I've heard many different ideas for "compensating" good tenants, from installing celing fans to buying TVs, and so on. I was curious what other landlords out there do for their tenants that is "above and beyond" what is written in their leases to retain good tenants.
I'll start: :whistle:
Plant an herb garden for them to use
Install washer/dryer - no charge for use
Wow, giving away a washer and dryer (that is, if they move and steal it), seems a bit over the top.
The secret to compensating good tenants is to "invest" the compensation into the property,not the tenant.
I don't do rentals any more, but here are the things that I did on ALL my units.
1. Higher efficiency A/C units and "solar" screens on all appropriate windows. Additional insulation in many cases. This keeps their utility bills lower than comparable units. This is a selling point in regards to why my rents are higher.
2. Ceramic tile in kitchens and baths. You only have to pay for and install it ONCE. No one has ever screwed up ceramic tile in one of my units. Makes it show better to help justify my higher rents.
3. Upgraded carpet and pads. See above.
4. Good looking landscaping. See above.
5. Completely repainted inside. See above
6. Garage door opener. See above.
7. Window fans everywhere. See above.
My places were always the best looking in the neighborhood. When prospective tenants would point out, "your rent is $50/month higher than the place down the street". I'd tell them to go rent the place down the street! At which point they'd tell me about the holes in the sheetrock, dog pee on the carpet and the filthy oven. I'd just tell them again about the "extras" that my place had.
BTW, I had a MINIMUM OF TWO YEAR INITIAL LEASE. My average tenant stayed 5+ years and I ALWAYS got higher than market rents.
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