Christmas And Your Tenants
As we get close to the end of the year and Christmas, and we think about buying gifts for our loved ones, I have been asked by a few investors do I send cards or presents to my tenants.
My thoughts on my relationship with my tenants are:
I want to keep a respectful distance generally with them, but also treat them properly as human beings that are living in my property.
I know some landlords send a welcome card to new tenants, and some leave a bottle of wine for them on arrival.
Others clearly self manage and then have a closer relationship with them.
I have left a card, and wine myself – this will depend on the tenant profile – but I think can be a good gesture. I personally would not leave my contact number though – I know some people will write on the card, any problems with the letting agent, call me directly – but for me that is unnecessary, and could affect the relationship between you, the tenant and the letting agent.
I do however like to reward my good tenants – for example if I have a tenant that has been in one of my houses for 4 years, and looked after the house paying rent on time, and reported very few maintenance issues, often even doing some of them themselves, I would not rush to put the rent up, as I want them to stay another 4 years!
It does frustrate me sometimes with some investors who are reluctant to ever make any improvements to their property, and then want to increase the rent every 6 months! Our management company have actually given back the keys to some properties to landlords who have refused to keep the property to the standard we expect for our tenants.
This Christmas I will be sending cards to each of my tenants – and any tenant that has been in for more than 6 months and is up to date with the rent I am sending £20 in the card to go towards anything they want at Christmas.
This will go to around 60-70% of my tenants – and I think is a small price to pay to have a good tenant.
Some of you may be thinking that is unnecessary, and some may think is not enough – but for me this is worth doing, as is a small show of appreciation to my tenants who in effect have successfully helped me run that house effectively this year ie they have helped that house run as a successful business.
Now 1-2 tenants will be getting a different type of letter from me – as they have not helped my running of a successful business.......but fortunately the vast majority are on side!
I hope you find this useful – and this helps when looking at your relationship with your tenants in your buy to let business !
Article Courtesy of Alan Forsyth @ Property Investment
www.property-investment-deals.com
