How can a landlord completely blow their tenant’s mind and generate better investment returns in the process?
In the start-up, investment and business worlds, success heavily relies on finding and delivering the wow factor. This is rare a train of thought among landlords and rental property investors. However, when applied, it can make life better for everyone. Wowing renters can solve all types of problems for all parties. It can increase tenant loyalty and performance, improve branding, generate referrals, foster new strategic partnerships, elevate same property and overall portfolio returns, reduce risks, and fulfill desires to give back and improve life for others and the community. The list of benefits could go on for pages.
The concept really revolves around finding unexpected ways to really surprise tenants. So what could this look like?
1. Put Tenants Up Somewhere Else When Repair Issues Arise
Despite best intentions and efforts, sometimes landlords can’t get repair issues resolved immediately. It could be due to lack of manpower, waiting on the city, or ordering parts. This can leave tenants without air conditioning, hot water, working plumbing, light, secure or comfortable housing conditions. This might be unavoidable and renters might be okay putting up with it for a few days, but what if you put them up in another vacant rental you own, or even a close by hotel?
2. Free Vacation Rentals
How about providing renters with free vacation stays? Perhaps you have a diverse portfolio of rental properties with some in popular vacation or tourist regions. If they are seasonal or vacant, why not surprise renters with a free stay somewhere new? This may cost you nothing.
3. Offer Credits for Efforts and Milestones
This is a common perk in various careers and companies, but perhaps unheard of in the landlord space. Yet, it has infinite value for all sides of the equation. How about rent credits for tenants which tangibly improve their credit over time? This makes them better tenants, and can be especially valuable to those considering offering rent to own or seller financing deals in the future. How about credits for education? Better educated kids make for better communities. Better qualified parents are more likely to stay employed and see income increase over time.
4. Opportunities to Invest
Despite recent opinion pieces in the media, there are few renters that don’t aspire to owning a slice of the American Dream in some way or another, or at least improve their incomes and grow their retirement nest eggs. There could be incredible synergy in offering tenants an opportunity to invest. This could be stock in your real estate company, the chance to invest in mortgage debt and private lending, lots for future homes, and even in building homes, wholesaling and more.
5. Care Packages
The days of welcoming neighbors with baked goods and neighborhood BBQs might be long gone, but that doesn’t mean a little hospitality isn’t appreciated. This can range from setting up rentals with welcome baskets and stocking the fridge.
6. Home Improvements without Asking
A rental property owner coming in to make improvements or upgrades, unless there is an immediate and urgent repair issue, is unheard of, but can be a great investment. This is especially true for real estate investors with extra cash, and even truer for those finding it tough to find appealing deals that check all the boxes.
7. Free Rent
From forgiving late payments to free days for birthdays, there are plenty of opportunities for giving up a little free rent, which doesn’t require any cash outlay anyway.
8. Free Upgrades
How about offering tenants free upgrades to new properties? Tenants typically want to keep moving up as frequently as possible. Instead of losing them, or gambling on new and unproven tenants in higher end properties, why not upgrade the ones you have? This could be simply waiving any increased or new deposits, or allowing them to move, without increasing rent for a fixed period of time. The same could work for downsizing renters too.
9. Perks and Concierge Services
Many new condos provide a variety of concierge services. Yet, there are many of these types of services which could be provided to single family property renters too. This can range from dog walking and pet grooming to personal shopping.
10. Donate to Charity on Their Behalf
What if landlords donated a part of the rental income to charity on behalf of renters and didn’t tell them in advance. Many renters may want to help charity, but can’t or haven’t found the right opportunity. Surprise them with the photos and stories of how the money helped others and let them know they did this.
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