This holiday season why not hang up your “landlord” hat for a little bit and replace it instead with “good ol” St. Nick’s? No, we’re not suggesting that you slide down any chimneys but we are suggesting that you take the time to do something special for your tenant(s).
Here a few great gift ideas for your “gift giving sack”:
- Money off January’s rent: January can be a tough month on the budget especially if your tenant went a bit overboard on gift giving so why not relieve some stress by offering a certain percentage or dollar amount off their rent in the new year?
- Housecleaning services: We all love free housecleaning but a tenant who is just moving in or who has a brand new baby will especially appreciate this thoughtful gesture. This is also a great way to start a referral system with a local cleaning company. You scratch their back at Christmas; they scratch yours (hopefully all year long)!
- Gift baskets: Who doesn’t love a gift basket of goodies at the holidays? It’s an easy and affordable gesture to make and with a multitude of store bought and online gift basket options there will always be the right fit for every kind of tenant. Or if you know your tenants very well, you can also do up your own basket that speaks to their unique needs (i.e. a basket of toys for a single mom with kids).
- Gift cards for local retailers: Like a gift basket, gift cards always come in handy but try to keep them for places that are within walking or driving distance for your tenants. You want to make it convenient for them to get some free groceries, gas, clothes, a night out, and a trip to the movies, etc. the next time they need it.
- Give them the gift of upgrades: Does your rental need painting? Could the carpets use a professional cleaning? Is there yard work that could be done? You can upgrade your unit and treat your tenants at the same time.
- A simple tool kit: Yes, you may still be called to do repairs every now and then but if you give your tenants the basics to do simple fixes (think loose door knobs, wiggly shelves, etc.) then it may save you a trip every now and then.
- Have a party!: This works best for multi-family building but if you have a portfolio of single family homes, you can always have a get together at a central location like your office, a hall, or a restaurant and provide some appies and drinks. Not only is this a great way to get to know your tenants better, it’s also a great way for your tenants to get to know each other. In an apartment building, the lobby makes a great place to hold your party as it’s central for everyone coming and going and if you hold it right after work your tenants can stop in when they get home. Plus the space is free!
A little bit of festive giving can go a long way to making your tenants feel special and appreciated which in turn helps you build customer loyalty. The result is reduced vacancy rates and lower turnover costs. It’s a win-win situation!
Have an idea to add? Please let us know in the comments below.