I talked to a successful landlord and he said that every 3 years, (he kept his tenants avg 8 years), he offered them their choice of a free:
interior paint job
new appliance
new window coverings
new carpet
etc..
usually only 3 choices, depending on how much he had already depreciated the item.
The tenant felt appreciated, and felt proud and ecstatic over their 'new place'. He could continue to improve and maintain his investments, and he could then re-depreciate the item on his taxes. It also gave him a chance for his team of repairpeople to report any abuse or neglect in his properties. (Besides the annual inspection)
Also he also offered "handyman day" to all his tenants every year. Throughout the year, small things happen to properties (chipped window, leaky faucet, etc) The tenants normally fix these things, but he offered this service to the tenants (nominal charges) during a designated month of the year that the tentants could sign up for. This was another chance for him or his team to inspect his investment, and the tenants were very happy with this service.
He lives & owns in Colorado, and has had 0% vacancy in the last 12 years. All of his tenants pay on time, and many of his former tenants (usually buy houses that he acquires for them) continue to refer quality renters to him.
During the holiday season, I buy my good renters a gift certificate for a grocery store. I got the idea here at TCI
Good luck
I feel Gift Certificates are better than cash, because people have to actually USE them instead of just putting it in the bank.
Certificates to Chuck E. Cheeses would be a good idea, as one to Walmart would be good.
I talked to a successful landlord and he said that every 3 years, (he kept his tenants avg 8 years), he offered them their choice of a free:
interior paint job
new appliance
new window coverings
new carpet
etc..
usually only 3 choices, depending on how much he had already depreciated the item.
The tenant felt appreciated, and felt proud and ecstatic over their 'new place'. He could continue to improve and maintain his investments, and he could then re-depreciate the item on his taxes. It also gave him a chance for his team of repairpeople to report any abuse or neglect in his properties. (Besides the annual inspection)
Also he also offered "handyman day" to all his tenants every year. Throughout the year, small things happen to properties (chipped window, leaky faucet, etc) The tenants normally fix these things, but he offered this service to the tenants (nominal charges) during a designated month of the year that the tentants could sign up for. This was another chance for him or his team to inspect his investment, and the tenants were very happy with this service.
He specialized in brick duplexes.
He lives & owns in Colorado, and has had 0% vacancy in the last 12 years. All of his tenants pay on time, and many of his former tenants (usually buy houses that he acquires for them) continue to refer quality renters to him.
[ Edited by keymtn on Date 04/10/2004 ]
With my good tenants I give them a $25.00 grocery certificate at Thanks giving and Christmas.