As landlords most of us know the pain of having bad tenants and the process and legal actions that sometimes have to be taken when dealing with them. We know what to do when we have a bad tenant but what about when we have a good tenant that we want to keep. We all hope and pray for good tenants so why not reward the good ones we currently have to keep them happily paying rent each month and treating your property with respect. It makes sense to let those good tenants know that you appreciate everything they do. I’ve compiled a few ideas you can do to show your appreciation.
Gift cards are an inexpensive and easy way to let your tenants know that you appreciate there positive contributions.
Rental bonuses and deductions
A rental bonus could be given if your tenants recommend and refer good people to rent from you. You could consider reducing a months rent or cash. You could also reduce rent for a month, a good time of year that’s coming right up is December as many people are a little tight on cash that month because of Christmas.
Address any complaint or issue the tenant has right away
This should apply to any tenant really good or bad but if two issues of equal importance came to you at the same time I would respond to the good tenant before the tenant who pays late or is a slob.
Offer a five day grace period for rent before a late fee is charged
I do this for all of my tenants but it is an incentive to make them want to stay. You are showing compassion by being lenient (to a point) and allowing rent to come in anywhere between the 1st and 5th of the month for example.
Keep up on property maintenance
This is a big one in my opinion. If someone has been living at your property for a few years it’s time to consider having the carpets cleaned, touching up the paint, maybe having the home professionally cleaned, and other cosmetic issues that could send your current tenants looking for a “fresh” place to live.
Flooring, appliance, etc. replacement
If your tenant is long term it’s important to not forget that things do wear out, the carpet may be due for replacing. Appliances could have surpassed there lifespan and be needing replacement. Tenants may not confront you about these issues but it could be a reason they want to move to a more updated place. In this case it’s important to have good communication and a working relationship with your tenants. I would suggest that if there are several things that need replaced ask your tenant which 1 of those items they would appreciate the most. They will feel good about having input and you won’t be burdened with all of the upgrades at once. You could set up a time line to replace items.
Good tenants can sometimes be hard to find, so when you get them, do what you can to hold on to them. Keeping those good tenants plays a huge roll when analyzing the profitability of a real estate business. Finding new tenants can be expensive; having a house vacant, repairs, and marketing are all expenses that can make a profitable rental turn into an expensive burden. Consider some of these incentives to keep from having to search for new tenants. It will make your property management so much more pleasant!