Should you buy your tenants a move in gift?
One thing we realize in the apartment business is that there is a lot of competition. We also realize that great tenants have choices. When a great tenant moves into one of our properties we feel very fortunate.
The next stage to property manager / tenant relations is retention. Tenant turnover costs a lot of money (painting, repairs, leasing fee etc..). Shelly and I came up with a plan to set the stage on move in day for a great long term relationship.
We like to show our appreciation for our new tenants with a move in gift, and a welcome to your new home card. It is a small thing, but has worked really well for us to set the stage for a great relationship. The new tenants really appreciate, well, being appreciated.
We buy a card, and then the gifts we buy are either consumable, or perishable. Some gift examples are flowers, wine, craft beer, movie or restaurant gift cards. The cost is usually about $25. We believe it is money well spent.
I am not going to tell you that just because you buy a move in gift for your tenants, they are going to stay forever, however, it does set the stage for the kind of customer service you are going to provide.
That is really important, since we often get compliments on our management style from the tenants. We enjoy the positive feed back, and your tenants will get piece of mind, knowing they made the right choice on where to live.
Michael P Currie