I’m interested to find out if many investors offer incentives for timely rent payment, etc.
What types of incentives do you offer?
What have been your experiences?I’ve just found the ‘best of PI.com threads’…Lots of good info there [withstupid]
Think I’ll settle for that….[blush2]We bought one of our tenants a new 68cm TV and they pay us an additional $10pw, always pay the rent on time and have signed a 2 year lease.
It isn’t always appealing to tenants though. Others we have weren’t interested in any type of incentive to pay their rent on time.
Good luck[rolleyesanim]
Thx Alndale[biggrin]
Guess it is a case of good communication with your PM, to know what to do.We generally don’t reward tenants for on-time payments…though if we want to get someone out we do negotiate an exit that may include a free week if they get out fast & pay up the rest of the money
We do give tenants a little something, like movie money, occasionally as a ‘thank you’.
Frankly if you train tenants to expect something merely for paying rent on time you are training them badly. It will cause you issues somewhere down the track.
The extra rent for a big Tv is not a bad idea…A different approach is to semi-furnish the house with the TV, let the tenants use it…charge them the extra rent & get the depreciation benefits.
Cheers,
Aceyducey
If you provide reasonable properties at market or slightly below market value and attend to repairs in a timely manner then you dont need to provide these extra benefits.
A good tenant will recognise this and pay rent on time.
While searching for a new property manager for 2IPs I found an agent that prefers the carrot rather than the stick.
When new tennants move in they are given a lil pressie of toilet paper, soap, tissues etc. When tennants pay their rent on time continuously for a set period they are given a card which they can use in applications for future tenancies. AND (this is my personal favourite ) when tennants make no complaints for a period of nine months, they are given a present. eg bottle of wine.
As alndale says this kinda thing appeals to some. Personally I’d feel like i was a school kid getting a gold star.
cheers Milly
We want Monopoly! We want Monopoly![jerry]
HI
Do most people have trouble with late rent payments. We have owned properties for about 12 yrs and have only had a couple of problems with late payments and in the end there is normally a reason that can be sorted out. I have one question when it comes to rewarding for no complaints, does this mean when there is a problem that should be fixed they wont say incase it stops them getting their reward. As a tenant myself I just want the landlord to look after the property and leave me alone a simple formula really.I had a tenant who was doing extra garden work and free painting in my property, so i bought him a slab of beer. (bottle shop had a deal on 30packs at the time)
Anyway, tenant got real boozey and violent. Attacked, abused and threatened other tenants and was given an immediate notice to vacate a week later.[huh]
lifexperience
Thanks to all contributors. Points are noted.
Originally posted by lifeX:I had a tenant who was doing extra garden work and free painting in my property, so i bought him a slab of beer. (bottle shop had a deal on 30packs at the time)
Anyway, tenant got real boozey and violent. Attacked, abused and threatened other tenants and was given an immediate notice to vacate a week later.[huh]
lifexperience
LifeX,
That’s an incredibly tragic, yet in hindsite very amusing story
The moral of the story: don’t let them drink or feed them after midnight….
Cheers,
Aceyducey
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