Planning to give your tenants a little something for the holidays. Here are 10 ideas that can make them happy and improve the property also.
NOTE: If you are planning to raise the rent at the new year, it may not look good to spend a big gift just before the lease increase. Tenants may be more insulted than grateful. TIP: give a small gesture if you’re raising rents soon and throw a tenant appreciation party and offer more expensive gifts (e.g. cleaning) during the spring.
1. Gardening or Home Depot Gift Card
Gardening gift cards could entice tenants to plant beautiful flowers in the front yard or buy a nice office tree. Bonus tip: include a copy of Better Homes and Gardens Magazine for some inspiration. (Cost: $25 to $50)
2. Upgrade Wall Outlets
With the increase in use of electronic devices and cell phones, it is convenient to have USB charger receptacles. This can sure put a smile on your tenant and also add value to the unit. (Cost: $10 + labor)
3. Exterior Electronic Locks
Upgrade exterior locks to smart key-less entries. This can be an exciting tenant gift and inexpensive way to modernize the property. Many locks provide features such as auto-lock, unlock, electronic key creation for guests and repair people. Some will let the tenant control the lock remotely. (Cost: $50-150 + labor)
4. House Cleaning Service
Hire a professional service to come clean the property. This is a great gift for the holidays when tenants plan on hosting parties or just want to clean up after to prepare for the new year. If the tenants prefer to have this done while they are away for the holidays, make sure you have a manager or someone present to supervise the cleaning crew at all times. (Cost: $75 to $300)
5. Potted Flowers
Flowers are a simple yet meaningful gift that brighten up the room. Poinsettias are a popular holiday plant and add festive colors. Just be careful not to send red roses especially in February. They might get the wrong message. (Cost: $25 to $50)
6. Paint a Room
From time to time, units need a fresh look. Offer to paint a bedroom or office to give a fresh look. Don’t forget to let them choose the color (from your approved list, of course) so the tenant is involved and appreciates giving input. (Cost: $25-50 + labor)
7. Carpet Cleaning
Cleaning carpets annually is a great way to reduce allergies, smells and remove stains. This can also extend the life of your carpets and lets tenants know you are keeping up with maintenance and care for the units. Look for local companies offering specials or volume discounts. (Cost: $varies)
8. Smart Thermostat
Electronic thermostats are a great way to upgrade the unit and keep the tenants comfortable. Not only can this save energy, but tenants will appreciate landlords modernizing the units. (Cost: $60-$200 + labor)
9. Rent Discount
Especially during the holiday season when people are buying gifts for loved ones or co-workers, deducting the rent can be a helpful gesture. Simply send a card, letter or email notifying the tenant of the discount and wishing them, “Happy Holidays”. TIP: talk with your tax adviser on any benefits you may have). (Cost: $varies. You decide.)
Rent Discount Letter Example:
As a gesture of our appreciation and in spirit of the holiday season, we are offering you a rent discount of $50 this December. We recognize this season as a time of giving and would like to to extend this offer to you as a holiday gift. Please use the money to treat yourself or your loved ones with something special.
verbiage for rent discount
Thank you so much for your continued stay here and we greatly appreciate you. We’d like to wish you a healthy and wonderful holiday season. Have a prosperous new year!
From our family to yours,
<Management Company or Landlord’s Name>
10. Throw a Tenant Party
Having a tenant party is one is my favorite. Throw a holiday party for the building. It is a great opportunity for the tenants to get to know each other. People tend to act better around people they know and are happier hanging out with friends. The best time to throw a party is from 5-7 PM on a weeknight. Have some appetizers with warm apple cider or hot chocolate. (Cost: $100 to $1000s depending on number of tenants)
For more tips and information, feel free to contact us at Appreciating Real Estate with any questions at no obligation. (714) 657-3853 or click here for an appointment.