Tuesday, December 1, 2015

Hmm, Christmas Presents For Favorite Tenants!


Christmas time is coming up and it’s about time to start thinking about your companies yearly plan to hang on to your good tenants. Do you have a “good tenant" retention plan in place? If not, should you consider one?

Over the years I have heard many landlords tell me about their retention plans that they feel work. First things first you need to define a good tenant. For my retention plan a good tenant is a tenant that has paid their rent on time each month for the past 12 months. After the first year of on time payments they get 10% off a month of rent. 2nd year they get 25% off and the 3rd year they get 1 entire month of rent for FREE. I don’t want to keep track of it because it would be a pain for the amount of tenants I have. But if they notify me I will check the records and give it to them.

Other landlord buddies of mine will give their tenant a Christmas present. I have heard these presents being all over the board in cost. I would suggest giving them something inexpensive like a gift card for a couple movie tickets. They will value you being their landlord just as much with a couple movie tickets as they will from you buying them a new TV which to me is insane and unnecessary. They aren’t your children.

The other retention plans that I have heard of which are good consist of giving your tenant, after a year of on time payments, a choice of 1 out of 3 possible apartment or house upgrades. This tenant retention method gets your house fixed up with nice things and makes them feel like they are living in a fixed up unit rather than a dump that you never put any money into. Those gifts could be things like pick any 1 room to be painted, an upgraded nice kitchen or bathroom faucet, or a new ceiling fan, etc.

Even though I can think of several of my tenants that would like it, you may want to skip on the travel size Tranny Love Doll.

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