Reward Systems For Good Tenants? Do or Would You Offer It?

[Ed Barton]

Wouldn't offer anything myself but a different story with my mother.
Went to visit her a few days ago and she was out delivering Christmas
gifts to her tenants.
One she has had for 10 years now has fully restored her property, including
a shed conversion to teenager retreat, new colourbond rear fence went up
a few weeks ago and carport still laying against the front fence ready to
pop up one day soon.

I suppose it can work both ways but still not convinced of it as yet..

added , forgot to mention the new carpet throughout the house.( he's a carpet layer)

your mother sounds like mine. the 'old fashioned' management has the same level of problems as the hard *** landlord imo. over many properties the different approaches yield similar results. but if you only have one IP i recommend the hard a approach.

 

[Ed Barton]

Hotwired,
When we were new LL's were thought like you too.
We offered tenants a free months rent if they could pay on time, and have no damage for 12 months.(not including fair wear and tear, I mean damage caused by them)
We inform each one of them if they screw us around we will chase them through the courts. Of course we are smiling, and they give a nervous laugh.

some people give presents to everyone they do business with, it makes them happy. it's all in the giving and all that...

others give on a purely commercial basis. my business customers get a purely commercial gift. my very long term tenanta get 'a ham', or hamper etc, because we're part friends and part business. the giving also gives me an opportunity to do a good 'inspection'.

 

[Andrew_A]

Two movie tickets at Christmas is my choice for all tenants.

I also have an entrant for best tenant competition.

* Painted house
* Improved garden, fencing and landscaping to high standard
* Pays 6 weeks in advance
* Fixes small issues themselves

I see the tenant/landlord relationship as being of mutual benefit, not all about numbers and not all about giving to the tenant either, a balance like everything!

 

[recruit2]

I believe in rewarding good property managers.

I have a fantastic one in Canberra and am going to send her a bottle of wine for looking after us so well and being highly pro-active. She does her job very well and with a lot of energy. I have heard horror stories of other bad PMs not really giving a rats and so I am grateful to have her looking after my IP.