A dilemma many landlords face this time each year – should you buy your tenants a gift, and if so how much should you spend?
Why It’s A Good Thing
Good relations are always good, and goodwill usually reflects goodwill – if your tenants have been good all year, always paid their rent on time, kept your investment property in good shape and plan to remain for another year, then giving them a small gift will be appreciated. Positive relations can significantly encourage them to take better care of your property and be more understanding when you can’t complete maintenance issues straight away.
Keep in mind that gifts are tax-deductible, but there’s no need to go overboard to impress your tenants. A $20-$30 gift basket, flowers, bottle of wine, or gift card is usually considered a great gift. Another idea is offering to improve their home with a fresh coat of paint or a new appliance – not only are you giving your tenants a great gift by improving their home but you’re also increasing the value of your investment property – win-win!
The choice is up to you, most tenants don’t expect gifts so they usually won’t feel like they’ve missed out if you decide against it. However going that extra mile with a Christmas gift will go a long way in encourage tenants to continue being great tenants looking after your investment property.
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