Got great tenants that you’d love to keep? What do you do for them? A happy tenant makes a happy owner. This is a relationship and all relationships take effort on both sides. Here are several ways to give back to your tenants and keep them happy so when that lease comes up they may want to stay.
~Discount on rent or a bonus at the end of the year for 12 months of on time payments. My tenants LOVE this. I give any tenant that paid on time all year a $50.00 gift card right before Christmas. This is a great little incentive for them to never pay late. Give a gift card or a drop the rent if the rent value has dropped in the area since they moved in. Stay within the market. If the tenants can move two blocks away and get a bigger better house for less money they may just do that.
~Upgrade the home and or property. Add some landscape bark to spruce up the yard. Add some outbuildings or sheds for storage. Add a covered parking area, deck or covered patio. Update the kitchen appliances or washer & dryer, Paint inside or outside. Keep the carpet fresh and new every 5 years or so. Offer to upgrade fixtures when outdated.
~Give small gifts when inspecting. I give all of my tenants a box of chocolates, small plant or coffee cup with coffee or tea bag in it on inspection day. They had to take the time to clean and prepare and sometimes they even take time off of work or arrange their schedule for the inspection and its a way to say thanks.
~Anytime a repair or event happens that will cause an inconvenience to the tenant give them a gift card or a gift certificate to show your gratitude for them renting from you.
If you take the time do do small things for your tenants it will show that you appreciate them. The cost is well worth the effort if it makes them want to stay.