Do you buy your new tenants a gift?

[MarkB]

In his book "Wealth Magic" Peter Spann says that he buys all of his new tenants a small housewarming gift as a sort of a "thank you for renting and (in advance) looking after my property".

He also made the comment that his tenants seemed to stay longer in his properties when compared to others (or that he had a lower vacancy rate, I actually can't recall).

This struck me as a pretty good idea and it is a notion that has been explored before, such as in this thread.

MB

 

[Sim]

I don't, but I do usually buy a small Christmas gift (something like a couple of movie passes) for my tenants who have been there for more than 12 months.

 

[sbe]

I recently gave some tenants some double movie passes to thank them for understanding during revaluations (which the PM didn't do as asked and do periodic inspections with them - grr).

Anyway, never hurts to keep them onside

 

[Cosmo]

No.

Keep it business and keep it professional. Your tenant isn’t a fool. He knows you’re paying off the mortgage on the place with the rent and would be insulted if the gift was something “cheap”.

Promptly get onto the repairs / upkeep instead.

 

[Alan H]

I have one tenant at the moment who I am thinking of giving a ticking bomb as a present!!

Grrrrrr...........

 

[DaleGG]

Hi

I consider it a small investment in a win-win relationship . . .

Dale

 

[Kevin Hockey]

Trust me, a little consideration will go a long way.

Kev

www.nundahrealestate.com.au

 

[Kristine..]

MB

My Tenants always get a large box of chox, a 'Welcome to your new home' card, a bottle of something nice like Brown Brothers, and a flowering pot plant or hanging basket or good quality flowers in a vase.

The Property Managers each get a bottle of Brown Brothers and a large box of chox, and the admin staff at the Agency get a large box of 'Favourites' or similar to share.

Cosmo, so far none of my tenants have been fools. They have all been ordinary people moving into a new home. A welcome present on the kitchen bench takes the 'edge' off things. I have at times been delighted to drive past and see the hanging basket or pot plant decorating the front porch. I drove past some of my tenants this evening - all out there on ladders hanging Christmas lights right across the front of the house.

But no, Sim, I don't play Mrs Claus. Once is enough. I am not their long lost auntie, I am the anonymous landperson who stays in the background and out of the way.

Bon Noel

Kristine

 

[geoffw]

I don't buy gifts.

But I am quick with repairs, and I do improve my properties.

I've just had some rather scrappy paintwork on my flock of bats redone professionnally, and I'm having carports put in. I'm having a carport done on another property, and I'm looking at converting a carport on yet another property to a DLUG.

These are a real win win. The tenants get value, and I can revalue the property higher (usually by a lot more than what I spend).

I've just bought a new mower for the caretaker who pays me $40pw in rent- and had the huge gum tree which has been giving him problems professionally pruned.

In the big scheme of things, they're minor. I've had a pretty good year on the flock- just revalued at $744K, up from purchase price of $480K 14 months ago.

As everyone realises. it was not a typical year.

But it is I think a compressed version of what can happen by keeping tenants happy, improving their conditions (and rent)- and being able to improve my valuations as a result.

 

[liverpoolharryk]

As an agent I always give my tenants a gift when they move in, I think it makes them welcome and helps with them to do the right thing. I also give a monthly award for the tidest tenant when conducting inspections. Usually movies vouches or dinner for two etc.

Jarrod

 

[beech]

Alan,make sure all insurances are in place before handing the tenant his explosive gift.

 

[trump]

Just bought my first tenant in my first IP a card and box of choccies. Simply good old fashioned customer service, a small investment in what will be a long and productive business relationship, with value for both parties.

Trump

 

[DaleGG]

Hi

For what it is worth, and apologies for side tracking this conversation a little . . . we have also just bought the agent a small hamper for all their efforts.

Again, it builds a relationship where the centrepiece is my wealth both present and future.

Dale

 

[JoannaK]

Following on from Dale's comment about buying the PM a small gift, I have to agree that it certainly goes along way.

I used to love getting little gifts from my landlords at christmas time (and even from some of my tenants). It's nice to know that my landlords and tenants appreciated the work that I did for them.

It's just a small gesture, but a nice, thoughtful one.

 

[brains]

I send my new tenants a fatogram and a slab of VB. I havnt had any complaints yet.

 

[crest133]

undefinedI don't buy gifts for tenants. As a PM and property owner, I abide by the lease agreement, repair immediately and maintain frequently. The rent is fair and increased annually.
As a PM, I expect both parties (property owner and tenant) to fulfil their respective obligations to each other. I terminate managing agency agreements with property owners who do not abide by their agreements with tenants because it makes the PM liable to tenant action, and I terminate tenancy agreements with tenants who seriously breach, otherwise the PM is liable to action from the property owner( meat in the sandwich.) Good tenants do not require gifts, neither do landlords, it's a barter, an exchange process, use of house for money. Skip the gift nonsense, give me a good house, good landlord and good tenant combination anytime. Now there's a gift.
good luck all

 

[Peter 14.7]

Gave $1000

Not x mas or welcome but I give gifts to thank for allowing reno etc.. Gave $1000 rent reduction for helping keeping property clean and immac during auction sale. Share the wealth. Peter 147

 

[JAZPER]

Now and then, bottle of wine ect.. when they help me out.

 

[silene101]

My gift to them is providing an excellent place to live; their gift to me is paying the rent on time.

As for pm's, my gift to them is their 7.7%; their gift to me is a job well done!



silene101.

 

[skater]

I agree with Silene101 and Crest133. I buy properties as an investment vehicle, not for friendship. I am always polite when dealing with tenants and respect their privacy. Any maintenance is delt with promptly. I ask market rent and increase it in line with the marketplace and ask that the tenant look after my properties during their stay.

1/2 of my properties are occupied by long term tenants who appear to be very happy to stay on. I have not bought gifts or given a reduction in rent to any of them