Happy Holidays Real Estate Investors!
A change is in the air and even in South Florida we can tell that it’s that special time of year when our thoughts turn to appreciating those around us for everything they do. Of course we are all aware of the importance of recognizing the people that help make our lives easier all year long such our postal works, UPS and FedEx drivers, lawn care professionals and a host of others that we just could not live without. But as an income property owners we must also remember those special people that provide us with a consistent source of income: our tenants!
Now whether your tenant has been naughty or nice this year is obviously an important thing to consider but it is rare that a tenant would be so bad that they would deserve a lump of coal in their stocking. If that is the case they shouldn’t be your tenant anymore. But we have all had tenants that almost seem to be more trouble than they are worth. And for those maybe just not serving them an eviction notice is enough of a gift! But in most cases tenants do their thing and pay their rent and don’t bother us too much.
So for your Nice List of Tenants this year here are a few ideas to keep that relationship going strong…and not to say there is an ulterior motive here but a little bit of kindness may go a long way in terms of patience when problems occur in the property that need repairs!
Gift Idea #1: Food!
You really can’t go wrong with food…although you can go wrong with specific types of food due to allergies and personal preference. But in general most people love meat, cheese and bread. A gift basket with some delicious cheeses or fruits is going to make anyone happy and the cost is not too high either. If you have an especially good tenant you could treat them to a gift card to a nice steakhouse or even just a $100 Publix gift card to help them splurge for the holidays. Now matter how you cut it the path to the heart almost always goes through the stomach!
Gift Idea #2: Toys!
Do your tenants have children? If so there is nothing that will ingratiate your to parent more than to give something nice to joy of their lives. This requires a bit more calculation if you want to actually get a gift because you should know the age and gender of the kids, but you should know that anyways from your lease information. Of course who knows what kids are into these days and you also may not want to piss off the smallest decision makers with what you think is cool but is actually lame so here again you can go with the tried and true gift card to Toys R Us.
Gift Idea #3: Wine or Liquor (But probably wine)
These are the toys for adults 😉 and during the holidays I think we can all agree that there is never too much of this stuff laying around! Again personal preference goes a long way here but in our experience a nice bottle of red wine is almost always welcome in any house.
Now liquor is a bit trickier. If you really know your tenants and know what they prefer then you can hit a home run with their favorite bottle. But if you don’t then it is probably better to stick to wine. And a note on beer, it is a very personal preference so it should probably be avoided. And to go with the previous trend you can always play it safe with a gift card to Total Wine & More if there one in your area.
So that’s our advice on the giving season, but if you have good tenants you should definitely give them something to show you appreciate them, it will go a long way cementing a solid relationship of trust and mutual respect. One possibly warning of something not to give: cash. Since your relationship with your tenants is primarily a financial one you should muddy that up using the currency of your main transaction, it could lead to feelings of resentment and make yearly rent increases more difficult. Other than that just remember that it is always the thought that counts.
So from all of us at Real Property Management Miami we hope you enjoyed this post and that you have an amazing holiday season!
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.