With tensions high and spirits low around the world lately, it’s the perfect time to focus on removing stress from the property management equation by demonstrating gratitude towards your tenants and coworkers.
Here’s how….
Show your tenants gratitude for what they’ve done well.
You shouldn’t underestimate the power of gratitude, both as an effect on your own mental health and in the effects, it has on others. Studies have shown that expressing gratitude can cut stress and provide physical benefits to your health, while at the same time making another feel appreciated.
Now more than ever is a great time to reap these benefits and give your tenants a pleasant experience through an act of recognition. Doing so can help you retain your tenants and encourage them to make every effort in making their rent and maintaining the property no matter their circumstances. It is not only advisable to show gratitude from a mental and emotional standpoint but a financial one as well.
Here are a few ways you can show gratitude to the people that make your lifestyle possible, the individuals that rent out a property they can make their home in a mutually fulfilling partnership.
Thank You Cards
Words can be enough to make someone’s day and make them feel seen and appreciated. You can express gratitude through simple, easy interactions like a thank you card or email that recognizes tenants for the little ways they make your life easier. Tenants who maintain your property well, pay rent on time, or have rented from you for many years deserve the recognition – and you expressing it can keep these quality tenants renting from you.
In reaching out, be specific for what you are thanking your tenants for doing. Add personal touches. And consider acknowledging tenant birthdays or special events in their lives that they may have shared with you.
Perks
Sometimes, you want tenant appreciation to go beyond mere words. A year or more of on-time rent, tenancy milestones, or special occasions like birthdays are all moments when your tenant would love to feel recognized and appreciated. For these moments and any other instances where you want to reward excellent tenant behavior, consider a low-cost but thoughtful perk.
These perks can be anything from a gift basket to a gift card and should make your tenant feel valued. Set the gratitude trend at move-in with a welcome basket, then think of additional rewards you can use to say thank you to your tenants across the duration of their tenancy.
For example, you might offer perks like gift cards to local favorites after a year or more of on-time rent payments. At lease renewal, you could offer discounts on rent for the upcoming month. There is no limit to the small gifts you might give your tenants as both a thank you and an incentive to keep a positive, gratitude-based relationship that continues to pay off in the long-term.
Social Media Posts
Creating a social media platform on which your tenants can connect and be celebrated is another great way to show recognition. Such a platform—like a Facebook group page—is a good place to both keep track of and acknowledge renter milestones like a 5-year tenancy to show them you value their business and presence in the property.
Your tenants don’t have to join and will need to consent on what information of theirs you can share within the group page, but a social media platform for tenants can make showing gratitude and managing community events and information a breeze.
Too often, property managers can become too focused on the business aspect of their jobs that they forget the people behind the rent checks. Recognizing your tenants can build tenants’ satisfaction and retention, increasing your reputation, bottom line, and happiness level all at once.
Don’t forget to thank your employees and partners.
Your tenants aren’t the only ones who make managing your property a successful endeavor. Reach out to thank your employees, property owners, maintenance workers, and contractors as well to ensure all your working relationships are positive and respectful.
Here, words of thanks and appreciation go a long way, but gifts will go even farther. From gift baskets and cards to additional paid time off for your employees, little bonuses will make your coworkers feel appreciated and respected. This can improve morale and reduce burnout, rejuvenating your workplace experience with stress-reducing positivity.
For more information on property management and real estate investment, contact 208.properties today.
