You are probably thinking I am going to go off on a tie raid pointing out all of the little things renters do wrong to see if your residents have been naughty or nice. Not so fast! I think you will see in a moment that I already think your residents are the most important people in your fiscal world and they deserve more appreciation than we as landlords are usually willing to acknowledge.
Let me set the stage for you here.
Try to think of the last time you went out to eat in a nice restaurant, or took your family to a show, or even sat down at your favorite local watering hole to relax with a cold beer after a hard days work renting apartments.
At the end of the meal, or when the tab is due, instead of reaching into your own wallet to pay the bill the most extraordinary thing happens right before your eyes. A total stranger who you do not really know too well at all but you have seen them around, walks up to you and says, “I’ve got that for you” and they reach into their own pocket and pull out enough money to pay your bill at that fancy restaurant, or picks up the movie tickets for you and your family.
And if that was not shocking enough to you. They then hand you over enough money to put gas in your car, pay for your parking, and even enough to pay the insurance for your car (or truck if you are a landlord). But their generosity doesn’t end there.
They decide to dig a little deeper into their own pocket to come up with enough money to pay for the utilities bill for your home, and your groceries, they also come up with enough money to pay your taxes too. Heck, they even dig down deep enough to pay for your child’s dental braces, college fund, and while they are at it they come up with enough money to pay for your mortgage too.
You may think you have just won the lottery or stumbled across your rich lost uncle, but neither of these are the reason you have found such good fortune in such a total stranger. Why on earth is this person being so generous to you at all? Have you unknowingly done some great act of kindness that these gifts are bestowed upon you and they throw their dollars at your very feet? Well, not exactly…
So who are these people and why should you care?
These strangers, who willingly provide you with all of the money for the lifestyle you live and all of the expenses in between, are you residents. These are the people who pool together their rents and combine their fiscal resources to pay for everything, yes everything in your life.
When was the last time you actually said to your resident “Thank you for choosing to make your home with us in our apartments”. Did you ever? Has the thought ever crossed your mind to say “thank you”?
Your typical renter pays about $900 to $1,000 a month to live in your building. That is roughly $10,000 to $12,000 a year per resident that these “strangers” are willing to take money out of their pockets to give to you every day, week, month and year that they live in your building. So what do they ask for in return? Well, a clean, decent, sanitary place to live that they will call home for as long as they are happy to be there. Did you catch the “happy to be there” part of it all? Are your residents happy to be there? Are you giving them any reason to be? Is the only time your resident sees you is around the first of the month to pick up the rents, then they do not see you for another 30 days or so until rents are due again? Would you be happy?
Lets go back to that $10,000 dollar figure amount your resident pays you every year. Would it be worth it to you to give back to your resident even 1% of what they pay you every year to acknowledge that you appreciate and value that they chose to make their home with you and provide your life style? What’s that you say? $100 dollars is too much? Well then, how expensive is a vacancy? One or two thousand dollars? So is it cheaper to pay a gift of $100 dollars back to a resident as an incentive to stay with you or is the value of your pride to not give then anything worth a couple thousand dollars of having an empty unit?
Are YOU being Naughty or Nice?
It kinda hurts doesn’t it? Being called to the carpet to be a little more generous with what has been given to you. Even if $100 dollars is too much and more than you can afford, at least give something. Even a $20 dollar gift card durning the holidays in a nice card showing that you respect and appreciate them living in your apartment will go a long way.
Now don’t twist this around on me. I am not suggesting that this act of kindness be a calculated return on investment. God loves a cheerful giver and will bless you for your kindness to those less fortunate. What could make a difference in the world this holiday season is people actually caring about one another. That one precent you might give back to your resident may make all of the difference in the world to them whether they can provide a nice gift for their own children, spouse, or caring for the people important to them. You never know how your act of kindness can effect the others around you.
One act of generosity can have a ripple effect through our communities, families, and friends this year. We have all heard of paying it forward, and boy does it feel good when you can do it.
So my fellow landlords and property owners. When you are making your list and checking it twice, remember your residents who are picking up the tab on your holiday shopping too. Over the years I have heard so many great ways of sharing and giving back to your residents during the holidays. Here are a few ideas I have heard that I want to share with you.
- A nice gift card to their favorite restaurant
- A Dunkin Donut or Starbucks gift card
- Gifts cards to stores where they could buy food, gifts, or toys for their family
- A month of free rent
- Half of rent for the holiday if you can’t do the whole month
- Do something nice for their family even if you can’t afford the money
- Get them a turkey for Thanksgiving or a Christmas ham
- Get them a Christmas Tree
- If appropriate, a nice bottle of wine or champagne for New Year’s
I think you get the idea here. And get creative. It is so much fun to be in the spirit of Christmas and the Holidays and sharing the Joy of Love and Peace on Earth with those who have already given and done so much for you. It’s a nice way to say thank you for “picking up the tab” on your life and providing for your family too.
Don’t forget the rest of your cast and crew
Yes, the residents pay for everything you have. But it all would not be made possible without those key members of your professional team that keeps the gears of your money machine running at your full potential. Here is a list of some of those behind the scenes players that keep your business running smooth all year round.
- Realtor
- Lawyer
- Accountant
- Plumber
- Electrician
- Carpenter
- Constable
- Landscaper
- Snow Removal
- Exterminator
- Lenders
- Partners
- and of course your hired staff and co-workers
Try to make doing business with you be memorable and stand out against all of the rest of their clients. Do you want to be remembered throughout the year for being naughty or nice? Just giving back even 1% can make all of the difference in someone else’s world.
Merry Christmas and a Happy New Year from Belaire Property Management.
Do you have any ideas on this topic you could share to help our online community? Please chime in to share a comment or review.
Warmest regards,
Brian Lucier
Belaire Property Management
Regional Property Manager
(978) 448-0669
info@belaire.co
www.belaire.co
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