Looking for a smart move to keep good tenants — and avoid expenses associated with empty rental units? Savvy property owners and managers have caught onto a stellar strategy. Gift card rewards are an effective way to increase tenant retention. Maintaining consistent occupancy and avoiding turnover is good for both parties. Certainly for tenants, the predictability of safe and secure housing is priceless. For landlords and owners, keeping the constant rental revenue stream maintains the bottom line. Because gift cards are good for both landlords AND tenants, everyone wins with eGifter Rewards. Here’s a closer look at how to retain good tenants with gift card rewards.
Lease Renewals Increase with Gift Card Rewards
Some market climates swing in favor of renters. During a “renter’s market”, supply and demand forces are hard at work. In this scenario, tenants can negotiate cheaper rents and better conditions. This is the time that landlords need negotiating leverage to convince good tenants to stay. That’s where gift cards come in. Because everyone loves gift cards (!), you may be able to come to an agreement more quickly and easily by including gift card rewards as a deal sweetener. Apartment rental incentives can be powerful enough to prevent good tenants from moving!
Reward Timely Rent Payments…with Gift Cards
Many renters purposely delay their monthly rental payments by a few days or more, taking advantage of grace periods. Thing is, those few days are detrimental to landlords who depend on that revenue to fund their mortgage payments and remittance to vendors. Speeding up cash flow is an accounting imperative. This is especially true for huge corporations with hundreds (or thousands) of tenants. Oftentimes, hundreds of thousands of dollars are at stake. Rewarding renters to pay on time (or early!) often delivers a very strong return on the gift card investment.
Increase Enrollments in HOA Autopay…with Gift Cards
Taking timely rental payments a step further, tenants and renters who enroll in automatic payments is as good as gold. Recurring and predictable revenue is good business. Not to mention preventing bounced checks — which is costly for all. And, the relatively small expense incurred with gift card rewards is extremely worthwhile. Like all of the other tactics to reward and retain good tenants with gift cards, this is another one where everyone wins.
Ensure Kept Appointments for Repairs…with Gift Cards
There’s hardly an incentive or reward scenario for which a gift card wouldn’t satisfy. Does your condo or apartment complex ever have the need to deploy a repair person? Keeping the premises well maintained by fixing leaks, performing paintjobs or repairing drafty windows is important. And, not just for this particular tenant, but to maximize revenue and mitigate future costs across the life of the unit. Reward them for staying home to greet the repair person! Gift cards are the way to go.
Moral of the Story: If You Gift Them, They Will Stay
So, when your house, apartment rental or condo unit is already occupied by a good tenant, do your best to keep them! Gift cards are the easiest, most affordable and most well loved incentive and reward around. Both tenants AND landlords can live happily ever after with eGifterRewards.com.
“The value of a good tenant is obvious when compared to how much it costs to replace them!”