How are you guys incentivizing your renters? Are you at all?

[Anthony Drew Gary]

Hello BP Nation!

I've taught Dave Ramsey's Financial Peace University through my church and I thought maybe it's worthwhile to offer to send my renting families through the class?  If they latch on to Dave's principles, there's decent likelihood that they will remain renting for a while, and the class is only $100.

I've heard of free carpet cleaning for renewing a lease, and I've heard of reimbursing ACH payment fees for on-time payments, but I'm curious if there are other ways to keep great tenants using creative ideas?

Cheers,

Anthony

[JD Martin]

My experience: the best tenants usually end up being people who have their **** together, so to speak, and people like that are usually on to bigger and better things, which means they're not going to be your tenants forever. I've hired a lot of employees and it's the same phenomenon - the best employees are going to have ethics, morals, self-motivation, intellectual curiousity, etc - and those same qualities eventually lead them to seek out greater challenges. 

To that end, I offer great units with good amenities at somewhat below market rates, fix problems as they come up in a timely manner, and keep rent increases as low as possible, and I don't bother the tenants. That's my incentive for people to stay.