Thanksgiving Day is a perfect time to show your appreciation to the people around you. In the property management world, it's not a common practice, but most landlords consider gestures of gratitude to be an effective way to improve a landlord-tenant relationship.
Regardless of numerous horror stories about problem tenants, there are still plenty of good renters who deserve your appreciation.
Let's take a look at four reasons why you should be thankful for your tenants:
A tenant provides you with a passive income.
It's no secret that investing in rental properties is a profitable business. But it can never be implemented without your customers (tenants, in your case).
As most landlords are focused on generating passive income, tenants help greatly in reaching this goal. By receiving monthly rent payments, you can generate a solid income.
After a little while, you can optimize your landlord business and automate your tasks. That's when you will finally be able to make money while you sleep.
Isn't that fantastic?
A tenant takes care of your property.
Good tenants always take care of their homes.
You hardly ever see a poorly maintained lawn or real mess in their apartment. The furniture and kitchen appliances are in perfect condition. The carpets and curtains are clean and neat.
You're a lucky landlord if you rent out to the tenants who look after your rental property. So why not thank them for that?
A tenant can become a good friend.
Business is business and mixing it with personal matters isn't the best idea. But you can make good friends with your tenants - It happens all the time.
Do you have friends among your tenants?
A tenant helps to improve your business model.
Being a landlord isn't an easy task but due to tenants' feedback and suggestions, you can improve your business strategy over time.
What if a tenant doesn't like being charged twice a month or their lease agreement form seems out-of-date? An experienced landlord would take any reasonable remark into account and try to make their tenants' renting experience more convenient.
A tenant who pays rent on time, notifies you of any maintenance issues before they turn into a disaster, maintains your rental, tries to keep a good relationship - is worth a thousand of Thank you notes! Will you send one to your tenant?