Organize a tenant appreciation event: This works better for landlords and property managers of larger buildings, but it can be as simple as a small cookout for tenants and their families.Why would you invest in making the unit more attractive to future tenants without first trying to keep your current ones? A new or upgraded appliance can be a noticeable quality of life improvement-and it might just be the tipping point for them to renew their lease over looking for a new place. If you're planning on doing the replacement anyway, go ahead and do it now.
Replace an aging appliance: You don't have to wait until the tenant moves out to put in that brand new refrigerator. The amount depends on your budget, of course, but it doesn't have to be a large amount to make the point. Give a gift card to a local hardware or home goods store: Tell them to spend it on whatever they need to make their unit feel like home. When tenants renew their lease for another year, you can repeat this gesture by sending a kind note and a small gift basket. Leave a welcome letter and a small gift basket: Place this on the kitchen counter when new tenants move in. 8 Cost-Effective Ways to Show Your Tenant Appreciation Never forget that you're in fierce competition with other landlords as well as home sellers and their real estate agents to keep good tenants in your units. In the long run, however, a modest investment in simple customer relations pays dividends. In the short-term, showing tenants that they're appreciated may cost a bit out of pocket. Sure, you can get away with it for a while, but you'll ultimately see the quality of your tenants and your properties decline-and consequently, your rental income. But you won't get the good referrals if you're nickel-and-diming your residents, being slow to make reasonable and necessary repairs, or otherwise falling short on your duties as a landlord. 
Keep good tenants happy, and they'll refer other good tenants your way. However, the flip side, of course, is retaining good tenants who take good care of your investment, while paying your taxes and mortgage for you in the long run.
#Another word for properties management housing how to#
Much has been written about how to deal with inevitable problem tenants, minimizing their impact on the profitability of your investment. A good tenant is worth their weight in gold.
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