Rewarding good tenants

Discussion in 'Innovative Techniques' started by jalen712, 2nd Jun, 2015.

  1. jalen712

    jalen712 Member

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    Hi,

    Just wondering if anyone rewards good tenants at inspection time? (Movie tickets, wine ETC?...)
    Just had an inspection and the tenants have done a great job maintaining the property. I read somewhere that rewarding tenants and encouraging them to keep it well maintained can help not only tenants stay longer but the overall general care of your property.

    Interested in peoples thoughts...

    Cheers, J
     
  2. jerrybee

    jerrybee Member

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    Good idea for a thread. I've had one good tenant, one unbelievably good tenant. Would be good to find a way to say thank you.
     
  3. Xenia IM

    Xenia IM Property Manager

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    Our agency sometimes leaves chocolates at routine inspections.
    when we remember to take them ;)

    I agree - good idea and thanks for the reminder to express the gratitude, some tenants keep the house so good that we take marketing photos at routine inspections because it looks better than when they moved in.
     
  4. Xenia IM

    Xenia IM Property Manager

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    We've also done movie tickets and krispy kreme donoughts in the past too.
     
  5. wobbycarly

    wobbycarly Carpe domus

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    I reward them by providing subsidised housing, maintaining their living space to a suitable standard and not kicking them out on the street. ;)

    If I had $1 for every thread about "rewarding" "good tenants", I'd have ... lots of dollars. :D

    It's become a bit of a standing joke around here.
     
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  6. wobbycarly

    wobbycarly Carpe domus

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    That's for the bad tenants, right? :p
     
  7. chindonly

    chindonly Member

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    We give them chockies at Christmas....
     
  8. Propertunity

    Propertunity Real Estate Buyers Agent

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    Like Wobby, I reward good tenants by subsidising their lifestyles by letting them rent a property from me that they could never afford to buy themselves.

    I also reward them by letting them stay on if they continue paying rent after it is reasonably increased. And finally I reward them by responding to reasonable requests even though I don't have to - external power points for a hobbyist, for example.

    The last one is a weakness I know. I'm just too damn nice :rolleyes:
     
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  9. Xenia IM

    Xenia IM Property Manager

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    Oh come on!
    Not a fan WC?
     
  10. Dylan33

    Dylan33 Member

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    At Christmas I get the PM to give 2 guys that rent two of my units a $25 voucher from the bottle shop. They both go that little bit further when maintaining the grounds around the units.
    I can see both sides of the argument too. But I think I get back ten fold what the little gesture actually costs me to keep them on side.

    I also have a pensioner in another property who I go that little bit further for too. I had this property vacant for a few weeks after I finished the reno on it.
    This old guy only uses half of the rooms and has never used the new oven or the new dishwasher. Always on time with the rent etc. So I reckon he's worth going the extra for too. I could have a family with four kids in there. Imagine the difference in the wear and tear?

    Personally, for the little bit it costs, the rewards for me are worth the effort.
     
  11. jerrybee

    jerrybee Member

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    Do you guys know if this gift would be tax deductible?
     
  12. Dylan33

    Dylan33 Member

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    Depends what your PM puts it down on your statement as.
     
  13. jerrybee

    jerrybee Member

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    I would pay out of my own pocket then send it to the agent to forward on.
     
  14. natedog

    natedog Member

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    We do Christmas hampers....for good tenants.

    We have one property where the tenant is a single parent looking after 3 kids who maintains the property immaculately for such an old house, she's been there since 2008, best tenant ever!

    When we arrived to drop it off personally the first time, she was close to tears, she was very grateful, she's a real battler.

    It can't always be "just business", there is a human element in everything we do
     
  15. wobbycarly

    wobbycarly Carpe domus

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    Prop's approach is one I favour, and reckon it covers Nate's "human element". A single mum recently wanted a security door and sensor light. Done! Reasonable request, adds value, she's less likely to move after the next $5-$10/week increase. Win-win-win.
     
  16. wombat777

    wombat777 Member

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    I personally think it would be a nice touch but not essential. I've had many years of being a tenant in my time.

    I think the best way that you can reward tenants is to annoy / inconvenience them as little as possible. Owners going in to do their own repairs really annoyed me. It always took much longer than an agent-appointed plumber or handyman. I also viewed it as an intrusion and just an excuse to be a sticky-beak.
     
  17. mik

    mik Member

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    I reward good tenants by extending their lease if they ask, attending to maintenance promptly and considering requests for additional items such as air conditioning.
    It is a very bad move, however, to reward tenants for doing what they should be doing anyway - that is, paying rent on time and maintaining the property in accordance with their lease.
    (I am an excellent owner but I've never been rewarded by a tenant !)
     
  18. jerrybee

    jerrybee Member

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    I do the opposite when they are bad. I have a tenant that keeps the property in immaculate condition, but he never pays the rent on time and has a hell of an attitude. So when a few (non critical) things broke, I waited months before fixing them.

    But this thread has given me ideas. I have an excellent tenant in one apartment, I will buy them gold class movie tickets after the next inspection:)
     
  19. Phiber

    Phiber Member

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    I see what you are saying about them only doing what they are supposed to, but "a very bad move"? I think you might be exaggerating a bit.
    There is a difference between someone doing the bare minimum and someone looking after a property well. I think it can be justified to reward the later.
     
  20. Dylan33

    Dylan33 Member

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    Agreed. I see it as a business move. The same as a little bonus for the staff at Christmas. Generates a bit of good will and respect. Hard to put a $ figure on that.