets vary, so these are based on my experiences)....
) flexible terms (I offer a six month or one year lease; of course, most six month folks renew, but some like the flexibility; some large complexes are "one year or nothing" in my market..)
) new mats (inside and out of the doors; bath, even runners or area rugs in high traffic area for vinyl plank flooring)...while they add some "wow factor" and look like gifts, there is self interest at work here, however, as the matting greatly reduces wear and tear on my flooring.
) pets on approval ( I have some of the best behaved canine tenants imaginable, and their high quality tenant owners stay long term, are respectful, and pay well,yet are often shunned by many "no pets" larger places)
) small (tax deductible) $20 gift card at holidays .. I am in that camp ...
) unlimited ice melt for each unit in winter (again, win/win as they can fling away if they find a slick spot, reducing risks and helping)
) flower baskets hung in spring (then I even let them adopt an annual to water so I don't have to drive by and check them)...
) responsive service and active maintenance ( maintenance is also about tenant satisfaction, so I try not to lose a good tenant due to a slow drain, broken closet, loose door knob, etc)
Finally, I think it was Leigh Robinson (or maybe Jay P. Decima) who had the dictum in how to act with tenants ; "always friendly, never friends" and I have had success with retaining people long term with that friendly approach....best of luck!
great topic....
I think you hit the nail on the head.
Rentals are one area where the little guy can still compete with the mega corps and large apt complexes, often winning over some choice tenants with personal service, flexible terms, and small touches...
Just a few ways, off the top of my head, that I think we can gain a competitive advantage over more rigidly run large complexes (though all markets vary, so these are based on my experiences)....
) flexible terms (I offer a six month or one year lease; of course, most six month folks renew, but some like the flexibility; some large complexes are "one year or nothing" in my market..)
) new mats (inside and out of the doors; bath, even runners or area rugs in high traffic area for vinyl plank flooring)...while they add some "wow factor" and look like gifts, there is self interest at work here, however, as the matting greatly reduces wear and tear on my flooring.
) pets on approval ( I have some of the best behaved canine tenants imaginable, and their high quality tenant owners stay long term, are respectful, and pay well,yet are often shunned by many "no pets" larger places)
) small (tax deductible) $20 gift card at holidays .. I am in that camp ...
) unlimited ice melt for each unit in winter (again, win/win as they can fling away if they find a slick spot, reducing risks and helping)
) flower baskets hung in spring (then I even let them adopt an annual to water so I don't have to drive by and check them)...
) responsive service and active maintenance ( maintenance is also about tenant satisfaction, so I try not to lose a good tenant due to a slow drain, broken closet, loose door knob, etc)
Finally, I think it was Leigh Robinson (or maybe Jay P. Decima) who had the dictum in how to act with tenants ; "always friendly, never friends" and I have had success with retaining people long term with that friendly approach....best of luck!
I really like the mats/rug idea.
We've been renovating our units upon turn over and replacing carpeting each time. ( some of them have 15 year old carpet!! yuk. We just bought them this past year, so not our doing. ) Anyways, I like the idea of providing entry way mats, kitchen sink mat, etc., to help protect the new flooring. Thanks!
A smile and say hello by name whenever I see them. Little extras when I am servicing a unit anyway (like a new toilet seat or faucet or porch light unexpected), greeting cards at holidays, common areas decorated for the season or trimming a tree, weeding, etc. without being asked. Rent 'discounts' for paying by the 5th, written guarantees of no further rent increases for a year after an increase even if they are mtm.
The importance of saying hello and knowing their name, the kids' names and the pets' names even can't be stressed enough. They aren't getting that from the agencies. Great thread @Matt Ryan!
Hi @Matt Ryan I usually have a little useful welcome gift to new renters.... either some smoke detector batteries and a couple light bulbs, or a few cleaning supplies. These are obviously things they will need to keep the home up. There are some great ideas above!
We respond to the life crisis events of our tenants in a compassionate manner.
For example, an elderly tenant's beloved cat died and he didn't know what to do. He was on fixed income and had no car, always relying on public transportation. He called us and we responded first with sympathy and then with practical help. We offered to drive him across town to the Humane Society and were prepared to pay the disposal fee for him. He wrapped his cat in a towel and sat in the front seat holding his pet tenderly. My husband and I went in with him and upon learning he was low-income, the Humane Society did not even ask for the fee.
When a tenant passes away, we provide a $50 "Love Gift" to the family remaining in the home and a sympathy card.
When a tenant gets married, we send a gift. We attend weddings if invited.
When a tenant has a baby, we send a gift. We attend the christening or first birthday party if invited.
We give gift cards for the Holidays.
We help decorate for the Holidays and contribute to community potlucks/BBQs (at our 8-plex).
We have a "make it your own home" policy, whereby we give approval for a reasonable modification to the property, such as painting a room, changing out a light fixture, etc.
We prepare a "move-in packet" which includes information to orient them to the property (property rules, utility contact information, change of address form, our contact information, etc. ) and also information about the neighborhood, such as a walking/trail map of the local area, chamber of commerce welcome information, a list of nearby amenities (including medical, shopping, restaurants, schools, parks), menus for local pizza delivery services, coupons for local businesses, etc.
We prepare a "move-in gift" which consists of a bucket of our favorite cleaning supplies and a reusable shopping bag with starter supplies of paper products, a "Zip-It" hair snare for clearing sink drains, a toilet plunger, a cutting board, approved hanging devices (picture hooks), a door mat and a shoe tray.
We supply light bulbs for all permanent light fixtures for the duration of the tenancy, including specialty bulbs for appliances and chandeliers. We give the tenant the choice of CFLs or incandescent bulbs. We collect the burned out bulb when we place a new one. We can exchange the spent CFLs for new ones at our local electric utility company... endless supply of free CFL bulbs!
[We have 17 residential rental properties (SFRs and small multiplexes) and most of our tenants are long-term, one has been in her apartment since 1988!]
@Michael Boyer @Steve Vaughan @Jonna Weber @Marcia Maynard All great suggestions. I've been doing a small gift for the holidays and that seems to be a very pleasant surprise to my tenants. One of my buildings has a common foyer area and I have been thinking about installing a small bulletin board there to post with reminders, tips, etc. Would be easy enough for me to swap it out each month when I stop by to pick up the rent.
Greetings!
Like many BPers, I own a few rental units (2 4-unit buildings) and manage them myself. I run my business professionally, I take good care of my properties and like to think I treat my tenants well. I believe being a smaller scale landlord allows me to do things and offer personal touches they wouldn't get at a large apartment complex, making up for the lack of swimming pool, workout room, etc. they may find there.
I'm curious as to what types of personal touches other small landlords do for or offer to their tenants, just because we operate on a smaller scale. We all know decreasing tenant turnover helps the bottom line, so what extra free or low-cost things do you do to keep your good tenants happy?
Thanks for your input!
Matt
This past year the tenants with kids that occupy my units got a free copy of the movie "Frozen". I feel the personal touch can go a long way especially when the end of the lease comes around and you want them to stay. However it just feels good to see the smiling faces on the parents faces
We buy each unit a turkey at Thanksgiving...
I think I may want to become one of @Marcia Maynard's tenants! :) Wow, impressive!
What great ideas! Thank you all for sharing.
I have one unit next door in a duplex I house hack. There are three young women living there. This year for the holidays I got each of them a mug from Anthropologie with their first name initial in gold. I made sure to wrap each one very nicely and wrote a small note of gratitude. I'd never done that before for tenants and based on the nice card they left me, I think it went a long way.
Another thing I do is renovate units in a period appropriate way, along with many of the original touches restored. For example in my 1958 duplex, I replaced the 1980s laminate countertops with a new patterned laminate that evokes a mid-century design. I even trimmed the edge with aluminum edging like they did back then. The refrigerator is new, stainless, and so is the sink, but I replaced the 1980s electric cooktop with a wide coil stainless Frigidaire cooktop from the 1950's. (All electrical up to code...) The lighting fixtures are all period. It gives the kitchen a retro modern flair with a lot of character. I did something similar in the bathroom with new tile etc.
I also give them freedom paint bedroom walls as long as they restore it to the original color when they move. They are also free to garden in the yard or parking strip as they wish.
Periodically I'll ask if they need a furnace filter, or I'll just check in over email to see if there's anything they need.
I'll be installing solar panels soon, so they'll save on utilities (though their rent will also increase after their first year since I'm footing the solar bill) and feel warm and fuzzy about saving the planet.
Speaking of which, they have a hybrid electric water heater and 96% efficient gas furnace. These things are appreciated in Portland.
I allow well behaved pets.
Rents are high around here, but I try to stay slightly below the competition to attract good tenants. That said, I do assess late fees as soon as a tenant is late, so they know not to take me for granted. They've only been late once, which was an $80 lesson.