Should I Give Gifts to My Tenants?
If you are trying to decide whether you should get gifts for your tenants, here are some things to consider.
First, there are benefits to giving gifts:
- Shows appreciation - Everyone wants to feel appreciated. Getting your tenant a gift will make them feel rewarded and valued. They may be more likely to continue paying rent for a property where the owner makes them feel valued. Showing appreciation helps strengthen the relationship with your tenant.
- Strengths relationships - Not only are you showing your tenant how much you appreciate them, but by giving a gift, you are opening lines of communication that will help improve the relationship. A small act of kindness that comes from the heart will help you retain tenants and strengthen your reputation as a property owner.
- Cost benefits - If saving money is on your mind, giving gifts to your tenants can actually benefit you financially.
You don’t have to break the bank with these gifts. No tenants are expecting fancy jewelry or a brand new car. It’s not about how expensive the gift is; it’s about showing your tenants you value them and appreciate them during the holiday season. And if you do spend a little more than you were expecting, these gifts can be considered tax-deductible.
And before you commit to giving tenants the gifts, there are a couple of drawbacks to keep in mind:
- It makes the business arrangement too personal - Sometimes, you want to keep relationships strictly professional. Gifts might not be the way to show your appreciation for them. You might offer something like a rent discount as a show of respect during the holiday season.
- It sets a precedent for the future - If you do it once, your tenants will likely feel appreciated. If you don’t follow it up the next year, it might communicate the wrong message. If you do it, have in mind you should be consistent and make this a tradition moving forward.
After weighing the pros and cons, if you decide you want to act on your generosity and get gifts for your tenants, what do you give them?
Five Holiday Gift Ideas for Your Tenants
Here are five ideas that would make good gifts for your tenants this holiday season:
1. Gift cards
When in doubt, gift cards are always a good choice. You may choose a favorite restaurant or coffee shop to support local businesses or go with something more broad like Amazon. The gift card should be practical enough that it will not sit dormant in a wallet or purse for months.
The gift card should also be valued enough to make a difference in the purchase price. A $10 gift card to a coffee shop has more mileage than a $10 gift card to a grocery store.
2. Local gifts
There are countless quality local businesses in the Asheville area. You may have tenants who have recently moved to Asheville and aren’t familiar with the area, so introducing them to the local flair is a nice and thoughtful gift.
Additionally, you support local businesses by shopping with them.
3. Personalized items
It’s the thought that counts. Put that thought towards getting them a gift unique to all others. Perhaps you or someone you know make crafts that would make perfect gifts for your tenants. If you can find a way to make the gift more meaningful, do it!
4. Home supplies and decor
You want to give something your tenants will actually use. Whether it’s a practical home supply they need in their home like a toaster, or if it’s a nice welcome mat for their front door, practical gifts can go a long way.
Also, it is important to remember that your tenant’s style may be different from your own.
5. Company branded items
If your business has a logo, it’s easy now to have it printed on a coffee mug or a cozy sweatshirt. Give this to your tenants, and not only have you given a gift they’ll find great use of, but it’s a billboard for your company and can catch the eyes of their friends.
You might combine a logo coffee mug with a bag of specialty coffee from a local shop.
Getting Property Management Help from Asheville Phoenix Properties
Hopefully, this article has given you a few good ideas for the holiday season, so you can show your appreciation to your tenants. One gift you can give your tenants is to trust your property management to a team of experts, so they are always getting the highest quality customer service. That is where the team at Asheville Phoenix Properties can help.
Contact us today to help you with your investment property management. We will answer your questions and help you determine whether you would benefit from professional property management for your rental property.
Our team can help you find renters and make sure your home is well-maintained and protected. If you have rental property in western North Carolina, Asheville Phoenix Properties has the experience and expertise to make it as profitable as possible.