TIP OF THE WEEK
for the week of December 28, 2009
A FINAL 16 INEXPENSIVE GIFT IDEAS! WHAT LANDLORDS ARE GIVING (OR GAVE) TO THEIR RESIDENTS1) We give our tenants a huge 3 pound can of assorted butter cookies from Sams Club. It cost about $10. They really seem to appreciate it and best of all everyone like cookies and it will last them for several days or even weeks. However the main reason we offer presents to our tenants is to celebrate and remind them of the greatest gift of all which was God's Son to this World. 2) I give my tenants a book of 20 Christmas stamps and a Christmas card. This is a useful and inexpensive gift, if sent in early December. 3) I give my tenants a gift certificate for a professional 1x cleaning. Saves them time during the holidays and helps to protect my investments! Some even continue with the service on their own. They can then schedule it when convenient for them. It's good for up to a year.
4) We usually make a goodie basket with baked goods and an item from the many things I buy on clearance throughout the year. My daughters make peppermint bark each year so we'll give some of that, in addition to some quick-bake cookies and wrapped candies (we'll buy a couple of bags to distribute in all the baked goods baskets or boxes). I buy the Target gifts that are specially packaged for the holidays (flashlights, pocket knives, bar sets, iPod cases, etc) when they go on clearance for 75% off and save them for gifts year round, so I might give something from that. I save tins from other gifts and pack sweets in them. I also include a 9-Volt battery or two with a message "for your smoke alarm." I am careful NOT to give candles. I am EXTREMELY grateful for the tenants we have, and I want them to know that. We also provide a small "welcome" basket with cleaners, paper towels, paper cups, a few cans of soda in the fridge and some granola bars and/or Girl Scout cookies for moving day snacks.
5) The last 10 years we have given a gift card to a local restaurant. It is well received by the tenants and helps out local businesses. It doesn't cost that much I normally do $25 per unit.
6) Some landlords do not give gifts if they have a lot of unit, but If I had 100 tenants I would at least send a card, and probably would also give a $5 box of candy or small gift card. If I had 100 tenants, it might cost a lot, but I'd be happy to have 100 rent checks every month, and any little effort I could make to retain even one of those tenants for a new 12-month lease would be worth it. Though, It IS a lot of work for the organizationally challenged, like me.
7) I have been sending a lottery ticket in a card every year. Sometimes a scratch off and a superlotto.
8) I will send a handwritten note with a $50.00 gift card from Home Depot. This usually encourages them to buy something for the house and in most cases they will add some of their own money to get something really nice.
9) I usually go to our local 99 cents store and pick up a bottle of sparkling apple cider, fresh fruit, chocolate, cookies, card and a bag to put them in all for under $10. I only do this for my very long term tenants in the triplex. Times have been tough this year and I have vacancies elsewhere. In the past I have given an outdoor bench, carpet cleaning. I also give my really great property manager in Alabama a gift. I send her a box from Omaha Steaks as they usually have a good sale on. They love that and I pick one that costs around $50 inc shipping.
10) This year we are giving Entertainment (coupon) Books to all 40 of our tenants. Normal cost is $35 per book, but we got them for $15 each because my husband is a realtor.
11) My wife bakes a small whole wheat loaf of bread for each unit. Being homemade, seems to mean more to tenants. 12) For the first time, I have a tenant during the holidays and they have paid faithfully every month (even though they call often for repairs:-) so I plan on giving them a $50 Amex gift card to thank them for renting from me. After all, they are my business partners.
13) I always do a $25 gift card to Walmart, along with a nice card. I also do a $5 or $10 gas card when they are inconvenienced with the water heater or furnace breaking. I of course fix everything right away and do appropriate preventive maintenance, but for the couple of bucks it costs me for the goodwill, it's worth it. These tenants have made several improvements in the yard that only add to the value of the property.
14) I give all of my residents a large bottle of yellow tail wine... it looks impressive, but it only $7-8. I manage property too and tell the owners this will be deducted from the remittance.
15) I give $25.00 off of 1 months rent for the good paying tenants and nothing for the slow paying tenant which I feel gets a gift every time she's late on her rent. 16) I give $20 gift cards to various restaurants. I overload on the holidays because most places are giving back $5 for every $20 spent. These gift ideas were submitted by numerous regular contributors to our Q and A forum.
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