Today I’m sharing a fun strategy we’ve implemented to reward our talents.
Recently, I’ve had some questions broached about our vacancy rate and how long our tenants stay, and I feel it’s important we discuss how we reward tenants who are doing the right thing. Recognizing these tenants, in turn, makes them want to stay longer, or stay within our company.
We do preventative maintenance twice a year (in a future video, I’ll discuss the details of that process), and when we perform these maintenance checks, we also enter certain tenants into what we call the “tidy house drawing”.
There are six criteria tenants are rated on, and if they meet all six, they’re entered into this monthly drawing. At the end of the month, we do a live Facebook stream (this ensures full transparency) and draw a name; that particular person wins $250.
I wanted to add in a positive interaction with our tenants.
Now, I’ve had people ask me, “Why would you reward someone for doing the right thing?” Well, I’ve realized that in property management, the only time tenants would ever hear from me is when they did something problematic—late payments, tenant-caused repairs, evictions, etc.
I wanted to add in a positive interaction with our tenants; that way, those who are doing everything right and would otherwise never hear from me can feel acknowledged. Once they win the drawing, we arrange a time to come to the house and present them with the gift card, a certificate, and a letter of recommendation should they ever decide to move.
At that time, we also open up a relaxed conversation about things they may want to see improved on the house. If there are things they want, the owner gets a call from us, and we let them know about their tenant winning our drawing.
If you have additional questions about the information covered in today’s message or property management needs, feel free to call or email me. I would love to speak with you.