Originally posted by
@Patrick M.:
Originally posted by @Alex Corbishley:
I think giving back improves the relationship, shows you care.
A landlord who is responsive and professional cannot "improve" that relationship, being the best landlord they will ever have shows that you care and that you take the lease very seriously. It also reinforces the terms, and conditions a tenant to respect the professional and legal relationship.
When I am left waiting for a waiter, the restaurant offers me a gift. When I am unsatisfied with a purchase, the manufacturer may offer me a gift... they are trying to "improve the relationship" because it needs improving.
If your professional relationships with your tenants need improving then you would be better served by retaining the cash and putting it toward capital improvements, a more responsive repairman, pre-emptive maintenance...
If, on the other hand you are so filled with gratitude because you have these cash flowing properties, your coffers runneth over and you feel like you stepped in sh*t, then spend it on your family. They deserve it and likely have sacrificed something along the way. Your tenant has merely upheld their terms of the lease.
I speak from the experience of having a wife and two young kids when we bought and repositioned our buildings. We had to take on new debt; I have been called away from games; we had weekends scuttled and more often then not had our personal conversations revolve around the buildings. And more than a couple arguments. As I type this, if a tenant texts me, I will immediately address the situation.
And I am going to give them my money??? No sir, my kids are now in an awesome school. Their 529's are regularly funded. They each have a Vanguard account that gets funded with the work they do with me. We travel the world (when we can). My wife gets to go shopping on Avenue des Champs-Élysées. Can you believe that? If you knew me in high school you would say, "No way!"
You know why we all get to do that, because we have all sacrificed for our buildings and by extension, our tenants.
I don't know of a more profound way of showing I care.
