07 Dec Christmas Presents to your Tenants
At our last meeting a member asked, “Should you give Christmas presents to your tenants?” The topic then went around the room and then I gave them my opinion. The answer is no!
You should never give Christmas presents to your tenants. Everyone should consider sending their residents an appropriate holiday card. You can wish them either Merry Christmas or Happy Hanukkah. Another option is to be politically correct and send Happy Holiday cards. Remove the thought of giving Christmas presents to your tenants, not only from your mind, but also your vocabulary.
Every good landlord should create an expectation of behavior that will reward good tenants with a Christmas Bonus. A Bonus is earned, a gift is neither earned or deserved.
How to consider a Christmas Bonus.
After addressing Christmas Cards to all of your residents it is time to consider who gets a Christmas Bonus. A Christmas Bonus must be earned. Let me repeat that. Just like at a job a Christmas Bonus only goes to those who have earned it. They must have done an excellent job maintaining your property and paying the rent early. to receive the entire Christmas Bonus.
Create a Christmas Bonus Checklist
You need to create a document with your criteria for receiving a Christmas Bonus. At the lease signing make a big deal out of earning a Christmas Bonus before the tenant(s) move in. Let them know you are looking forward to paying them their Christmas Bonus. They can earn all or part of their Christmas Bonus by following the checklist guidelines.
1. Consent to and pass all four quarterly inspections. $40.00
2. The rent must be paid on or before the due date. $25.00
3. No police calls $10.00
4. No city occupancy or ordinance violations $25.00
5. Sewer and water bills paid in full or no bonus
6. Gas and electric must be maintained or no bonus.
You can add or remove items from this list as fits your specific needs. Just remember what you are doing is encouraging the residents to comply with your wishes and desires, just like at a job. They need to meet these goals to get the bonus which should have a range up to $100.00. What you are doing is rewarding good behavior. You are also working with your residents to determine who gets to stay another week or year.
The biggest headaches with good tenants usually includes not cutting the grass and failure to pay the water and sewer bills. This is a goal for them to do both.
Summary of Christmas Presents to your Tenants
Whatever you decide it needs to be consistent. Sending Christmas Cards and paying a Christmas Bonus area great way to communicate with your residents and keep them somewhat involved in the success of your business.