It's that time of year again; the time of year for goodwill toward mankind. This year, you may find that showing a little gratitude toward your tenants with a Christmas basket can result in a number of benefits.
1. Let Them Know You Appreciate Them
Landlords sometimes make the mistake of forgetting that tenants have a choice, particularly in competitive markets. Expressing your appreciation with a Christmas basket lets your tenants know that you understand they have a choice and that you appreciate them for choosing your property.
2. Generate Referrals
When you show your tenants how much you appreciate them, you can be assured that they will tell other people what a great landlord they have. The best referrals that you can receive are those that are generated by your best tenants.
3. Encourage Regard for the Property
Among the costliest expenses that many property owners face is repairing damage from careless tenants. While giving a Christmas basket might not guarantee that tenants will care for the property, it certainly might make them think twice before they do something that would damage the property.
4. Build a Loyal Relationship
Regardless of whether your tenant is new or has been with you for a while, it is always important to work toward building a strong relationship with your tenants. This is not to say that you should strive to be best friends with your tenants. It is always important to maintain a professional relationship. At the same time, it is also vital to develop a trusting relationship. Doing so will help to ensure that if there are ever any problems in the future, your tenant will come to you first, so that those problems can be resolved in the best manner possible.
5. Encourage Longevity
As most landlords are well aware, vacancies are best avoided. This means it is important to do everything you can to encourage good tenants who pay on time to stay. Doing so helps you to avoid the hassles and expenses of searching for a new tenant. Giving your tenant a Christmas basket this year is a great way to encourage them to stay.
So, what should you put in a Christmas basket for your tenants? There are numerous options, depending on your budget. You might consider a small fruit basket or a basket with Christmas sweets and goodies. Or, you might think of including a voucher or gift certificate to a local restaurant.
Remember, a good tenant who cares for your rental property and pays his or her rent on time can be worth their weight in gold. Late rent, illegal activity, and an overall disregard for the property are all issues that often arise in the property management business. By making a point to express your gratitude this holiday season by presenting your tenants with a Christmas basket, you can let your tenants know that you truly appreciate them while encouraging them to remain loyal tenants.