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Do You Give Your Tenants Gifts For The Holidays?
It’s a nice gesture to treat your good tenants with a small gift during the holiday season.
Before you object and say, “Tenants are not my friends,” I agree with that statement, and you don’t want to get too friendly; however, my motto has always been “Friendly but Firm.”
Typically, Landlords who see gift-giving as part of their business practice are often small property owners and/or self-managing landlords who are more acquainted with their tenants. Remember that many businesses give their clients gifts during the holiday season.
I’m not suggesting that you give every tenant a gift.
If you have a problem tenant who is not paying rent, or causing chaos in other ways, you certainly don’t need to feel obligated to treat them to a gift.
A gift is a token of appreciation, so any tenant on your gift list should be one that you are grateful for. They should be in good standing with your requirements. For example, they pay on time, renew after one year, keep the house in good clean condition, keep open communication with you, etc.
Keep in mind that tenant gifts are deductible; $25.00 per tenant, $50 per couple. Be sure to confirm this with your CPA.
Here Are a Few Suggestions to Consider
Giving a small gift during the holiday season is entirely up to you. If it feels like tenant gift-giving infringes on your landlord-tenant relationship, then don't do it!
Every landlord has different relationships with their tenants, so decide whether this would be worth considering before making any decisions.
Remember that you are running a business, and every business runs differently, so determine what works best for you.
If you are a smaller landlord who knows and communicates with your tenants and wants to maintain a good tenant-landlord relationship, consider holiday gift-giving.
Giving a small gift to your tenants is generally still perceived as professional within the confines of a business relationship. It is a gesture of goodwill that tenants appreciate, and it encourages them to stay longer.
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" There is energy in other people's accomplishments and successes.
You'll learn from their mistakes and you'll be motivated by their triumphs."
Mary Jo Whelan
Mary Jo Whelan is a leader in the field of residential property rentals. She owns and runs a property management and renovation company in Baltimore.
Mary Jo started with no money, college education, or job. From these humble beginnings, she has grown her company to manage over 100 rental properties and manage over 50 rental renovations ayear.
She co-facilities a monthly landlording strategy meeting for a local REI group and is the past president of NAPRM, National Association of Residential Property Managers.
Mary Jo is also the founder of Lucrative Landlording for Women, an exclusive community for success-driven women landlords. Lucrative Landlording provides an elite coaching program, masterclasses, and networking events designed to help women landlords maximize their cash flow and keep high-quality renters.
Mary Jo is passionate about helping women landlords succeed in the field of landlording, secure their financial future, and create generational wealth.
In her spare time, she enjoys practicing techniques for furniture painting, gardening, and traveling. And yes, just for fun, she actually jumped out of a perfectly good plane.
Mary Jo Whelan is a leader in the field of residential property rentals. She owns and runs a property management and renovation company in Baltimore.
Mary Jo started with no money, college education, or job. From these humble beginnings, she has grown her company to manage over 100 rental properties and manage over 50 rental renovations ayear.
She co-facilities a monthly landlording strategy meeting for a local REI group and is the past president of NAPRM, National Association of Residential Property Managers.
Mary Jo is also the founder of Lucrative Landlording for Women, an exclusive community for success-driven women landlords. Lucrative Landlording provides an elite coaching program, masterclasses, and networking events designed to help women landlords maximize their cash flow and keep high-quality renters.
Mary Jo is passionate about helping women landlords succeed in the field of landlording, secure their financial future, and create generational wealth.
In her spare time, she enjoys practicing techniques for furniture painting, gardening, and traveling. And yes, just for fun, she actually jumped out of a perfectly good plane.
The content presented in this document is provided for entertainment and educational purposes only and does not constitute legal or other professional advice on any subject matter. Lucrative Landlording provides information it believes to be accurate, however, Lucrative Landlording makes no representations or warranties about the accuracy or completeness of the information contained on this blog.
The content presented in this document is provided for entertainment and educational purposes only and does not constitute legal or other professional advice on any subject matter. Lucrative Landlording provides information it believes to be accurate, however, Lucrative Landlording makes no representations or warranties about the accuracy or completeness of the information contained on this blog.
