Referral Fee Question

[Alecia Loveless]

I’ve been offering a $100 referral fee for existing tenants who refer a new tenant to any of my properties. New tenant must go through complete vetting, sign the lease, pay security deposit and rent, and move in, prior to the referring tenant getting their $100.

I have decided to send a mailer to ALL my existing tenants informing them of this policy as my existing referred tenants have all been exceptional.

Does anyone else do this? Do you feel $100 is enough or should I raise it to $150 or even $200?

I want to make this a valuable thing to my existing tenants.