Tenants are doing a great job of paying rent a week before it is due. Would it be beneficial to waive one of the water bills as an incentive and thank you to keep paying rent well in advance? Or would it be better to just keep how things are and make sure they pay for everything every time. Thanks!
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
5y
I wouldn't tie it to the property and your business...but it's a nice idea. How about getting them a $50 gift card to a local restaurant you like and would want to support? Maybe every quarter or so...?
Rental Property Investor · Toledo, OH · Member since 2018 · 309 posts · 264 votes
5y
I'd be careful of it simply because you don't want them to expect it in the future. You obviously seem to have great tenants, so you should be a great landlord back. This doesn't mean knocking off payments they owe you, it means fixing things that break right away, being responsive to all requests, taking care of your property, etc, not knocking off payments, just my opinion!
Contractor/Investor/Consultant · San Diego / Phoenix · Member since 2021 · 12k+ posts · 15k+ votes
5y
I wouldn't tie it to the property and your business...but it's a nice idea. How about getting them a $50 gift card to a local restaurant you like and would want to support? Maybe every quarter or so...?
Rental Property Investor · Red Bank, NJ · Member since 2017 · 1k+ posts · 1k+ votes
5y
They are simply fulfilling the terms of the lease. It should not matter to you if it is early or on the day due.
The "gifts" is a horrible idea on many different levels.
Do this: when they text you with an issue, reply immediately, address any repair/upkeep issues immediately and keep them posted through out...
If you do this you will be within 1% of landlords (we here) and if you are already doing this then perhaps they are showing their appreciation with early rent payments.